NEWS:
Tuesday August 17, 11:50 am Eastern Time
Company Press Release
Antares Increases Witkrans Diamond Property Interest To 100 percent
TORONTO--(BUSINESS WIRE)--Aug. 17, 1999--(TSE:ANZ. - news) Antares is pleased to announce that it has concluded an agreement to increase its prospecting rights over the Witkrans property to 100 percent from the 50 percent formerly held. The Witkrans property is located approximately 120 kilometres west of Johannesburg, in the alluvial diamond producing Ventersdorp district of South Africa. The agreement to acquire the prospecting rights over the initial 50 percent of the property was the subject of a press release dated August 3, 1999.
The Witkrans prospect is situated 35 kilometres north of the town of Ventersdorp and encompasses 3,856 hectares. It covers the northwestern extension of the Vetpan- Hartebeeslaagte alluvial diamond deposit, which has produced an estimated 42,160 carats of diamond to date. While this deposit has been mined extensively on the neighbouring Vetpan and Hartebeeslaagte properties immediately to the east, little to no production has been undertaken on Witkrans.
Diamonds were first discovered on the property during the late 1920s as a result of a prospecting rush to the area.A reconnaissance geological survey completed by Antares has indicated that the Vetpan-Hartebeeslaagte deposit extends across this prospect in a northwesterly direction, covering a strike length of approximately seven kilometres, and exhibiting surface widths ranging between 100 and 200 metres. It is encouraging to note that the diamondiferous gravels that have been excavated on the neighbouring Vetpan property extend right up to the fence-line that marks the boundary between the two properties.
Antares will hold prospecting rights over the portion of the Witkrans property just acquired for a six-month period with an option to extend for an additional three months. The prospecting rights will be converted into a mineral lease at the time of a production decision, at which time Antares will pay a production royalty to the owner of 5 percent of the gross value of diamond sales. Exploration of the Witkrans property is already underway and assuming continuing successful exploration results, the immediate initiation of a trial mining program is planned. Exploration will also shortly commence on the nearby Kafferskraal property on which Antares holds a 100 percent interest in the mineral rights.
De Beers Consolidated Mines Limited holds a right of first refusal with regard to the diamonds recovered from the portion of the Witkrans property for which prospecting rights have just been acquired. Diamonds recovered from gravels in the Ventersdorp region are typically of gem quality in excess of one carat per stone. Current market conditions for stones produced from this region are reported to be buoyant. Antares is currently negotiating the acquisition of further highly prospective diamond properties in the Ventersdorp area.
Antares recently divested its 47 percent interest in the Toodoggone gold property in British Columbia to its joint venture partner. Antares received $150,000 in cash for its Toodoggone interest.
The process of acquiring The Polymetric Corporation previously announced in Antares' press release dated July 12, 1999 is proceeding satisfactorily. Closing of this acquisition is expected to occur during early September on receipt of The Polymetric Corporation's audited financial statements as at July 31, 1999 which are currently being prepared. Other non-resource related acquisition opportunities to add value to the Corporation continue to be evaluated.
At the Annual and Special Meeting of Shareholders on July 29, 1999, all proposed resolutions were approved including the proposed change in the name of the Corporation to Caussa Capital Corporation. Following approval of the name change by the regulatory authorities, The Toronto Stock Exchange symbol for Caussa Capital Corporation will be CAU. When established, the effective date for the new corporate name and TSE symbol will be communicated by press release.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Contact:
Antares Mining and Exploration
Anthony D. de Werth,
or
Robert Yeoman, 416/ 861-9940
416/ 861-0057 (FAX)
Web Site: antaresmining.com |
