Vaaldiam Resources Ltd. More information.
Dear Donald,
VRL's last three news releases preceding today's follow.
Regards,
Crudestope.
September 17, 1999
Vaaldiam Completes $150,000 Private Placement
TORONTO, Sept. 17 /CNW/ - Vaaldiam Resources Ltd. (VRL-ASE) announced today that it has completed a non-brokered private placement with a group of investors who have purchased 609,684 units of Vaaldiam at a price of $0.25 per unit. Each unit consists of one common share in the capital of Vaaldiam and one common share purchase warrant. Each warrant will entitle the investor to purchase one additional common share at a price of $0.35 for a two-year period. The private placement provides Vaaldiam with gross proceeds of $152,421 that will be used for general working purposes, and to evaluate alluvial diamond and emerald prospects in Southern Africa. Vaaldiam presently has 4,843,473 common shares issued and outstanding.
November 8, 1999
Acquires South African Diamond Prospect
VRL - ASE
TORONTO, Nov. 8 - Vaaldiam Resources Ltd. (VRL-ASE) announced today that it has signed an agreement with Consolidated Resources and Exploration Limited (``COREX') of South Africa covering their 100% interest in the mineral rights of the Bossieslaagte diamond prospect. The Bossieslaagte prospect is situated in the Delareyville District of the Northwest Province, some 225 kilometres west of the city of Johannesburg.
The Bossieslaagte prospect encompasses 3,067 hectares and lies approximately ten kilometres east of the Harts River, where numerous alluvial diamond deposits are known to exist. According to the production figures compiled from the Transvaal Diamond Register for the period 1904 through 1984, approximately 71,310 carats of diamond were produced from the alluvial gravel deposits that are known to be associated with the Harts River and its tributaries in this area. Diamond production was not reported to the government authorities from 1984 onwards.
The Bossieslaagte prospect is well located in the Delareyville diamond district. The property is drained by the Bergspruit River, a left-bank tributary of the Harts River. Preliminary geological investigations completed by Vaaldiam suggest the presence of high-level Harts River palaeo-gravels on the Bossieslaagte prospect. Vaaldiam intends to test the diamond-bearing potential of these gravels during the coming months.
Under the terms of the agreement with COREX, Vaaldiam will hold the prospecting rights to the Bossieslaagte prospect for a period of three years.
Title to the mineral rights will pass from COREX to Vaaldiam at the time of a production decision, at which time Vaaldiam will pay COREX a production royalty equal to 5% of the gross value of diamond sales. Diamonds recovered from gravels in the Delareyville District are known for their high quality and large average stone size and are normally sold at values of over U.S.$400 per carat.
Vaaldiam is a Canadian mining and exploration company whose principal focus is the exploration and development of African diamond and precious gemstone deposits. Management's goal is to develop Vaaldiam into a leading producer of high quality diamond and precious gemstones, through the systematic exploration and development of mineral properties that are situated in some of Africa's most prospective areas, thereby creating value for its shareholders. Vaaldiam presently has 4,843,473 common shares issued and outstanding.
For further information: Ken Johnson at (416) 955-4777/E-mail: Vaaldiam(at)aol.com
November 11, 1999
Vaaldiam Acquires Central African Diamond Deposits
VAALDIAM RESOURCES LTD ("VRL-Y;VAADF-L")
TRANS HEX INTERNATIONAL LTD ("THI-T;THEXF-L")
UNITED REEF LTD ("URP-T;URPLF-L")
- Vaaldiam Acquires Central African Diamond Deposits
Vaaldiam Resources Ltd. announced that it has signed an agreement with United Reef Limited ("United Reef") and Trans Hex International Ltd ("Trans Hex") to acquire an 80% equity interest in the Boungou River diamond property, located in the Central African Republic ("the CAR") .
The Boungou River property lies in southeastern CAR, some 80 kilometers north of the town of Bria, one of the country's largest diamond centers. The property covers 413.6 square kilometres of the Boungou River drainage, which reportedly accounts for some 25% of the CAR's total annual diamond production of 419,967 carats (1998 production). Diamonds produced from the alluvial deposits in the CAR are renowned for their high quality and return average sales values of over US$150 per carat for run-of-mine parcels.
There are three known alluvial diamond deposits - Djourou, Aigbando and Trouapou-Boungou - within the boundaries of the Boungou River property and are currently being manually mined by local artisan miners.
- The Djourou deposit was the site of the first diamond discovery in the
region during the early 1960s. Subsequent exploration by French
colonialists resulted in the recovery of over 3,381 carats of diamond
from alluvial gravels, indicating an average grade of 0.33 carats per
cubic metre of gravel.
- The Aigbando deposit is the site of the largest individual diamond
find in the CAR, where a stone weighing 215 carats was discovered in
1991.
- The Trouapou-Boungou deposits are currently being exploited by artisan
miners who manually excavate and process alluvial gravel deposits that
are found along the Boungou River. Government officials at the
Department of Mines in Bangui have estimated that the artisans
manually produce approximately 15,000 carats of diamond each year from
the Trouapou-Boungou deposits.
Vaaldiam is currently planning the first phase of exploration for the Boungou River property, which is scheduled to start during the first quarter of 2000. Exploration will focus on the evaluation of the Aigbando, Djourou and Trouapou-Boungou deposits, and will also test the additional high priority targets identified through a detailed geomorphologic study completed in 1995 by United Reef. This study made use of SPOT satellite imagery, which provided a clear and precise photographic image of the property. Of particular interest as exploration targets are depressions or "scars" that mark the landscape adjacent to the Boungou River. These depressions mirror the location of older river courses or "paleochannels", which contain diamond-bearing gravels that are now hidden by layers of sand.
Under the terms of the agreement with United Reef and Trans Hex, Vaaldiam has an exclusive option to February 6, 2000 to acquire the United Reef and Trans Hex joint venture interest in Belafrique SARL ("Belafrique") . Belafrique is a CAR-registered company that holds a 100% interest in the exploration permits comprising the Boungou River property. Vaaldiam shall acquire the 80% equity interest in Belafrique by issuing 100,000 common shares of Vaaldiam to each of United Reef and Trans Hex (subject to regulatory approval). In addition, Vaaldiam has agreed to the payment of a production royalty to United Reef and Trans Hex (as to 50% each) that is equal to one percent of the gross sales value of diamond recovered from the Boungou River property to a maximum of US$250,000. During the option period, Vaaldiam shall be responsible for all maintenance costs relating to Belafrique and the Boungou River property.
Vaaldiam is a Canadian mining and exploration company whose principal focus is the exploration and development of African diamond and coloured gemstone deposits. Management's goal is to develop Vaaldiam into a leading producer of high quality diamond and coloured gemstones, through the systematic exploration and development of mineral properties that are situated in some of Africa's most prospective areas, thereby creating value for its shareholders. |
