Band-Ore Confirms Wawa, Ontario Diamond Discovery
Burlington, Ontario--
SYMBOL: BAN S.E.C. EXEMPTION #82-4233
EXCHANGE: THE TORONTO STOCK EXCHANGE SHARES: 22.9 MILLION
WEBSITE: band-ore.com EMAIL: bandore@wwonline.com
Band-Ore Resources Ltd. (Band-Ore) announced today that the
presence of diamonds has been confirmed on a 25-square-kilometer
property in Musquash Township approximately 15 kilometers north
of the village of Wawa, Ontario. The property has year-round
access by Highway 17 and gravel logging roads, and is close to
the necessary infrastructure including a new hydro-electric
facility to develop the project.
In a press release dated February 10, 2000, Band-Ore announced
that a private company submitted a bedrock sample from the
property for caustic fusion processing and microdiamond recovery.
A 63.4 kg sample taken by the vendors yielded a total of 45
diamonds, including 10 macrodiamonds and 35 microdiamonds. A
duplicate sample weighing 54.6 kg and taken by Band-Ore's
qualified persons yielded 98 microdiamonds, thus confirming the
samples taken by the vendors. The stones were white in colour
and clear and transparent in clarity, also confirming the results
taken by vendors. The sample taken by Band-Ore was submitted to
Lakefield Research in Lakefield, Ontario, a laboratory
specializing in the recovery of diamonds.
Management of the Company is very pleased with the results of the
due diligence and plans to start an aggressive exploration
program consisting of an airborne survey, flown at 50-metre line
spacings, followed by a detailed mapping, sampling and
prospecting program of several high priority targets.
The acquisition of the private company is scheduled to close on
or before February 28, 2000. Financial details of the agreement
with the private company were released in the February 10 press
release.
Band-Ore now joins several other companies including De Beers,
Kennecott, Canabrava, Spider Resources and others in pursuit of
Ontario's first diamond mine. For a detailed report on the
property, please visit the Company's web site www.band-ore.com.
Band-Ore is a well-financed and diverse Canadian exploration
company with diamond projects in Ontario and Quebec and
platinum/palladium and gold projects in northern Ontario.
-30-
For Further Information Please Contact:
Wayne J. O'Connor, President, Band-Ore Resources
Tel: (905) 319-7469
Olav Svela or Cathy Hume, Investor Relations, Hume, Kieran Inc.
Tel: (416) 868-1079
THE PRESS RELEASE WAS PREPARED BY BAND-ORE RESOURCES LTD. WHICH
ACCEPTS THE RESPONSIBILITY AS TO ITS ACCURACY. NO REGULATORY
AUTHORITIES OR SIMILAR BODY, HAVE APPROVED OR DISAPPROVED THE
INFORMATION CONTAINED HEREIN. |
