Band-Ore's Wawa Diamond Acquisition Closes
Toronto, Ontario --
Band-Ore Resources Ltd. is pleased to announce it has closed the
agreement to acquire 1399724 Ontario Limited and it has received
regulatory approval for the transaction. (Refer to press releases
dated February 10 and 22, 2000.) The numbered company has a
25-sq.-km.diamond project known as the GQ Property 15 km. north
of Wawa, Ontario where diamonds were discovered in bedrock in
late January of this year. The discovery sample, weighing 63.4
kg., yielded 10 macrodiamonds and 35 microdiamonds that weighed
0.036 carats. Band-Ore also announces it has acquired additional
ground to the north and southeast of the discovery, totaling 150
sq. km. The new properties feature numerous circular magnetic
anomalies within a corridor that hosts several diamond
occurrences, including those located on the GQ Property.
Band-Ore further advises an airborne survey will commence
immediately on the initial 25-sq.-km. GQ Property, which hosts
the new diamond discovery. The high-resolution data obtained from
this 50-metre line spacing airborne magnetic survey will further
define several circular magnetic anomalies that have been
identified from a previous government survey.
Band-Ore's diamond consultant, Bill Jarvis, a former senior
geologist with De Beers, has observed from the independent
laboratory reports that of the 134 stones recovered to date 10
coloured diamonds have been identified and are described as
yellow and transparent. Coloured diamonds of this description are
marketed as fancies, which attract higher prices than white and
transparent diamonds. He has also noted a percentage of the
diamonds have been described as fragments, indicating they are
possibly broken pieces of larger stones. The descriptions of the
other stones include: tetrahexahedral, cubes, tetrahexahedral
twin, macles, cube twin and octahedral. Mr. Jarvis also noted
there is minimal evidence of resorption of the stones.
Band-Ore President, Wayne O'Connor, noted that the new diamond
discovery is a very rare occurrence.
"The fact that diamonds have been found in bedrock exposed at
surface is very uncommon," Mr. O'Connor said. "So far in Canadian
history there has never been a diamond discovery so close to
access and infrastructure. These facts will result in dramatic
cost savings to explore and develop the project."
Band-Ore is a diverse Canadian exploration company also involved
in the new Torngat diamond discovery in northern Quebec.
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
S.E.C. EXEMPTION #82-4233
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WEBSITE: band-ore.com EMAIL: bandore@wwonline.com
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