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Gold/Mining/Energy : Global Diamond (GDRS)
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To: TonyM who wrote (43)5/12/1997 10:54:00 PM
From: Eugene Brill   of 88
 
Dear Tony and all;

Recent Corporate Developments.

1. Two thirds of the private placement announced on March 19, 1997 has now been completed and we are expecting to receive the final third of the financing within the next few weeks.

2. On both our Grasdrif and Caerwinning properties, site development is continuing. The design of a 100-tph diamond recovery plant for each of these two properties has been completed and we are now in the process of completing the detailed engineering drawings for the plant. Construction should commence towards the end of June.

3. The success of Kensington's venture into China will require the full attention of a totally dedicated and experienced management team. It became apparent after due consideration and discussions with the new major shareholders of Kensington that Global Diamond Resources Inc.'s intention of developing an international diamond enterprise, with China as one of the building blocks, albeit an important building block, would not be compatible with the vision and requirements of the new major shareholders of Kensington for the development of the diamond mining activities in China.

We therefore decided not to accept our appointments to the management of Kensington as initially anticipated and Kensington and Global jointly decided to cancel the strategic alliance.

I will be posting updates on this site at regular intervals and anyone who would like more current updates, please feel free to contact me at (800)424-6533; (619)459-0045 or at eugeneb@globaldiamond.com.

Eugene Brill.
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