NEWS RELEASE TRANSMITTED BY CCN - A NEWSWIRE SERVICE OF ITG
FOR: DIADEM RESOURCES LTD.
ME SYMBOL: DIR
AUGUST 17, 2000 - 11:26 EDT
Diadem Receives Positive Independent Due Diligence On
Northern Ontario Diamond Exploration Properties
TORONTO, CANADA--DIADEM RESOURCES LTD. (DIR.ME) reports receipt of
a positive due diligence report for the optioned diamond
exploration project in northern Ontario 35 kilometres west and
southwest of Kapuskasing.
This independent review by Consulting Geologist Dr. E. Walker of
PetroLogic Inc., concluded the original data on the three
properties:
- "has been confirmed, duplicated and verified independently and
that sample collection, processing and selection of indicator
minerals is considered excellent and effective for each of the
properties examined. In addition, the previous work on the
property can be readily confirmed".
The results of work by the private prospecting syndicate indicate
that a component of overburden on each property has likely been
derived from a bedrock source hosting kimberlite and/ or other
related rocks favorable for diamonds.
To establish drill targets, a review of ground geophysical survey
data and investigation of local magnetic features as possible
sources of kimberlite minerals is warranted.
To obtain funds for drilling, discussions are underway for a
possible flow-through financing.
Under the agreement with the prospecting syndicate, which is
subject to MSE approval, Diadem can earn a 50% interest in the
three properties covering a total of 8.944 hectares.
Recent exploration by the syndicate under the supervision of
geologist R. Dillman of Arjadee Prospecting included detailed
ground magnetic and electromagnetic surveys on the KAP property.
Fifteen potential kimberlite pipe and dyke magnetic features were
defined. Earlier work, till and stream sampling, defined seven
kimberlite mineral anomalies on this property.
Diadem Resources Ltd. is a Toronto-based mineral exploration
company with a principal objective to discover, enhance and
develop known mineral properties to production potential.
Diadem has a diamond discovery in California; diamond exploration
in Ontario; three zinc, copper, silver projects in Mexico; an
advanced zinc project in Indonesia; zinc, copper-nickel-cobalt
properties in Quebec; and interests in gold properties in
Nicaragua.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Diadem Resources Ltd.
A. C. A. Howe, President
(416) 364-2893
(416) 368-2579 (FAX)
Website: www.diademresources.com
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