Hi Al, put me down for CBP the ask is .28 results out today. Can anyone comment on if these results are any good? Just a stab in the dark.
Cons Pacific Bay Minerals Ltd CBP
Shares issued 3,106,409 2001-03-09 close $0.26
Friday Mar 9 2001 News Release
Mr. Guilford Brett reports
Consolidated Pacific Bay Minerals has released the particulars of diamond recovery of George Creek kimberlite surface bulk sample testing conducted by the Lac Minerals Ltd./Superior Oil joint venture. The George Creek kimberlite is a near vertical dike measuring over 2,000 metres long by 1.5 metres wide located in the State Line district of Colorado.
A 3,000-ton George Creek kimberlite surface bulk sample was processed for macrodiamonds at the Superior/Mobil/Lao diamond test plant at the nearby Slow property. This facility is currently owned by Dia Met Minerals Ltd. The bulk sample processing at the plant was operated with a 0.5-millimetre cutoff in size corresponding to the size break between microdiamonds and macrodiamonds.
According to Kenneth Shaver, PhD, processing of the surface kimberlite material resulted in recovering 89,155 macrodiamonds weighing approximately 1,700 carats. Diamond grades averaged 75 carats per hundred tonnes. Several diamonds greater than two carats were recovered, and the largest stone weighed 2.14 carats. These diamonds were grouped into three size fractions by using standard Diamond Trading Company (DTC) sieves with circular apertures. Each size fraction was evaluated for crystal form, colour and fluorescence. A very high proportion of colourless stones were reported in these size fractions. This select sample of 593 George Creek macrodiamonds having sieve sizes ranging from +2.5 millimetres to -4.5 millimetres classified into approximately 88 per cent colourless diamonds. There is a small percentage of coloured diamonds with yellow and brown tones, and their percentage decreases with increasing size. Yellow and brown diamonds dominate within the coloured categories and comprise approximately 15 per cent of the 2.46-millimetre to 2.85-millimetre category. Green and gray diamonds occur in trace quantities.
From most of the recovered diamonds six morphological categories are distinguished including planar octahedra, transitional octahedra/tetrahexahedra, tetrahexahedra (dodecahedra), macles, aggregates and undivided diamonds.
The company has also arranged a private placement comprising one million units consisting of one common share and one warrant at a price of 25 cents per unit. The warrant entitles the holder to purchase for two years one common share at a price of 25 cents during the first year and 28 cents during the second year. The proceeds of the private placement will be used for working capital.
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