Hello All
News out today:
Thursday, April 04, 2002 6:26 PM
Subject: Major General Resources Ltd - News Release
Major General to commence drill program in Far North Major General Resources Ltd
MGJ Shares issued 51,946,495 Apr 3 close $0.14
Thu 4 April 2002
News Release
DIAMONDS NORTH SOLE OPERATOR OF $1.5 MILLION SPRING DRILL PROGRAM IN CANADA'S FAR NORTH
Mr. William Coulter reports DIAMONDS NORTH SOLE OPERATOR OF $1.5-MILLION SPRING DRILL PRO ...
A $1.5-million drill program will begin in May on diamond projects in Nunavut and the Northwest Territories. The program will be directed by Major General's newly created subsidiary, Diamonds North Resources Ltd., and its recently appointed president, Mark Kolebaba.
The company has five diamond projects on Nunavut's Victoria Island and Misty Lake in the Northwest Territories. Previously, two of these projects were operated by BHP Billiton Diamonds Inc., which, through the purchase of Dia Met Minerals, acquired that company's options in 1999. Although Dia Met had spent $2.5-million to advance these projects, BHPB's acquisition thrust was directed primarily at the Ekati mine. Prompted by issues related to the terms of the existing deal with Major General which incorporates a third party interest whose rights to parts of the property do not fit with BHPB's
diamond business objectives, BHPB has terminated the agreements, opening the door for Diamonds North.
Bernard Kahlert, vice-president, exploration, of Major General Resources, said, "These properties are part of the company's Far North holdings, which include a substantial number of highly prospective geophysical targets and
geochemical anomalies with diamond potential." Contracts for work programs on Victoria Island, including drilling and geophysical surveys, are under final review. Ground geophysical surveys of the Misty Lake claims located adjacent to De Beer's/Mountain Province advanced Kennady Lake project, are planned for later this month.
BHPB, upon completion of an aerial geophysical survey in 2001, has concluded that the targets developed do not meet BHPB's objectives and as a result has terminated its option.
Further exploration of Nunavut and Northwest Territories diamond projects will be directed by Mr. Kolebaba's Diamonds North team. Mr. Kolebaba leaves his position as senior geologist of BHP Billiton Diamonds Inc., global diamond exploration, where he has been involved in rojects in North and South America, Europe, Australia, Russia, China, India, Africa, Greenland, and the Middle East. Previously, he was a member of the Ekati feasibility
team, and participated in the discovery of several Northern Canadian kimberlite pipes. In addition, he managed BHPB's diamond exploration programs in Eastern Canada.
"We are looking forward to May drilling," said William Coulter, president of Major General Resources, "and to Mark Kolebaba's ability to take these projects forward."
On April 12, Major General will be seeking shareholder approval at an extraordinary meeting to change the company's name to Commander Resources.
Regards
Vaughn |
