International Taurus Resources & Mano River Resources Create Quebec Diamond Exploration Joint Venture
VANCOUVER, BRITISH COLUMBIA--International Taurus Resources Inc.
announces the creation, with Mano River Resources Inc. (London),
of a Diamond Exploration Joint Venture in Quebec. The venture,
which will focus on a 7,500-square-kilometre area of the James Bay
Lowlands southwest of the Otish Mountains, brings together the
comprehensive Taurus geological, geochemical and geophysical
database, Taurus' area experience and Mano's extensive West
African diamond experience. Basic terms of the venture call for
Mano, in consultation with Taurus, to manage the venture. Taurus
will be the operator of the venture's field exploration
activities. Mano may earn 26 percent of the venture by completing
Phases 1 & 2, which require C$1.25 million in expenditures, and
may earn a total of 51 percent with the expenditure of an
additional C$2.5 million. Mano may earn a further ten percent in
a particular property by completing a pre-feasibility study on
that property.
With the rush to the Otish Mountains, Quebec's Superior Province
has now quite properly joined other Canadian shield Archean
provinces as a major diamond exploration destination. The James
Bay Lowlands area, which is also underlain by the Archean Superior
craton, already contains numerous kimberlite and diamond
discoveries. The area is transected by several significant major
structural zones, which appear to control the emplacement of
kimberlite in the region. Kimberlite is known at Kirkland Lake,
on the western side of the project area, and near Desmaraisville,
on the eastern side.
The James Bay Lowlands area is generally covered with glacial
till, which requires maximum use of geochemical and geophysical
techniques. The Taurus database, which has already successfully
discovered several of Taurus' mineral properties, provides these
tools and includes a 77,000-line-kilometre helicopter-borne
high-intensity geophysical survey and an extensive compilation of
public and exclusive private geological and geochemical data
sources. In the search to expand diamond exploration
opportunities, the venture has retained an experienced
geophysicist who has worked in consort with Mano's South
African-based diamond geologist to review the Taurus database.
This work has identified more than 100 new targets, including
several "clusters" and distinct "bull's-eye" anomalies, which are
consistent with possible kimberlite intrusions.
These targets have been prioritized and an initial claim-staking
program has acquired the top priority targets in ten claim blocks
covering a total area of approximately 5,000 hectares. Work to
further define the targets and determine diamond potential is
underway.
Mano holds a large portfolio of diamond, gold and base-metal
properties in Liberia, Sierra Leone and Guinea. The company's
active exploration program has identified significant diamond and
gold resources, including the first known discoveries of Liberian
diamondiferous kimberlite and hard-rock gold deposits, which are
capable of development into significant mines.
Taurus holds properties in Quebec, Ontario and British Columbia
containing gold resources of approximately 2.5 million ounces. It
also is developing a pilot mining project and feasibility study at
the Fenelon Gold Project, in which it has a 2/3 interest, located
in the Casa Berardi area of Quebec. For details, check the Taurus
website at www.intl-taurus.com.
ON BEHALF OF THE BOARD OF DIRECTORS
William H. Bird, Vice President and Director. |
