Hello Gord
Off THE WIRE
Canabrava and Diamonds North to drill Victoria Island kimberlites
(On May 3, 2002, Commander Resources Ltd. completed a reorganization and
transferred its diamond prospective properties to Diamonds North
Resources Ltd. Commander will initially retain a 9.5% (approximate)
equity position in the diamond company.)
VANCOUVER, May 27 /CNW/ - In a joint statement by Canabrava Diamond
Corporation and Diamonds North Resources Ltd., the companies announced an
option agreement whereby Canabrava can earn a 50% interest in Diamonds North's
Hadley Bay diamond prospect by spending $5 million and issuing 250,000 shares
to Diamonds North over a four year period.
The project area, located on Victoria Island, Nunavut, covers 11,970
square kilometers and is known to contain five kimberlite pipes which, in
initial exploration, all yielded microdiamonds.
The first stage of the four-year program will commence in mid-July with
the drill testing of ten high priority targets. The program, with Diamonds
North as operator, will include further exploration on more than 50 magnetic
anomalies. The agreement is subject to approval of regulatory authorities.
In addition to the Canabrava optioned claims, Diamonds North has holdings
of approximately 1.3 million acres on Victoria Island and 71,000 acres at
Misty Lake, NWT, adjacent to DeBeers/Mountain Province Kennady Lake project.
Shares in Diamonds North are expected to trade in mid-June on the TSX
Venture Exchange.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
-30-
For further information: please contact: Mark Kolebaba, President,
Bernard Kahlert, VP, Exploration, Diamonds North Resources Ltd., 1550 - 409
Granville Street, Vancouver, BC, V6C 1T2, Tel (604) 689-2010, Fax
(604) 685-2814, www.diamondsnorthresources.com,
info@diamondsnorthresources.com; George H. Read, VP, Exploration, Thomas
Beattie, VP, Corporate Dev., Canabrava Diamond Corporation, 1650 - 701 W.
Georgia Street, Vancouver, BC, V7Y 1C6, Tel (604) 669-2525, Fax (604) 688-6175
www.canabrava.ca, info@canabrava.ca
Regards
Vaughn |
