Hello Frank
Some news on SUF's prospective Misty Lake property:
Diamonds North listed on TSX Tier 1 as DDN
Exploration Advances on Victoria Island and Northwest Territories
Projects
TSX Venture Exchange: DDN
Shares Issued: 10,001,033
VANCOUVER, July 15 /CNW/ - Mark Kolebaba, president of Diamonds North
Resources Ltd., announced today that the company's shares have begun trading
on the TSX Venture Exchange. Diamonds North will trade as a Tier 1 company
under the symbol DDN.
Diamonds North evolved from the restructuring of Commander Resources Ltd.
(formerly Major General Resources) and was created to concentrate exclusively
on diamond exploration. As part of the corporate restructuring that led to the
formation of Diamonds North, Commander will own 950,000 shares of Diamonds
North and will have the right to increase this interest by an additional
840,000 shares.
"We're focused on high-quality projects with the potential for economic
diamond deposits," said Kolebaba, who, prior to his Diamonds North
appointment, was senior geologist with BHP Billiton's global diamond
exploration team. To date, sixteen kimberlite pipes and dykes have been
discovered on Victoria Island, fourteen of them contain diamonds. "And,"
Kolebaba continued, "we have an aggressive growth program to expand our
portfolio, with an ongoing search for new properties in Canada."
Since its launching as a public non-trading company May 3, 2002 Diamonds
North has raised $2 million: $500,000 through private placement with U.S.
Global Investment Funds and $1.5 million through a prospectus offering by
Haywood Securities. Following financing, 10.3 million shares are issued and
outstanding. Sixteen per cent of the shares are held by institutions, and
sixteen per cent by insiders, promoters and consultants.
The company's holdings in Nunavut and in the Northwest Territories
comprise more than one million acres and forty targets. Eight projects are in
place, with programs in progress or planned for 2002. Programs and partners on
Victoria Island include:
- Blue Ice (100% Diamonds North) - Drilling underway on eight high-
priority targets.
- Hadley Bay (Canabrava Diamond Corporation) - Drilling of eight to ten
high-priority targets scheduled to begin in July;
- Yankee (Hawkeye Gold International) - Additional surveying planned
following drill program;
- Washburn (Patrician Diamonds Inc.) - Six diamondiferous kimberlites
identified; six anomalies ready for drill testing;
- Wellington (Patrician Diamonds Inc.) - Fifteen new kimberlite targets
marked for further exploration;
- Holman (Serengeti Resources Inc.) - Exploration of forty geophysical
anomalies to begin in August;
In the South Slave, Northwest Territories:
- Misty Lake (Southern Era and International Diamond Syndicate) - Four
drill targets sited immediately south of the Mountain Province/De
Beers Kennady Lake project, at least three to be drilled in August;
- Gten (Snowfield Development Corporation) - Immediate plans include
helicopter borne magnetic geophysical survey, till sampling and
diamond drilling.
"We're very enthusiastic about our 2002 programs," said Kolebaba. "We
have committed partners, the resources and the experience to advance these
projects rapidly. Close to $3 million will be spent on the Company's
properties this season. There's a strong corporate commitment to making
Diamonds North a leader in Canadian diamond exploration."
Besides Kolebaba, the Diamonds North senior management group includes
Bernard Kahlert, vice-president, exploration and director; Yale Simpson,
director; Maynard Brown, director; and William Coulter, senior corporate
advisor.
Bernard H. Kahlert
Vice President, Director
Regards
Vaughn |
