diamondsnorthresources.com
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diamondsnorthresources.com
Diamonds North Resources Ltd.
1550 - 409 Granville Street
Vancouver, B.C. V6C 1T2
Tel. (604) 689-2210
Fax: (604) 685-2814
Date: July 15, 2002
TSX Venture Exchange: DDN
Shares Issued: 10,001,033
News Release # 01-02
DIAMONDS NORTH LISTED ON TSX TIER 1 AS DDN
Exploration Advances on Victoria Island
and Northwest Territories Projects
Vancouver, (July 15, 2002) - 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.
On behalf of the Board of Directors,
Bernard H. Kahlert
Vice President, Director |
