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Gold/Mining/Energy : Canadian Diamond Play Cafi

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To: VAUGHN who wrote (28)	7/17/2002 8:39:07 AM
From: Famularo	Read Replies (1) of 16203

Diamonds North Resources Ltd - News Release Diamonds North intersects kimberlite on Blue Ice Diamonds North Resources Ltd DDN Shares issued 10,001,033 Jul 16 2002 close $ 0.50 Wednesday July 17 2002 News Release Mr. Mark Kolebaba reports DIAMONDS NORTH HITS KIMBERLITES IN INITIAL DRILL PROGRAM Diamonds North has released the initial results of the first four drill holes of a 10-hole program planned to test kimberlite targets on the Blue Ice property on Victoria Island. All four drill holes intersected kimberlite. Two holes were drilled into new targets with one hole intersecting about 15 metres of kimberlite in six bodies and the second hole intersecting approximately 1.8 metres in three kimberlite dikes. Two holes were drilled into the known Sand Piper kimberlite -- the first hole, sited at the fringe of the elongate body, encountered several kimberlite dikes totalling about five metres, the second drill hole encountered solid kimberlite over a 52-metre down hole intersect. The Blue Ice property is 100 per cent owned by Diamonds North and covers 200,000 acres. The company is drill testing new kimberlite targets as well as previously identified diamondiferous kimberlites. A continuous 10-kilometre-long geophysical grid established in June, 2002, confirms the presence of a major multidike kimberlite system with numerous pipe-like bodies situated along strike. This kimberlite system is expected to be as long as 12 kilometres. Kimberlite float in the form of cobbles and pebbles has recently been discovered in the central part of the grid in an area with no previously known kimberlite occurrences. Drilling is being conducted on a logistical priority basis, with all targets along the estimated 12-kilometre trend being tested as the drill is moved northward. Diamonds North has a good understanding of the geophysical signatures of the kimberlite on the Blue Ice property which has led to high success in intersecting kimberlite. Drilling is currently suspended to allow for relocation of the camp to a more central location and is expected to resume on July 19. Diamonds North's holdings in the Northwest Territories and Nunavut comprise more than one million acres with 40 drill targets on eight different projects. Expected exploration expenditures for 2002 could reach $3-million, with the majority of this being contributed by a number of partners.

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