Serengeti proposes $200,000 budget for Holman programs
Diamonds North Resources Ltd DDN
Shares issued 10,001,033 Jan 8 close $0.89
Thu 9 Jan 2003 News Release
See (SIR) News Release
Mr. Jim Romano of Serengeti Resources reports
TECHNICAL REPORT ON DIAMOND PROJECT FILED
Serengeti Resources has filed on Jan. 9, 2003, on the SEDAR Web site, www.sedar.com, a geological and geophysical report on its Holman diamond project on Victoria Island, NWT. The report is by the company's independent consultant, J. L. LeBel, PEng, of Orequest Consultants Ltd., and is dated
Nov. 30, 2002. The report concludes with a program and budget
recommendation totalling $200,000 in two phases. Phase 1 is a
helicopter-borne aeromagnetic survey budgeted at $100,000, and phase 2 is for ground magnetic surveys of the most promising targets identified in phase 1, also budgeted at $100,000. The operator of the project is Diamonds North Resources. A detailed timetable for the 2003 program has not yet been finalized, but Diamonds North anticipates mobilizing fuel and supplies to carry out a helicopter survey prior to mid-May, 2003. Serengeti has the option to acquire a 50-per-cent interest in the Holman project lands, by expending $2.1-million from 2002 through June, 2005. The company's commitment of $100,000 in 2002 has been met, and its financing commitment by June 30, 2003, is a further $400,000. The $200,000 program recommended in the technical report filed on Jan. 9, 2003, constitutes a portion of this commitment. Pursuant to the private placement of flow-through shares reported in Stockwatch on Dec. 24, 2002, the company has raised a portion, but not all, of the financing required for the $200,000 phase 1 and 2 programs. Additional financings will be required to complete the phase 1 and phase 2 programs, and to complete the financing of the balance of the June 30, 2003, commitment. The company is very encouraged by exploration results obtained by other operators in the Victoria Island diamond camp to date, and looks forward to exploring its claims during the 2003 season.
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