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Gold/Mining/Energy : Canadian Diamond Play Cafi
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To: Rocket Red who wrote (770)4/11/2003 1:51:09 PM
From: Rocket Red  Read Replies (1) of 16205
 
Diamonds North Resources Ltd (C-DDN)
Casey's van Eeden says buy Diamonds North

Paul van Eeden, writing in the March 4 issue of Doug Casey's International Speculator, says Diamonds North Resources is a buy at 86 cents. Mr. van Eeden says that in September, 2002, the company announced that a 6.49-kilometre sample of the Sand Piper kimberlite yielded 188 diamonds. Of these, seven diamonds exceeded one millimetre in two dimensions and 12 exceeded one millimetre. In December, 2002, a 208-kilogram sample from the Sculptor kimberlite yielded 254 diamonds of which six were larger than one millimetre. Both discoveries were on the Blue Ice project, which lies on the Galaxy structure in the Slave craton. Diamonds North has a three-phase exploration program planned for this year that includes additional bulk sampling from the areas where the previous discoveries were made. The program is budgeted at $2-million. In addition, Canabrava is spending $5-million to earn a 50-per-cent interest in Diamonds North's Hadley Bay project, Majescor is spending $2.25-million to earn 50 per cent in the Wellington project and Serengeti Resources is spending $2.1-million for 50 per cent of Holdman. Mr. van Eeden says that with a $13-million market cap, Diamonds North is an excellent speculation.
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