NDT announces new joint diamond exploration program.
May 29, 2003
Press Release #03-13
Trading Symbol: TSXV:NDE
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NDT VENTURES AND NAVIGATOR EXPLORATION
ANNOUNCE SIGNIFICANT DIAMOND EXPLORATION PROGRAM
NDT Ventures Ltd. (TSX-V:NDE) and Navigator Exploration Corp. (TSX-V:NVR) are pleased to provide the following exploration update on their Melville Peninsula diamond properties. In February, 2003 NDT and Navigator announced that they had entered into an option agreement to explore approximately one million acres on the Melville Peninsula. The NDT-Navigator landholdings consist of three separate blocks of permits (Fury, Sarcpa and Gem) situated within 50 to 190 km of the AV-1 kimberlite, approximately 850 km northwest of Iqaluit, Nunavut. AV-1, discovered by Stornoway Ventures Ltd. and Northern Empire Minerals Ltd., has yielded a total of 1373 diamonds from caustic fusion of a 946kg composite sample of kimberlite. Stornoway and Northern Empire have commenced a significant exploration program budgeted at $5.0 million on their holdings for the coming year.
NDT and Navigator’s northern Fury property comprises 17 prospecting permits (~590,000 acres) situated between the five and a half million acre Aviat property (host to AV-1) and De Beers Canada Exploration Inc.’s eight million acre property on Baffin Island. The central Sarcpa property consists of five prospecting permits (~350,000 acres) south of AV-1. The southern Gem property (three permits – ~109,000 acres) covers ultramafic occurrences mapped by the Geological Survey of Canada between 1976-77. The nature of these ultramafic rocks is not known at the present time, but they appear to range in size from 100-150 to 400 metres in diameter. NDT and Navigator are optimistic that systematic exploration could result in new kimberlite discoveries and are planning to conduct a program of airborne magnetic surveying, till sampling and prospecting during summer 2003 under a budget estimated at $600,000.
Under terms of the agreement, NDT and Navigator may earn a 60% collective interest (30% interest each) from Northern Empire, Stornoway and Hunter Exploration Group by funding all permit acquisition costs (complete), issuing 100,000 shares and warrants of each company (complete) and incurring $1 million in exploration costs.
NDT will keep shareholders informed as exploration progresses on the Company’s permits in this exciting new diamond district and the several ongoing Nevada gold projects.
On Behalf of the Board,
NDT VENTURES LTD.
"Fred G. Hewett"
Fred G. Hewett, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release. This news release may contain forward looking statements which are not historical facts, such as ore reserve estimates, anticipated production, sales, revenues, costs, or discussions of goals and involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, metal price volatility, volatility of metals production; and project development, ore reserve estimates, and cost engineering estimate risks. See the Company’s Form 6-K and 20-F reports for a more detailed discussion of factors that may impact expected results.
For further information:
Telephone: 1-604-687-7545, Toll free: 1-888-338-2200 E-mail: info@northair.com
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