FOR IMMEDIATE RELEASE
Wednesday, August 27, 1997
Trading Symbol: GDRS
ALLUVIAL DIAMOND RESERVE ESTIMATES AT THE GRASDRIF PROPERTY INCREASES BY 50% FOLLOWING THE COMPLETION OF THE EXTENDED DRILLING PROGRAM.
LA JOLLA, Calif. - Global Diamond Resources, Inc., (Global) is pleased to announce the results of the recently completed drilling program at Global's 5,695 acre Grasdrif alluvial diamond property.
The information obtained from the 650 hole; 32,418 feet drilling program that covered the concession area resulted in management increasing the in-situ gravel tonnage estimates from 54 million tonnes of alluvial gravel to 81 million tonnes of alluvial gravel. The classification of the alluvial gravel into the various resource and reserve categories are currently being completed and reviewed by independent consultants. The final report will be released when available.
Management now estimates that the Grasdrif property should contain between 1,215 million and 2,916 million carats of large high quality gemstone diamonds with a gross value of between $759 million and $1,823 million.
In a previous venture the management of Global recovered in excess of 500,000 carats of large high quality gemstone diamonds from more than 16 million tonnes of alluvial gravel at properties in the area.
This press release contains forms of forward-looking statements that are based on the Company's beliefs as well as assumptions made by and information currently available to the Company. Such statements are subject to certain risks, uncertainties and assumptions, which are identified and described in the Company's 1996 Annual Report on Form 10-KSB and subsequent Quarterly Reports on Form 10-QSB on file with the SEC.
To obtain more information about Global visit our Website at globaldiamond.com or call Eugene Brill at (800)
424-6533 or (619) 459-0045. |
