FOR IMMEDIATE RELEASE
Tuesday, September 8, 1997
Trading Symbol: GDRS
DIAMOND SALES: 120.43 CARATS OF LARGE HIGH QUALITY GEMSTONE DIAMONDS RECOVERED FROM ITS CAERWINNING PROPERTY, SOLD FOR $58,148 OR $482.84 PER CARAT.
LA JOLLA, Calif. - Global Diamond Resources, Inc., (AGlobal@) is pleased to announce that it has sold 120.43 carats of large high quality gemstone diamonds, recovered from its Caerwinning property during the exploration program, for $58,148 or $482.84 per carat.
The sale of this parcel of diamonds confirms the high value per carat associated with the Caerwinning property as well as management's assumptions of $480 per carat included in the financial projections. Past exploration activities yielded 3,684.98 carats of large high quality gemstone diamonds that were sold for an average price of $488.83 per carat.
The management of Global Diamond Resources, Inc. estimates that the Caerwinning property should contain some 38 million tonnes of in-situ alluvial gravel containing approximately 410,000 carats of large high quality gemstone diamonds with a gross value of $197 million. These estimates are based upon the results of the recently completed drilling program, the past exploration activities and the recent bulk samples.
This press release contains forms of forward-looking statements that are based on the Company's beliefs as well as assumptions made by and on 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.
For more information about Global visit our website at globaldiamond.com or call Eugene Brill at (800) 424-6533 or (619) 459-0045. |
