Kim,
PR on ABZ.T today (same stock as ABERF but trades on TSE). It looks like no winter drill program, but you would have to find out for sure.
Best,
Bob
ABER RESOURCES LTD. NINE MONTH REPORT
VANCOUVER, Dec. 15 /CNW/ - ABER RESOURCES LTD. (TSE-ABZ, NASDAQ-ABERF)
announces that at October 31, 1997, the Company had $29,045,610 in working
capital and $14,506,250 available to be drawn against the issuance of 650,000
flow-through shares. During the nine months ended October 31, Aber invested
$11,651,565 on exploration projects, including $7,945,042 for Aber's 40% share
of the Diavik Diamond Project, located at Lac de Gras in Canada's Northwest
Territories. For the nine months ended October 31, 1997, Aber incurred a loss
of $1,538,691 ($0.04 per share), which included a charge of $741,280 for the
abandonment of a non-diamond mineral property. The year-earlier loss was
$146,756 (nil per share). Financial statements for the nine months ended
October 31, 1997 will be available on Aber's new Internet site (www.aber.ca)
and through Canada's SEDAR electronic filing system.
Diavik Project
Aber continues to be well financed and the Diavik Project is progressing
toward the permitting stage. An $80 million, two-year prefeasibility study on
four diamondiferous kimberlite pipes was completed by Diavik Diamond Mines
Inc. Early in 1998 a project description is expected to be filed with the
government by Diavik Diamond Mines Inc. This action triggers the Government's
environmental assessment process which is anticipated to lead to regulatory
approval of production at Diavik. A formal feasibility study will begin early
in 1998. The exploration budget at the Diavik Project is increasing to $9.0
million in 1998, including $4.3 million of additional drilling on previously
identified pipes other than the four main pipes. This compares with $3.1
million (excluding prefeasibility exploration on the four main pipes) in 1997.
Included in the 1998 budget is large diameter core drilling of the A-11 North
kimberlite pipe and drilling of anomalies from the detailed 1997 airborne
survey. Aber retains the right to market its 40% share of diamond production.
The remaining 60% interest is held by the operator, Diavik Diamond Mines Inc.
of Yellowknife, NWT, a subsidiary of Rio Tinto plc of London, England.
Other Exploration Projects
On Aber's West Greenland Diamond Property, an airborne survey has been
completed and surface till samples are being processed for indicator minerals.
Information will be analyzed to determine targets for a possible 1998 spring
drilling program. Aber is earning a 50% interest in most of the property,
which totals 11,900 square kilometres. At the 42.7%-owned Camsell Lake NWT
Diamond Project, encouraging results were produced from caustic fusion of
boulders recovered south of Snap Lake. A sample weight of 214.13 kilograms
produced 169 macrodiamonds (at least one dimension greater than 0.5mm) and 325
microdiamonds. Planning is underway for the upcoming winter/spring work
program.
%SEDAR: 00003786E
-30-
For further information: Kenneth G. Hanna, President and Chief Executive Officer or R. Michael Jones,
Vice-President, Corporate Development or Alan Bayless, Vice-President (604) 682-8555 or fax (604)
685-8359 |
