Tom,
Welome on board CDR. I, too, was happy with TGR, but I recon two diamond mines are better than one
To address a point raised a bit earlier, I think Aurum, our SA prospector, made the comment earlier that all the land involved at Abminga was freehold with NO native claims issues. Maybe he will get back on, and reassure us.
The press release below is not new; it is dated Jan 20, from Astro Mining NL, our suitor. This info is substantially the same as CDRs' release of Dec 15, but it has a flavor that might be helpful to read first hand.
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A S T R Oÿÿ M I N I N Gÿÿ N. L.
A.C.N. 007-090-904
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PRESS RELEASES & ANNOUNCEMENTSÿ
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Melbourne, Victoria, Australia - January 20, 1998. Astro Mining N.L., and Australian corporation (ASX:ARO) announces an Agreement with Caldera Resources Inc. ("Caldera"), a Canadian diamond exploration company listed on the Montreal Stock Exchange, to conduct a six month due diligence assessment of Caldera's Abminga diamond prospect in northern South Australia.
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Details of Announcement
The Company announces that it has reached agreement with Caldera, a Canadian diamond exploration company listed on the Montreal Stock Exchange, to conduct a six month due diligence assessment on Caldera's Abminga Diamond Prospect in northern South Australia.
Upon completion of this assessment, Astro can elect to joint venture with Caldera to earn up to 70% interest in the prospect.
Caldera has secured tenements covering approximately 4,500 square kilometres in the Abminga area following the recognition and definition of some 250 discrete aeromagnetic targets with characteristics consistent with kimberlite intrusions. Based on this data, Caldera has postulated that the pipes maybe large with surface areas ranging up to 1,500 metres in diameter.
Caldera has spent to date in the order of $2,000,000 in exploration on this prospect mainly on the acquisition of high quality detailed aeromagnetic data and exploration drilling of fifteen aeromagnetic targets. The drill material processed by Caldera provided good indicators with fresh kimberlitic chromite, pyrope and picroilimenite of good mineral chemistry recovered. Two small diamonds, a macro of 0.55mm and a micro of 0.23mm were recovered from one magnetic anomaly.
The Company believes that the encouraging exploration results may indicate the presence of crater-facies kimberlitic pipes or structures. There remains in excess of 200 discrete aeromagnetic targets yet to be tested.
The Company has agreed that as part of its due diligence, to process, at its own laboratory, up to three tonnes of Caldera drill samples for the recovery of diamonds. It has also agreed to undertake 1,000 metres of core drilling in key areas of Caldera's tenements.
The Company anticipates that upon the assessment of the results of this work that it will have sufficient data upon which to make a decision whether it wishes to enter into a formal joint venture.
If the Company proceeds to joint venture with Caldera, the following general provisions will apply:
1.The Company will pay $100,000 to Caldera and spend $1,000,000 on exploration over the next twelve months. 2.If the Company elects to proceed, after fulfilling the requirements listed in item 1 above to earn a 60% interest in the project , it will pay $500,000 to Caldera and spend $16.0 million on exploration. 3.When the Company has earned the 60% interest, it has the right to earn a further 10% interest in the project by funding the costs up to and including a bankable feasibility study.
The Company's due diligence assessment will comment at a mutually agreed time.
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