************NEWS RELEASE**************
DATE: March 24th, 1998
NEWS - FOR IMMEDIATE RELEASE
NORA EXPLORATION ANNOUNCES PRELIMINARY RESULTS FROM THE NAMIBIAN GEMSTONES CONCESSION
Montreal ,(QC) -
NORA EXPLORATION INC. "Nora" (NXI-ME), is pleased to announce that it has received a preliminary report on the results of the geophysical survey of the Namibian Gemstones concession, the second largest offshore diamond marine concession in southern Africa. The "property" consists of 23 deep-water concessions, each with an area of 1,000 square kilometers. Considered as a single block, starting on the Namibia-South Africa border and extending northward along the outer edge of the continental shelf and on the continental slope. The southern part of the concession is adjacent to the western border of NAMDEB's main set of concessions from which the great majority of De Beers' offshore production is derived.
Carried out by the Council for Geoscience (Geological Survey) of South Africa, the survey has identified very large areas of marine eroded bedrock with abundant features of similar types to those in which diamonds are concentrated elsewhere in the Namibian offshore zone.
The survey has covered approximately 40% of the 23,000 sq. km. (9000 sq. km.) block of 23 concessions and involved collecting more than 6000 km of state-of-the-art geophysical information. The Council for Geoscience advises that this has been one of the largest continuous surveys ever undertaken on the west coast of southern Africa. Surveying was limited to water depths of less than 500m. Between depths of 500m and 300m, survey lines were spaced at 5 km intervals, and at depths shallower than 300m, lines were spaced at 1 km intervals. Digital data was collected by two high-precision echo sounders for bathymetry, by sidescan sonar for sea floor surface feature mapping and by two seismic systems for both shallow (10-15m) and deeper (to 300m) sub-bottom sediment profiling.
The most significant result is that in some 20% of the area surveyed, that is approximately 1,800 sq. km., the sea bed consists of exposed rocky areas or rock covered by a veneer of unconsolidated sediments. In these areas there is evidence of erosional activity in the form of palaeo-channels, old marine terraces (wave-cut platforms) and incised gullies. Sediment veneers 1-2m thick overlie portions of the rocky areas. All these types of features are known to contain diamond concentrations elsewhere on the Namibian offshore zone.
Nora's management is particularly pleased with these results which significantly enhance the potential of the Namibian Gemstones concession. The size of the wave-abraded areas are notable and can be compared to the total concession holdings of Namibian Minerals Corp. (Namco) at 1900 sq. km.. The position of these areas of rock outcrop opposite and to the north of the Orange river mouth is also highly encouraging as it is in such locations that the largest sizes and highest concentrations of diamonds occur on the coast and in the offshore water of Namibia.
In July 1997, Nora acquired a ten percent interest (10%) in the "property" from Namibian Gemstones Mining Corporation (Pty.) Ltd. at a cost of $552,000. By funding the detailed geophysical survey on the "property" - at a cost of US$1.2 million - Nora, as operator, obtained an additional twenty percent interest (20%). Furthermore, Nora has entered into an option agreement whereby it can obtain an additional fifty percent interest (50%) in the "property" at a cost of US$3.6 million.
These Namibian initiatives combined with various license applications are moving Nora a long way towards becoming a significant player in the world marine diamond business.
Nora Exploration Inc., is a Canadian based exploration and mining company, actively involved in the acquisition, exploration and development of first rate diamond properties in Africa. The Corporation's rapid and dynamic growth will place it among the significant players in the world marine diamond business. Its shares are traded on the Montreal Stock Exchange under the symbol NXI-ME.
FOR MORE INFORMATION CONTACT
Mr. Pierre L‚veill‚
President
John Stella
Investor Relations |
