News!!!
CK 1998-04-30 (provided courtesy of ISDN Wire Service)
CLEAR CREEK RESOURCES LTD. - POSTMA SURFACE SAMPLING
COMPLETED, DRILLING PROGRAM PLANNED
VANCOUVER, B.C.--
570 - 1050 W. Pender St.
Vancouver, B.C. V6E 3S7
Telephone: (604) 689-2994
Facsimile: (604) 689-2974
Toll Free: 1-888-345-9655
Trading Symbol: VSE-CK
Sec. 12g3-2(b) Exemption: #82-4690
Clear Creek Resources Ltd. (the "Company") has completed the first
phase of its test program on the Postma kimberlite project. The
Company under the supervision of its South African geologist, Dr.
David Twist, Pr. Sci.Nat., completed a systematic sampling and
testing program of the exposed portion of the kimberlite pipe whereby
3714 tonnes of material were excavated from several areas and
processed in the existing plant.
The Company recovered a total of 213 carats including several large
gem quality diamonds. The largest stone recovered was 9.8 carats and
an independent appraisal valued the uncut diamond at US$1,500 per
carat. Subsequently the diamond was sold for US$14,700.
Approximately 70 percent of the diamonds recovered were gem quality.
The near surface kimberlite is considerably diluted because of very
abundant country rock fragments within the kimberlite complex.
Management has decided the optimum strategy is to drill the
kimberlite pipe to depth rather than continuing with the surface bulk
sampling program. The recommended drill program will determine the
dimensions of the pipe, composition of the kimberlite, and any
changes in the dilution at depth which would affect diamond grades.
To accommodate a drilling program, the existing option agreement has
been amended. A one time payment of 120,000 South African rand
(Cdn$34,300), has been made to extend the option until October 31,
1998. The monthly equipment rental payments of 180,000 rand have been
cancelled and the plant and equipment previously under option has
been excluded from the option agreement. Management decided to
exclude the purchase of the existing plant and equipment because of
concerns with the efficiency of the plant. These concerns stemmed
from the results of an inspection of the plant which confirmed that a
significant portion of the diamonds was not recovered by the plant.
Further, the cash portion of the purchase price for the property has
been reduced from 4.1 million rand to 3.1 million rand to reflect the
fact that the plant and equipment have been excluded from the amended
agreement. All other terms and conditions of the existing agreement
shall remain the same.
ON BEHALF OF THE COMPANY
(SIGNED)
James L. Harris, Solicitor
For more information contact: Wade K. Dawe, President or Fabio Chiesa,
Corporate Development Tel (604) 689-2994
No stock exchange has approved or disapproved the information contained
herein.
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