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Gold/Mining/Energy : southern africa minerals

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To: geoff s. who wrote (214)	7/21/1998 12:00:00 PM
From: geoff s.	Read Replies (1) of 314

Diamond UPDATE COMMENTS NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: SOUTHERN AFRICA MINERALS CORPORATION TSE SYMBOL: SAF JULY 21, 1998 Southern Africa Minerals Corporation - New Diamond Discovery TORONTO, ONTARIO--A new diamond discovery has been confirmed on the company's 100 percent owned Mosomane Property located in Botswana, Africa. Caustic dissolution of kimberlite samples, completed by Lakefield Research in Ontario, Canada, has confirmed the presence of diamonds in a small sample taken from a large shallow kimberlite sill. Three (3) microdiamonds were recovered from a 43.5 kg sample taken from a trench about 7 meters deep. Three (3) other similar samples totaling 164 kg are reported to be barren of diamonds. According to independent diamond consultant Bill Jarvis, the discovery of diamonds from such a small surface exposure indicates significant potential for the sill and for the discovery of other diamondiferous kimberlites on the property. The kimberlite sill is covered by only 3-5 meters of shallow overburden and has been outlined over a surface area of at least 57 hectares. The sill has an average thickness of 10 meters indicating an open pit potential in excess of 12 million tonnes. Large core drilling will now be conducted to collect representative samples to determine the diamond potential of the sill. Large core drilling will also be performed on a wide (75-100 m) kimberlite dike shown to be at least 2.5 km long. A kimberlite ilmenite anomaly occurs along the entire length of the dike. The presence of the kimberlite dike was confirmed by percussion drilling during the May-June 1998 drill campaign. The tonnage potential of this target exceeds 200 million tonnes. Extensive regional sampling for indicator minerals (still being compiled) suggests the presence of other kimberlite intrusives on the 647,000 hectare property. The company plans to drill test these targets on completion of the sampling program. The property is located along the same structural lineament that host the Jwaneng Mine (the richest producing diamond mine in the world) and the Martin's Drift prospect of De Beers, being prepared for production. The press release was prepared by Southern Africa Minerals Corporation which accepts the responsibility as to its accuracy. No stock exchange or any regulatory authorities or similar body, have approved or disapproved the information contained herein. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Southern Africa Minerals Corporation Denis Francoeur President and C.E.O. (416) 365-0250 INDUSTRY: MNG SUBJECT: NWS

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