News release today:
SEPTEMBER 29, 1998
Dia Met Minerals: Second Quarter Results
KELOWNA, BRITISH COLUMBIA--Dia Met Minerals Ltd. released its quarterly results for the six
months ended July 31, 1998. Summarized financial highlights (reported in Canadian dollars) for
this period, compared with the six months ended July 31, 1997 are as follows:
Six months Six months
ended ended
July 31, 1998 July 31, 1997
(unaudited) (unaudited)
Revenue $ 777,350 $2,330,837
Total expenses before the
write off of exploration and
development costs of abandoned
properties and programs $1,856,419 $3,208,978
Exploration and development costs of abandoned properties and programs written off $2,753
$767,425
Gain on disposal of capital assets and net assets of aircraft operations $39,496 $787,854
Income taxes $256,883 $442
Loss for the period $1,299,209 $858,154
As at As at
July 31, 1998 July 31, 1997
(unaudited) (unaudited)
Cash position $40,400,088 $42,815,324
Working capital $41,826,133 $43,361,054
Shareholders' equity $61,938,140 $58,569,950
The Ekati Diamond Mine remains on time and within budget for startup of production in
October.
The entire process plant has been operated including a total sequential startup. All critical
components of the process plant (including final recovery) are functioning satisfactorily. In the
course of commissioning, diamonds have been recovered.
Dia Met Minerals Ltd. is a publicly traded mineral exploration and development company with a
primary focus on diamonds. The company holds a 29 per cent interest in the Core Zone joint
venture with BHP Diamonds Inc. The joint venture is developing the first major diamond mine in
North America, the Ekati Diamond Mine. The Company is also involved in diamond and gold
exploration projects in other parts of the world.
SIGNED ON BEHALF OF THE BOARD OF DIRECTORS
JAMES E. ECCOTT, PRESIDENT
FOR FURTHER INFORMATION PLEASE CONTACT:
Dia Met Minerals Ltd.
Gerald Prosalendis
Manager, Investor Relations and Corporate Communications
(250) 861-8660
(250) 861-3649 (FAX)
Email: geraldpdirect.ca
or
Dia Met Minerals Ltd.
James E. Eccott
President
(250) 861-8660
(250) 861-3649 (FAX)
The American Stock Exchange and Toronto Stock Exchange have neither approved nor
disapproved the information contained in this release.
PHIL |
