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Canadian Company Press Release
DIR 1998-12-23 (provided courtesy of Canadian Corporate News.)
register to receive future releases by email from CCN
Diadem Signs Settlement Agreement For Belitung Island Properties
TORONTO, ONTARIO--DIADEM RESOURCES LTD. (DIR.ME) is pleased to
announce that an agreement has been signed to allow Diadem to
acquire Bresea Resources Ltd.'s 60 percent interest in the Kelapa
Kampit zinc-lead-silver deposit, as well as Bresea's interests in
the Tikus and Lilangan projects, all on Belitung Island, Indonesia
and to settle its disputed claims with Bresea.
After a joint venture expenditure of US$2.5 million a resource has
been estimated by the Company's consultant, Fenton Scott, P. Eng.,
to contain 13 million tonnes of indicated and inferred resources
within a 1.5 km section of a 7.5 km indicated strike length
averaging 8.5 percent zinc, 4.25 percent lead and 2.00 ozs. silver
per tonne.
The settlement agreement provides that Diadem will settle Bresea's
claim for reimbursement of US$900,000 in joint venture
expenditures and will acquire Bresea's interests for a payment of
1,650,000 common shares of Diadem. Diadem thereby will own 90
percent and Indonesian partner P.T. Gunung Ki-Kara Mining 10
percent of the Kelapa Kampit deposit and the joint applications
for Contracts of Work for Tikus (polymetallic) and Lilangan (gold)
deposits, all on Belitung Island. The settlement transaction is
subject to receipt of all necessary regulatory and Montreal
Exchange approvals.
Diadem Resources Ltd. is a Toronto-based mineral exploration
company with interests in gold properties in Nicaragua; an
advanced zinc project in Indonesia; zinc, copper-nickel-cobalt
properties in Quebec; and a diamond discovery in California.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Diadem Resources Ltd.
Lina Noble
Secretary/Treasurer
416-364-2893
416-286-0795 (FAX)
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I missed this release when issued. Beginning to lose interest in this company--Laura |
