News today:
Wednesday April 7, 12:54 pm Eastern Time
Company Press Release
Dia Met: Update on Monopros Joint Venture West
Greenland
KELOWNA, British Columbia--(BUSINESS WIRE)--April 7, 1999-- Dia Met Minerals
(TSE:DMM.A - news; AMEX:DMM.A - news; TSE:DMM.B - news; AMEX:DMM.B - news)
is pleased to report microdiamond results on its 49 per cent owned joint venture exploration
project with Monopros Limited for diamonds in West Greenland. The project now covers 586
square kms and is operated by Monopros, De Beers' Canadian subsidiary. Citation Resources Inc.
has the right to receive from Dia Met 20 per cent of the proceeds from the sale of production from
the property by reimbursing Dia Met for 20 per cent of all costs incurred by the joint venture. If Citation elects not to participate, it will retain a
royalty of 1 per cent of Dia Met's interest.
The microdiamond results, listed in the following table, are from kimberlite dikes and float ''boulders'' which were hand picked and were not
subjected to blasting, drilling, or diamond-impregnated cutting tools. The kimberlite samples were processed at the De Beers Geological Laboratory
in Kimberley, South Africa. The microdiamonds were liberated by acid dissolution.
Summary of Microdiamond Results for 1998 Surface
Kimberlite Samples
Occurrence Sample Size Microdiamonds Macrodiamonds
No. (kg) (<0.5mm) (>0.5mm)
98-2 (Dike) 20 2 0
98-44 (Dike) 160 2 0
98-45 (Float) 140 9 0
98-01 (Float) 50 1 0
98-05 (Float) 48 5 0
98-18 (Inferred Dike) 140 474 5
The microdiamonds from occurrence No.98-18 were mostly graphite-coated fragments, suggesting that the fragmentation of the diamonds was by
''natural'' processes.
Occurrence No.98-18 is located along a lineament and consists of approximately 200 boulders which reach up to 2m x 1m x 1m in size. Although no
contact between the kimberlite and the country rock has been observed, the distribution of the boulders suggests the presence of a dike.
Further work is required to confirm the extent and nature of the No.98-18 occurrence. Additional results are pending. A preliminary exploration
program for 1999 is being formulated, but will not be finalized before the receipt of all complete results from work conducted in 1998.
SIGNED ON BEHALF OF THE BOARD OF DIRECTORS CHARLES E. FIPKE, GEOLOGIST and DIRECTOR
The American Stock Exchange and Toronto Stock Exchange have neither approved nor disapproved the information contained in this release.
Contact:
Dia Met Minerals Ltd.
Ray Ashley, 250/861-8660
250/861-3649 (FAX)
Website: www.diamet.com
Email: corporat@diamet.com
PHIL |
