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Gold/Mining/Energy : New Claymore Resources -- Ignore unavailable to you. Want to Upgrade?

To: Famularo who wrote (396)	8/11/1999 9:41:00 PM
From: jerry janko	Respond to of 531

Mr. Anthony Rich reports New Claymore Resources has filed assessment work of $3.5-million on its Alberta diamond permits in the Buffalo Head area. Due to the large exploration expenditures made on the company's lands, a significant number of permits will be maintained for a further two years, with areas of particular interest retained for four years. A total of 1.5 million acres will be maintained until 2001 and 180,000 acres until 2003. Currently, New Claymore's holdings at Buffalo Head total 2.7 million acres. The company's total Alberta holdings are presently 4.7 million acres. A map showing current Buffalo Head lands is presently being updated on the company's Web site. Exploration is still proceeding on two diamond prospects in Alberta which New Claymore has optioned to other companies. On the Varlaam prospect at Calling Lake, Buffalo Diamonds has recovered significant quantities of subangular to angular pyrope garnets, including G10s, from two separate stretches of the Calling Lake shoreline. An airborne magnetic survey is nearing completion in preparation for a follow-up drill program this coming winter. The quantity and chemistry of diamond indicators recovered from surface sampling to date would suggest that there is excellent potential for the discovery of diamond-bearing kiinberlite on the Varlaam property. On the adjacent Calling Lake prospect, Abaddon Resources has completed an airborne magnetic survey and has also performed sampling for indicator minerals. On the company's 100-per-cent owned lands, a limited program of exploration will be carried out this summer. Examination of sections of the core from the Cox prospect, which was drilled in March of this year, has yielded no indicator minerals of interest. New Claymore has expended $80,000 on this property and has the option to earn 50-per-cent interest in the Cox prospect by expending $130,000 by Dec. 31, 1999. No further work is planned at this time. On the company's wholly owned placer claims in Yukon, mining is proceeding under lease this summer on two creeks. This year the company expects to receive $25,000 to $30,000 in royalties from these operations. As demand and prices for metals are presently very weak, the company has expanded its search to include other business opportunities unrelated to mineral exploration. At present there are no arrangements, proposals or negotiations to acquire any interests of this nature.