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Gold/Mining/Energy : DIADEM RESOURCES - DIR,M -- Ignore unavailable to you. Want to Upgrade?

To: Dave Tan who wrote (887)	10/9/1999 12:11:00 PM
From: Dave Tan	Read Replies (1) \| Respond to of 897

Diadem's Diamond Property Up-Date TORONTO, ONTARIO--Diadem Resources Ltd., at the request of the Montreal Stock Exchange, announces that it cannot explain the trading activity today, other than the fact that a major corporation is carrying out due diligence on its Leek Springs, California diamond property. The examination consists of on-site inspection and sampling, plus a review of all Diadem's exploration results with the objective of entering into a joint venture agreement. Diadem has acquired an option to earn up to a 55% interest in the 2,500-acre Leek springs property for an expenditure of US$5,000,000 was obtained from the Silverstone Prospecting Syndicate to explore for the source of the diamonds known to occur in rivers draining the Sierra Nevada Mountains. The property is located approximately 120 miles northeast of San Francisco and 22 miles southwest of Lake Tahoe. The Company has acquired a 40% interest in the property for an expenditure of more than CDN$3,000,000. Diamonds were first discovered in California during the gold rush commencing in 1848. More than 800 diamonds were recovered and documented by the gold miners. The average size was 0.86 carats with several being larger than 1.0 carat. Diadem carried out exploration in 1995 through 1997, including the drilling of 54 holes, 11 of which contained diamonds. To-date, a total of 247 diamonds has been recovered ranging in size from 0.06 mm to 0.68 mm (see press release March 2, 1998). Dr. Wahl interpreted as diatremes three large positive magnetic anomalies between 40-150 acres in size. These diatremes are believed to be the major primary vents through which were erupted the widespread diamonds and indicator minerals in the Leek Springs area. These anamolies will be the target of the next exploration program. Detailed descriptions of this and Diadem's other properties are available on Diadem's website - www.diademresources.com. 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; interests in zinc/copper/silver projects in Mexico; and a diamond discovery in California.