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Gold/Mining/Energy : DIAMET/(BHP) TSE.DMM.B -- Ignore unavailable to you. Want to Upgrade?

To: PHILLIP FLOTOW who wrote (101)	12/28/1999 11:51:00 AM
From: PHILLIP FLOTOW	Read Replies (1) \| Respond to of 123

Developing Diamond Deposits in Mauritania North Africa Journal December 27, 1999 Tunis - Dia Met Minerals Ltd. reported progress on its joint venture exploration project to discover and develop diamond deposits in Mauritania. In 1998, joint venturer Ashton Mining of Australia discovered the first diamonds and kimberlites reported from the Reguibat Shield in Mauritania. The joint venture, announced on May 3, 1999, now incorporates 20 granted exploration licenses covering approximately 234,000 sq km of virgin archean terrain, an area larger than the Slave Craton in northern Canada. Subsequent work has confirmed that the region is prospective for economic diamond deposits. Kimberlite indicator minerals with compositions similar to those found as inclusions within diamonds have been located on most of the licenses, which are widespread over the Reguibat Shield. These diamond indicator minerals include chrome diopside, chromite, group I eclogitic garnets and G10 pyrope garnets of equivalent compositions to those known to be associated with high grade diamond mines worldwide including the Lac de Gras area of Canada's Northwest Territories. Under the terms of the Joint Venture agreement with Ashton, Dia Met is committed to exploration expenditures of US$2.5 million by 31 March 2000, of which it is estimated that US$1.9 million will be spent by December 31, 1999. Dia Met may acquire up to 49 per cent of Ashton's equity in the project by staged expenditures of up to US$10 million by March 2003. The Mauritanian Government has a 10 per cent equity interest in some of the tenements included in the joint venture. Although Ashton is the operator of the project, Dia Met has the controlling vote on programs and budgets while solely funding exploration and development. Dia Met Minerals Ltd. is a publicly traded mineral exploration and development company with a primary focus on diamonds. Publication Date: December 22, 1999 PHIL