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Gold/Mining/Energy : Global Diamond (GDRS) -- Ignore unavailable to you. Want to Upgrade?

To: Joe Boster who wrote (83)	3/18/2000 8:01:00 AM
From: Dan P	Respond to of 88

News out: GDRS hits $1.12 today, and pulls back a little. Regards Dan Geomagnetic Anomalies at Caerwinning to be Investigated by Global Diamond Resources Inc. LA JOLLA, Calif., Mar 17, 2000 (BUSINESS WIRE) -- Global Diamond Resources Inc. ("Global") is pleased to announce that it is to investigate two geomagnetic anomalies which are present on its Caerwinning property. Similar anomalies have in the past been proven to originate from kimberlitic bodies. The thickness of the overlying sediments calls for further geophysical investigation followed by a drilling program. Global will employ contractors to conduct the geophysical program which is estimated to take about six months and cost approximately ZAR100,000 (U.S.$15,625). Caerwinning is situated below the Ghaap Plateau in the Northern Cape Province of South Africa. This area has been planated over millions of years by the Vaal river which has steadily migrated eastwards. The planated area was systematically covered with fluvial deposits consisting of a basal gravel overlain by sand, silt and clay. The gravel contains gem diamonds as well as boart, garnets, ilmenite and other minerals that have been released from a kimberlite source. The size of these indicator minerals and the fact that they do not bear up well against the stringent sedimentary processes which are active in a river transporting gravel, indicates that there must be a source for these minerals in close proximity to the Caerwinning deposit. Kimberlites are known to occur in the area to the north of Caerwinning (Bellsbank, Newlands, Frank Smith, Sover, etc.) as well as in the further removed catchment basin of the Vaal river. All these kimberlites are to far removed as a source for the mentioned minerals to have survived the journey. If kimberlite pipes or fissures are found on the property and Global decides to mine such pipes or fissures, Global will be required to pay an additional R8 million ($1,250,000) to the former mineral rights holder. Demand for diamonds remain strong, especially the large high quality gemstone diamonds produced by Global at its alluvial properties in South Africa. This trend is in line with the 1999 record diamond sales achieved by De Beers Ltd. ("DBRSY"). This press release contains forms of forward-looking statements that are based on the company's beliefs as well as assumptions made by and on information currently available to the company. Such statements are subject to certain risks, uncertainties and assumptions, which are identified and described in the company's 1998 Annual Report on Form-10-KSB and subsequent Quarterly Reports on Form 10-QSB on file with the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results will vary materially from those anticipated, estimated, or projected and the variations may be material. For more information about Global visit the company's Web site at globaldiamond.com or call Eugene Brill at 800/424-6533 or 858/459-0045.