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Gold/Mining/Energy : Spider Resources - SPQ.ASE -- Ignore unavailable to you. Want to Upgrade?

To: bill who wrote (434)	2/25/2000 8:57:00 PM
From: bill	Read Replies (1) \| Respond to of 471

Dia Bras was Line Islands. Name change. Dia Bras drilling new kimberlite in Brazil Dia Bras Exploration Inc DIB Shares issued 4,942,010 Feb 24 close $1.30 Fri 25 Feb 2000 News Release Mr. Scott Hogg reports Brazil: Alto Paranaiba project Exploration has continued on the Alto Paranaiba project in Brazil and Dia Bras is pleased to report that several more kimberlite bodies have been confirmed. Two new kimberlites, MK-8 and MK-9, have been added to the Jenni cluster of five kimberlites, MK-2, 3, 4, 5 and 7, previously reported. A diamond drill hole has been completed at each of these new sites. MK-8 has proved to be a larger body and a drill hole, at 70-degree inclination, returned kimberlite from 12 metres to a depth of 222 metres, the end of the hole. Different kimberlite phases have been reported in the core of MK-8 and it is the first pipe tested to this depth. Core samples from MK-6, MK-8 and MK-9 are being sent to Canada for petrographic and microdiamond analysis. Three kimberlite dykes, approximately 15 kilometres distant from the Jenni pipe cluster, in the western and northern sectors of the property, have been investigated. Unofficial reports have indicated that these dykes are diamondiferous and samples have been collected for petrographic and microdiamond analysis. The exploration program will advance into the eastern sector of the property when access improves after the rainy season. The diamond plant has continued operation during the wet season with feed from the local Contendas breccia material. Three white, high quality diamonds have been recovered, two being 0.6 carat in weight. Canada: Kapuskasing project This newly acquired property hosts a significant mineral anomaly with two G10 garnets, 13 chromites and 234 chromium diopsides, as reported in a prior press release Dia Bras has completed a helicopter magnetic and electromagnetic survey of the property and preliminary maps reveal several responses of interest, in the vicinity of the diamond indicator mineral anomaly. Ground investigation will begin this month and drilling of sected targets is anticipated this winter season. Private placement In addition, Dia Bras has concluded, subject to regulatory approval, $345,000 in private financing consisting of 3,000 units (300,000 common shares at a price of $1.15). Each unit comprises 95 flow-through common shares, five non-flow through common shares and a warrant to acquire 100 additional flow-through common shares at a price of $1.33 for the first six months after the date of issuance and $1.50 for the following 12 months. Over the last 18 months, the company raised $1.88-million in private financing, and warrants and options exercise. Background Dia Bras has earned a 30-per-cent interest in the Alto Paranaiba property from KWG Resources Inc. and Spider Resources Inc. and has the option to increase its interest to 40 per cent. Dia Bras acquired the 39-square-kilometre Kapuskasing property in February, 2000. Details of these agreements have been issued in earlier press releases.