Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : BANDORE -- Ignore unavailable to you. Want to Upgrade?

To: rdww who wrote (1654)	1/29/2001 12:39:37 PM
From: Just G	Respond to of 1692

Band-Ore Resources Ltd. - GQ Diamond Property Wawa, Ontario Burlington, Ontario - Monday, January 29, 2001, 10:00 AM EST S.E.C. EXEMPTION: #82-4233 SHARES: 26.2 MILLION Wayne J. O'Connor, President of Band-Ore Resources Ltd., reports caustic fusion results for 21 samples from the Company's GQ diamond property located north of Wawa, Ontario. The samples were processed at the laboratories of Saskatchewan Research Council for microdiamond recovery. Sixty two percent (62%) or 13 of the 21 samples contained diamonds and these samples returned a total of 7 macrodiamonds and 210 microdiamonds (a macrodiamond has at least one dimension exceeding 0.5 mm., a microdiamond has all dimensions less than 0.5mm). The largest macrodiamond was a broken crystal that measured 0.72 millimetres in one dimension. This diamond fragment was described as clear and colourless. One 16 kg sample containing 128 microdiamonds has been verified as a new diamond discovery on the GQ property. This sample came from a large angular boulder consisting of diatreme breccia material located over 3 kilometers to the northeast of the original discovery. The bedrock source of the diamonds is believed to be in the immediate location of the boulder. Samples of other boulders and outcrop material have been collected from the area and the results for these samples are pending. Two (2) of the most significant 24 kg. samples contained 5 macrodiamonds and 31 microdiamonds, and 1 macrodiamond and 6 microdiamonds, respectively. Diamonds have been found in 27 of 45 samples or sixty percent (60%) of the samples collected in the fall. The Company is also pleased to advise it has negotiated certain amendments to the terms of the agreement with 1399724 Ontario Ltd (Ontco) regarding the GQ property. According to the terms of the original agreement the shareholders of Ontco were to receive cash payments totalling $900,000 by March 6, 2003. In lieu of the cash payments, the shareholders of Ontco have agreed to accept a total of 450,000 shares of Band-Ore and 450,000 share purchase warrants. One-third of the shares are subject to a one year hold period, one-third to a two year hold and the remaining shares a three year hold period. The share purchase warrants are exercisable at $0.40 per share in the first year, $0.50 per share in the second year, and $0.60 per share in the third year. Band-Ore also agreed to purchase 50% percent of the 2% royalty payable to Ontco for $2.2 million. The agreement is subject to regulatory approval. Band-Ore is an aggressive Canadian exploration company that was first incorporated in 1946. Band-Ore's shares are listed on the Toronto Stock Exchange and trade under the stock symbol "BAN". For further information contact Wayne J. O'Connor, President, at 905 319 7469. THIS PRESS RELEASE WAS PREPARED BY BAND-ORE RESOURCES LTD., WHICH ACCEPTS THE RESPONSIBILITY AS TO ITS ACCURACY. NO REGULATORY AUTHORITIES OR SIMILAR BODY, HAVE APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN. Band-Ore Resources Ltd. 1115 Sutton Drive, Burlington, Ontario Canada L7L 5Z8 Tel: (905) 319-7469 * Fax: (905) 319-3527 EMAIL: bandore@wwonline.com Website: band-ore.com