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Gold/Mining/Energy : SOUTHERNERA (t.SUF) -- Ignore unavailable to you. Want to Upgrade?

To: teevee who wrote (6463)	2/27/2001 7:46:28 AM
From: eyewatch	Respond to of 7235

Maybe of interest for those who follow MacKay Lake From: Diamondex Resources Ltd. DSP-CDNX (DSP) diamondex.net mailto:diamonds@diamondex.net --------------------------------------------------------------------------- Re: News Release - Monday, February 26, 2001 Land Use Permits Granted for King Property =========================================================================== Diamondex Resources Ltd. (DSP - CDNX) is pleased to report the Company has been granted a Class "A" Land Use Permit by the Mackenzie Valley Land and Water Board (MVLWB) for the King Property, NWT. The Land Use Permit has been granted for four (4) years expiring Feb 14, 2005. As a result of having all necessary permits, the winter 2001 exploration program is now underway. A 24-man camp has now been established and exploration crews are currently being mobilized to the field. The King property is comprised of 44 mineral claims covering 113,000 contiguous acres and is located approximately 220 kilometres northeast of Yellowknife, N.W.T. This property is 100 % owned by Diamondex. The King property adjoins immediately to the north of the Snap Lake Diamond deposit recently acquired by De Beers Canada Mining Inc. from Winspear Diamonds Ltd. and Aber Diamonds Ltd. for approximately $480 million. In early February, De Beers applied to the MVLWB for a Class "A" Land Use and a Class "A" Water License to bring the Snap Lake Property into production by mid 2004. The Company has budgeted $2.7 million for a major exploration program consisting of a seismic survey, airborne geophysics and drilling. This program is designed to test the potential down-dip extension of the Snap Lake Diamond deposit. Approximately 6,900 metres of drilling will be conducted utilizing two drill rigs commencing the first week of March. The 2-D reflection seismic survey is a joint venture with De Beers Canada Mining Inc. and the Department of Earth and Ocean Sciences at the University of British Columbia. Results from the survey are expected to assist in further delineation drilling in 2001 and 2002. A detailed Mag-EM airborne survey, comprising 3,200 line kilometers, will also be carried out under this program. Program updates will be issued during the course of the current exploration program. Diamondex Resources Ltd. Per: "Randy Turner" Randy C. Turner, President and Director The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release