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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: jpthoma1 who wrote (30)	10/9/2001 12:50:27 PM
From: Al Collard	Respond to of 39344

Diadem Announces Start Of Exploration For VMS By Penoles On Joint Venture In Mexico TORONTO, CANADA--Diadem Resources Ltd. (DIR.CDNX) is pleased to announce that exploration has commenced on its El Nino claim (17,200 hectares) by a 100%-owned subsidiary of Industrias Penoles, Mexico's second largest mining company (sales of US$800 million). Diadem's July 19th press release outlines the details of the agreement with Penoles. The claim block is tied onto the San Nicholas claim group of Teck/Western Copper, situated in the Zacatecas area of Mexico. The first drill hole is located approximately 15 km west of the San Nicholas copper-zinc deposit defined by Teck/Western Copper. The first target is an electromagnetic anomaly indicating a conductor at 200 metres below surface and the drill hole will be 500 metres in length to cross section the anomaly. There are other similar targets on the property. Penoles is a world-class mining group, with integrated businesses in smelting and refining non-ferrous metals and producing industrial chemicals. It is also the world's largest producer of refined silver, metallic bismuth and sodium sulphate, the leading Latin American producer of refined lead and zinc, and Mexico's largest refined gold producer. Founded in 1887, Penoles is listed on the Mexican Stock Exchange under the symbol PE&OLES. Mr. Harry Hodge has submitted his resignation as a director of Diadem owing to his full-time commitments to companies of which he is CEO. Diadem wishes to express appreciation of his contribution to the successful development of Diadem's other resources in Canada, Central America and Indonesia. Diadem Resources Ltd. is a Toronto-based mineral exploration company with a principal objective to discover, enhance and develop known mineral properties to production potential. Diadem has a diamond discovery in California; diamond exploration in Ontario; three zinc, copper, silver projects in Mexico; an advanced zinc project in Indonesia; zinc, copper-nickel-cobalt properties in Quebec; and interests in gold properties in Nicaragua.