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Gold/Mining/Energy : A CANADIAN DIAMOND HUNT -- Ignore unavailable to you. Want to Upgrade?

To: VAUGHN who wrote (645)	1/28/2002 8:15:51 PM
From: Famularo	Respond to of 930

Geologist eyes gems in Quebec Fipke seen joining diamond staking rush By PETER KENNEDY Monday, January 28, 2002 – Print Edition, Page B2 VANCOUVER -- The geologist who discovered Canada's first diamond mine 10 years ago in the Northwest Territories is looking at a second find in Quebec, where promising exploration results have sparked the province's largest-ever staking rush. Charles Fipke, the former chairman of Dia Met Minerals Ltd., went to Vancouver on Friday to meet with officials from Majescor Resources Inc., one of about 40 companies that have staked ground in north-central Quebec. In a rare interview, the shy geologist was circumspect about what kind of deal, if any, he might want to make with Majescor, which has seen its stock price jump to $1.60 on the Canadian Venture Exchange from 40 cents last month. "It is possible we might talk, you know," said Mr. Fipke, who is running a mineral sampling laboratory in Kelowna, B.C., after a high-profile divorce from his wife Marlene, which cost him about $123-million in Dia Met shares. Sources familiar with Mr. Fipke say he has worked in Quebec before, and they believe he may be attracted by preliminary exploration results from Majescor's Otish Mountain property, which is located near a more-advanced-stage diamond find controlled by Ashton Mining of Canada Ltd. Resource and investment industry officials say it is discoveries by Ashton in Quebec and Nunavut that helped to attract a record attendance to the Cordilleran Exploration Roundup mining convention in Vancouver last week. On Friday, more than 1,000 delegates crowded into a conference room to hear British diamond consultant Richard Wake-Walker predict that the value of Canadian diamond production will rise to $1.7-billion (U.S.) by 2008. That's up from $500-million last year. Mr. Wake-Walker said those predictions include production from the Ekati mine at Lac de Gras, NWT, that was discovered by Mr. Fipke in 1991, as well as a second Northwest Territories operation known as Diavik, which is set for startup next year. However, he said they do not include the value of any future production from a number of advanced discoveries in the Northwest Territories, Saskatchewan, Ontario or Quebec. In an interview after the convention, Mr. Fipke said he couldn't discuss the specifics of any interest he may have in the Quebec diamond rush because he has worked as a consultant for Majescor's joint venture partner BHP Billiton Ltd. Industry observers say BHP Billiton might launch a takeover bid for Majescor if the Otish Mountain project turned out to be viable. Under an agreement with Majescor, BHP Billiton has the option to earn a 56-per-cent stake in the junior's property by developing a diamond mine at the site. On Friday, Majescor officials said Mr. Fipke made the first approach about having a meeting. "He has phoned us about four times," said André Audet, Majescor's vice-president of investor relations. "It is premature to say that talks with Mr. Fipke will lead to anything," said company spokesman Mike Halverson, who also said a deal might involve the optioning out of some other properties to companies controlled by Mr. Fipke. Majescor officials say BHP Billiton has yet to find any diamonds on the Otish Mountain property. But hopes that the joint venture will do so eventually have been raised by the discovery of indicator minerals, such as garnets, at the site. Meanwhile, Mr. Fipke said he believes the next diamond mine to be developed in Canada will be in Ontario, where De Beers Consolidated Mines Ltd. is working to develop its Victor project at Attawapiskat. "I think Victor will go into production," he said. And if he doesn't cut a deal with Majescor, Canada's best-known geologist said he still hopes to find another diamond mine one day. "I'm not going to spend my life on the beach."

To: VAUGHN who wrote (645)	1/28/2002 8:24:05 PM
From: Famularo	Read Replies (1) \| Respond to of 930

Sounds like Charles Fipke is bored.. lol. Heard rumors last Friday he is looking to get involved with a junior. I didn't believe it until I saw the article this morning. Ashton and Majescor are the two biggest land stakeholders. Majescor has a drill program planned for 2002. His expertise would be beneficial to Majescor. Due to the discussions, Charles/Majescor, Maj stock hit a new 52 week high. Majescor is at 60mil. market cap. Guys on the street it is good for another 30-40mil before they even intersect a pipe. Go figure. ...frank