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Gold/Mining/Energy : Canadian Diamond Play Cafi -- Ignore unavailable to you. Want to Upgrade?

To: Famularo who wrote (72)	7/25/2002 9:45:31 AM
From: Famularo	Read Replies (1) \| Respond to of 16204

Stornoway identifies preliminary Jubilee drill targets Stornoway Ventures Ltd SWV Shares issued 11,715,482 Jul 24 close $0.30 Wed 24 Jul 2002 News Release Ms. Catherine McLeod-Seltzer reports JUBILEE JOINT VENTURE EXPLORATION UPDATE Stornoway Ventures has provided an update on the Jubilee property, located in the Coronation diamond district, some 550 kilometres north of Yellowknife, NWT, and 60 kilometres southeast of Kugluktuk, Nunavut. The Jubilee property, comprising approximately 137,250 acres of diamond prospective claims, is being explored under a joint venture between Stornoway, Northern Empire Minerals Ltd., Earth Star Diamonds Ltd., Wind River Resources Ltd. and International Samuel Exploration Corp. The property lies immediately north of Ashton Mining of Canada's Vic and Kim properties, host to the diamondiferous Artemisia kimberlite and the recently discovered Thrift kimberlite, and within the "Corridor of Hope" that extends northwest from Lac De Gras and encompasses many of the diamondiferous kimberlites discovered in the Northwest Territories and Nunavut to date. It is estimated that more than $20-million will be spent by at least a dozen companies on grassroots exploration for diamonds in the Coronation diamond district in 2002. A detailed fixed-wing aeromagnetic survey over the Jubilee property has now been completed and preliminary data received. The survey was designed to collect high-resolution total field and horizontal gradient magnetic data at 100-metre line spacing, and will be used for the direct detection of responses indicative of potential kimberlite pipes, as well as for analysis of structural features that may influence kimberlite emplacement. To date, 11 priority targets have been identified and it is anticipated that more targets will emerge once final data are received and the interpretive work is finished. A summer field program, consisting of ground checking of airborne geophysical anomalies and regional/detailed till sampling to identify kimberlitic indicator minerals, has now commenced. Approximately 250 till samples will be collected on the property before the end of August, 2002. All till samples collected during the summer will be processed for kimberlite indicator minerals by a laboratory dedicated to Stornoway and its partners.