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

To: rdww who wrote (383)	12/16/2002 12:23:50 PM
From: Famularo	Respond to of 16207

Diamondex hooks 70-per-cent interest in Peregrine Diamondex Resources Ltd DSP Shares issued 27,939,289 Dec 13 close $0.83 Mon 16 Dec 2002 News Release Also (NEM) Mr. Randy Turner of Diamondex reports PROPERTY UPDATE Diamondex Resources has now acquired a 70-per-cent interest in the Peregrine property from Northern Empire Minerals Ltd. The Peregrine property, comprising 61 mineral claims covering 154,425 contiguous acres, is located approximately 520 kilometres north of Yellowknife, NWT. This property adjoins immediately to the west of the Vic and Kim claims, held by Ashton Mining of Canada Inc., which hosts several diamond-bearing kimberlite occurrences. Under the terms of the option/joint venture agreement, Diamondex has issued a total of 100,000 shares and incurred $1-million in exploration expenditures. A 70:30 joint venture has now been formed with Diamondex as operator of the project. During 2002, a detailed airborne Mag/EM survey (Fugro/DIGHEM), totalling 8,324 line kilometres delineated 24 high-priority magnetic targets. In addition, a total of 509 till samples were collected. Preliminary picking results are revealing the presence of anomalous concentrations of kimberlite indicator minerals. The joint venture partners are currently planning an aggressive follow-up exploration program for the 2003 field season. During the first quarter, up to 15 airborne geophysical anomalies will be further investigated with detailed ground surveys. Diamond drill tests will be undertaken on selected targets. Exploration expenditures during the next year are currently estimated at approximately $700,000.