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Gold/Mining/Energy : Diamondex: Winspear Restructured Exploration Offshoot -- Ignore unavailable to you. Want to Upgrade?

To: Natedog who wrote (1108)	1/2/2003 9:30:26 PM
From: Zeddie88	Read Replies (1) \| Respond to of 1283

Nathan, Well, looks to me like the paper's all in place and the action should be starting soon and possibly be heating up by summer-time. But then, I've NEVER been able to time things as well as good old Elect <ggg> Thu Dec 19, 2002 Carat and Kelsey Property Updates -------------------------------------------------------------------------------- Vancouver, BC - Diamondex Resources Ltd. (DSP-TSX) ("Diamondex") is pleased to provide an update on the Carat and Kelsey properties, both of which are subject to joint venture agreements with Tyler Resources Inc. (TYS-TSX). Carat Property, Northwest Territories The Management Committee of the Carat Joint Venture (DSP - 70%, TYS - 30%) has approved an initial 2003 exploration program. Previous exploration undertaken by Diamondex on behalf of the joint venture includes 4,201 line-kilometres of airborne Mag/EM (Fugro/DIGHEM), 288 line-kilometres of detailed ground magnetics and resisitivity surveys, and 16.7 line-kilometres of ground penetrating radar (GPR) over several discrete geophysical anomalies, as well as 740 till samples. In addition, gravity readings have been collected from 928 stations. In 2001, a diamond drilling program totaling 2,023 metres culminated in the discovery and delineation of the CT-55 kimberlite (See NR dated March 7, 2002). No further exploration was undertaken on the property by the joint venture in 2002. Exploration expenditures to date total $2.67 million. The 2003 exploration program will include detailed ground geophysical surveys (magnetic/resisitivity and gravity) to be undertaken over 10 anomalies during the first quarter. A summer till sampling program will also be carried out down-ice of individual airborne geophysical anomalies. The approved program is estimated at $288,000. Tyler has elected not to participate in this exploration program and will be diluted on a pro rata basis. Diamondex is the joint venture Operator and as such, will propose a diamond drilling program for selected targets produced by the 2003 exploration program to be conducted during the third quarter of 2003. The Carat Property, comprised of 94,300 acres, is located approximately 340 kilometres northeast of Yellowknife, NWT and adjoins immediately to the north of the Ekati Diamond Mine Property operated by BHP Billiton Diamonds Inc. Kelsey Property, Northwest Territories The Management Committee of the Kelsey Joint Venture (DSP - 60%, TYS - 40%) has approved an initial 2003 exploration program. Previous exploration undertaken by Diamondex as Operator during the period leading up to the formation of the joint venture with Tyler included a 8,695 line-kilometres airborne Mag/EM survey (Fugro/Dighem), 218 line-kilometres of detailed ground magnetics and resisitivity surveys as well as 704 gravity measurements over several discrete airborne geophysical anomalies. To date, 838 till samples have been collected over the entire property and 287 metres of diamond drilling has been undertaken on two geophysical targets. There has been no further exploration undertaken on the property since the joint venture was formed in the fourth quarter of 2001. Exploration expenditures on the Kelsey property to date total $1.78 million. The 2003 exploration program will consist of detailed ground geophysical surveys (magnetic/resisitivity, and gravity) to be undertaken over 10 airborne anomalies during the first quarter. The summer exploration program will be primarily till sampling down-ice of airborne geophysical anomalies. The approved program budget is $518,000. Tyler has elected not to participate in the approved program and will be diluted on a pro rata basis. Diamondex will propose a diamond drilling program for targets delineated by the 2003 exploration program to be conducted during the third quarter of 2003. The Kelsey Property, comprised of 196,874 acres, is located approximately 300 kilometres northeast of Yellowknife, NWT and adjoins the AK Property owned by Mountain Province Diamonds Inc. and De Beers Canada Exploration where 6 diamondiferous bodies have been discovered. This news release contains forward-looking statements regarding the ongoing and upcoming exploration work and expected geometry and geological formations and structures. Actual results may differ materially from those currently anticipated in such statements. David Clarke, P.Geol., M.Sc., Vice President of Exploration for Diamondex Resources Ltd. is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by Diamondex Resources Ltd. -30- DIAMONDEX RESOURCES LTD. "Randy C. Turner" Randy C. Turner, President