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

To: jrhana who wrote (1806)	2/17/2004 11:53:59 PM
From: Letmebe Frank	Respond to of 16206

Hello again jrhana, I found this on SH, but not on SI... I guess I'm missing a bookmark. Who posted this: This was in a post from SI. I agree that we will see some good action from the Lena property. The following is a very interesting statistic. All the best Diamond hunt dice seen loaded in favor of Canada Thursday January 29, 2:58 pm ET biz.yahoo.com (Amounts in U.S. dollars unless noted) VANCOUVER, British Columbia , Jan 29 (Reuters) - The odds of making an economically viable diamond discovery in Canada are well above the average for the rest of the world, an industry executive said on Thursday, painting a promising future for the world's most rapidly emerging diamond economy. Addressing an exploration conference in Vancouver, Robert Boyd, president and chief executive of Ashton Mining of Canada Inc. (Toronto:ACA.TO - News) said statistics showed that 17 out of the 540 kimberlites, or 3.1 percent, found in Canada up until the end of 2002 were economic to mine. Kimberlites are the most common host rock of diamonds. By comparison only 0.7 percent of the 6,395 kimberlites found across the globe are worth mining -- odds of 1 out of 133 for striking it lucky compared to 1 out of 32 inside Canada. Since its first major discovery of diamonds in 1991 and the subsequent start up of two mines, Canada has sprinted up the world diamond production rankings to now reach third spot, measured by the value of the stones it produces. Canada is attracting almost half of all the worldwide exploration dollars spent on searching for diamonds, or about $125 million a year. "This is another strong indicator that the diamond business sees Canada as its future," Boyd said. The discovery of Ekati and Diavik, Canada's two producing mines, in the Northwest Territories set off an exploration frenzy in the now-famous Lac de Gras region. But Boyd said the sparkling gems are increasingly starting to turn up in other parts of the country, including Saskatechewan, Alberta, Nunavut and Quebec. At least 40 kimberlites were discovered across Canada last year. "It is no longer a Northwest Territories phenomenon...It takes in most of Canada," he said. stockhouse.com; PS. I'll post some financial stuff from dsel to chew on later. LMBF