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NR - DIANOR RESOURCES INC.
Dianor Options Potential Diamond Property in Ontario
Thursday December 16, 10:17 am ET
VAL-D'OR, Dec. 16 /CNW Telbec/ - Dianor Resources Inc. (DOR: TSX Venture Exchange) is pleased to announce that it has entered into option agreement to acquire an eighty percent (80%) interest in a potential diamond property in Northern Ontario ("The Leadbetter Property"). The Leadbetter Property consists of 19 claim units totalling 944 hectares (2,332 acres) located in Chabanel Township, Northern Ontario and covers an area in excess of nine square kilometres, or just over three square miles. The Leadbetter Property, as well as the potential diamond outcrops located thereon are readily accessible by road and nearly devoid of vegetative cover.
In excess of 330+ diamonds of varying sizes ranging from micro diamonds to macro diamonds of up to 0.11 carats, as tabulated below, have been observed by the vendors from bedrock samples taken by them from the Leadbetter Property.
Size (mm)
---------
+0.105 +0.150 +0.212 +0.300 +0.425 +0.600 +0.85 +1.15 1.70 Total
Diamonds: 61 58 70 78 33 25 3 3 1 332
(x) Largest diamond - dimensions: (2.94mm x 2.71mm x 1.53mm)
weight: (0.11 carats) transparent pink octahedral fragment
Three alluvial diamonds were recovered by the vendors in 2003 from two creeks whose drainage includes the Leadbetter Property. Follow-up prospecting and field exploration for the vendors led to the discovery of a bedrock diamond source in the spring of 2004. Dianor personnel first visited the property in August 2004 and completed its due diligence and negotiation of an option agreement on the 15th of December 2004.
Under the terms of the option agreement, in order to obtain an eighty percent (80%) interest in the Leadbetter Property, Dianor will:
(i) Issue 1,500,000 common shares of the Corporation to the vendors
upon signing of the option agreement and obtaining regulatory
approval for the issuance of shares;
(ii) Make cash payments, within six months of the signing of the option
agreement, totalling Cdn$415,000 as reimbursement for time and
expenditures incurred by the vendors;
(iii) Make Cdn$3,000,000 payments in cash and stock over a period of
four years following the signing of the option agreement; and
(iv) Incur exploration expenditures of Cdn$5,000,000 before the fourth
anniversary of the signing of the option agreement, and pay an
additional Cdn$5,000,000 within eight years of the signing of the
option agreement.
The option agreement is subject to regulatory approval.
Upon the issuance of the 1,500,000 shares and cash payment of Cdn$275,000, Dianor will obtain all relevant data, including sampling results, reports and drill data pertaining to the Leadbetter Property. This data will be reviewed and reported on by Dr. Winfried Brack, P.Geo, Dianor's independent Qualified Person within the meaning of National Instrument 43-101.
Dr. Brack, P.Geo recently completed due diligence sampling on the property on Dianor's behalf. Approximately 5.5 tonnes of bedrock samples were taken from twelve (12) bedrock pits. The sampled pits were situated at approximately 35m intervals across the strike (400+m) of the potential diamond- bearing rocks. Each sample site was excavated by backhoe and in-situ bedrock samples taken, bagged, and sealed on site. Approximately 3.3 tonnes were sent to the Saskatchewan Research Council's (SRC) Laboratory in Saskatoon, Saskatchewan for caustic fusion diamond analysis. Results are pending. In addition, approximately 2.2 tonnes from three (3) of the sampled pits were sent to SGS Lakefield, Ontario for future processing. Samples of the potential diamond-bearing rock have been sent to Mr. A. Millar, P.Geo for petrographic description and identification.
In addition to sampling by Dr. Brack, P.Geo, small (less than 150 Kg) bedrock samples were also taken by Dianor personnel and sent to SRC for caustic fusion diamond analysis and to CF Minerals in Kelowna, British Columbia for attrition milling to determine the presence of indicator minerals and diamonds.
Dianor is an innovative exploration company focussed on diamond exploration. The Company has entered into option/joint ventures in Quebec with Alexis Minerals Corporation (AMC: TSX Venture Exchange) on the Queotish property; Murgor/Freewest (MUG/FWR: TSX Venture Exchange) on the La Treve properties; In Ontario with Eastmain Resources Inc. (ER: TSX Exchange) on the Abitibi Extension project; with Globex Mining Enterprises Inc. (GMX: TSX Exchange) on its Pacaud kimberlite property and with Hinterland Metals Inc. (HMI: TSX Venture Exchange) on its Teck property.
You can also visit our Web Site: www.dianor.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
newswire.ca
For further information
Mr. John Ryder, P.Geo., President, Dianor Resources Inc., (819) 825-7090, Fax: (819) 825-7545, info@dianor.com
Mr. Daniel Duval, Chairman of the Board, Dianor Resources Inc., (819) 825-7090, Fax: (819) 825-7545, info@dianor.com
Sylvain Laberge, slaberge@renmarkfinancial.com
John Boidman, jboidman@renmarkfinancial.com
Cynthia Lane, clane@renmarkfinancial.com
Renmark Financial Communications, (514) 939-3989
www.renmarkfinancial.com |
