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

To: Letmebe Frank who wrote (3822)	2/10/2006 11:24:41 AM
From: Letmebe Frank	Respond to of 16206

Interesting twist to DOR's leadbbetter story: Algoma has royalty rights to diamond find Tara Perkins 10 February 2006 The Toronto Star ONT B08 Copyright (c) 2006 The Toronto Star Algoma Steel Inc. has disclosed that it holds royalty rights on a northern Ontario property where diamonds have been discovered. The unusual announcement comes as the steel maker battles a major shareholder who is attempting to force a cash payout and have the directors replaced. Despite the amount of time management is spending on the shareholder issue, "we remain focused on exploring and developing strategic alternatives in this rapidly changing industry," CEO Denis Turcotte said in a conference call with analysts. Algoma holds a 10 per cent royalty on lands in Wawa, owned by Dianor Resources, Turcotte said. "Dianor is conducting a diamond exploration program on this property and has recently reported the occurrence of diamonds." One analyst said this early-stage disclosure is another volley in the game between Sault Ste. Marie-based Algoma and New York hedge fund Paulson & Co. Turcotte and directors are trying to illustrate how well they know the company and its future prospects, the analyst said. Paulson owns about 19 per cent of Algoma's shares and wants the steel maker to pay out more than $400 million in cash.