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Gold/Mining/Energy : DIADEM RESOURCES - DIR,M -- Ignore unavailable to you. Want to Upgrade?

To: Dave Tan who wrote (828)	3/2/1998 7:03:00 PM
From: Ron Everest	Read Replies (1) \| Respond to of 897

NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: DIADEM RESOURCES LTD. ME SYMBOL: DIR MARCH 2, 1998 Diadem Resources Ltd. New Diamond Targets Found On California Property TORONTO, ONTARIO--DIADEM RESOURCES LTD. (DIR.ME) is pleased to announce the results of its 1997 exploration program on the Leek Springs, California diamond property. The 1997 exploration program on the Leek Springs, California property included geological mapping, sampling, petrographic studies, whole rock analysis, indicator mineral analysis, land sat interpretation and airborne geophysics. An interpretation of the results of this work, recently received from the Company's consultants, has outlined twenty magnetic anomalies. Three large positive magnetic anomalies of 40-50 acres were interpreted as diatremes. They are located at the intersection of major structural lineaments indicative of major weaknesses in the earth's crust, an area conducive to diatreme intrusives. These diatremes are believed to be the major primary vents through which the volcanic breccias and flows were erupted and represent the main source/conduits of the widespread diamond and indicator mineral-bearing volcanics outcropping in the Leek Springs area. They have not been drilled. Seventeen other smaller anomalies were interpreted as secondary volcanic vents. Seven of these anomalies have been drilled by Diadem in 1995/1996 and all were diamondiferous with the recovery of 247 fragmented and broken diamond crystals. The Company is planning an exploration program for 1998 of ground follow-up on 13 of the 20 anomalies including sediment sampling, prospecting, geological mapping and ground magnetic surveying. The purpose is to assess the anomalies prior to commencement of a diamond drilling, core sampling and testing program. Work is expected to commence in mid-June depending on snow conditions in the region. A detailed program and budget is being prepared by the Company's consultants. The Leek Springs property consisting of 4,300 acres is located in the Sierra Nevada mountain range in Eldorado County, California. It is approximately 120 miles north-east of San Francisco and 22 miles south-west of Lake Tahoe. Diamonds were first discovered in California during the gold rush commencing in 1848. More than 800 diamonds were recovered and documented by the gold miners. The average size was 0.86 carats with several being larger than 1.0 carat. The largest recorded diamond weighed 7.25 carats. Most were understood to be of gem-quality. The discovery of diamonds by Diadem on the Leek Springs property is the first time that a bedrock source of diamonds has been recorded in California. Indications are that the majority of the diamonds recovered during the gold rush had their origins in the area of the Leek Springs property. Diadem is a diversified mineral exploration and development company with its primary focus of activities being gold and diamond exploration and development. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Diadem Resources Ltd. Daniel Farrell President and Director (416) 364-2893 (416) 368-2579 (FAX) 1-888-434-2336 (1-888-4-DIADEM) INDUSTRY: PCS SUBJECT: NWS -0-