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Gold/Mining/Energy : DIAMET/(BHP) TSE.DMM.B -- Ignore unavailable to you. Want to Upgrade?

To: Terence Mitchell who wrote (71)	2/8/1999 2:03:00 PM
From: PHILLIP FLOTOW	Read Replies (1) \| Respond to of 123

News release today: Greenland Diamond Project Continues To Be Encouraging KELOWNA, BC, Feb. 8 /CNW/ - Cantex Mine Development Corp. is pleased to report progress on its joint venture exploration project with Dia Met Minerals Ltd. and Citation Resources Inc. for Diamonds in west Greenland. Dia Met (31%) and Cantex (20%) have each earned their working interests in the project with the expenditure of $3.8 million Cdn. Total expenditures by the joint venture since vesting by Dia Met and Cantex total over $600,000. The land package has been reduced and now covers 6,043 sq kms on 8 exploration licenses. The follow-up sampling program has been completed. Processing of 528 of these follow-up samples (collected from the vicinity of the best geochemistry and the most prospective airborne geophysical targets) has been initiated. Rock samples (collected from a 1m to 2m sill, a 7.5 m wide dyke, one additional dyke and around a 200m-diameter lake with a coincident magnetic anomaly) are presently being processed. The first sample, a 238 kg rock outcrop sample of the kimberlite sill has recently been analyzed and has been found to contain eleven clear microdiamonds (less than 0.5mm) and large quantities of kimberlite indicator minerals of diamond inclusion compositions. Seven of the eleven microdiamonds are first quality, i.e. ''colorless''. Additional sample results are expected over the next several months. Planned future work in 1999 tentatively scheduled for March is to consist of ground geophysical surveys over the most prospective targets. Core drilling of encouraging targets, detected both from the ongoing sample processing and the planned ground geophysical program, is planned to start as early as this April/May. SIGNED ON BEHALF OF THE BOARD OF DIRECTORS CHARLES E. FIPKE, GEOLOGIST & DIRECTOR The Alberta Stock Exchange has neither approved nor disapproved the information contained in this release. %SEDAR: 00010333E PHIL