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Gold/Mining/Energy : REX DIAMOND MINING TSE:RXD -- Ignore unavailable to you. Want to Upgrade?

To: Tom Cat who wrote (1197)	2/24/1999 12:45:00 PM
From: Sudhir Khanna	Read Replies (1) \| Respond to of 2522

PRESS RELEASE For Immediate Release Date: February 24, 1999 Symbol: RXD Trading: The Toronto Stock Exchange Rex Expands Exploration Program in Mauritania Rex Diamond Mining Corporation announced today its new exploration developments in Mauritania. Tenoumer regional exploration The first results of the regional sampling program in the Tenoumer permit and the eastern part of the El Hammami permit have become available (for detailed maps see website). Three samples contained micro diamonds. In the same samples and in adjoining samples, purple pyrope garnets together with chrome-diopsides were found. The nature of the three diamonds has been confirmed by scanning electron microprobe analysis. Probe results of the pyropes and chrome-diopsides are expected shortly. These early results point to two new diamond-bearing regions near Tenoumer, more than 200 km away from the first diamond-bearing region found by Rex near Touajil. The regional sampling of the 26,000 km² Tenoumer permit will be completed at the beginning of March 1999, two months ahead of schedule. In addition, a follow up sampling along a 1 by 1 km grid upwind of the diamond occurrences will be carried out, which is expected to take one month. Touajil follow-up work At Touajil, where the company has previously found 16 macrodiamonds (larger than 0.5 mm) and 2 microdiamonds, a ground magnetic and electromagnetic survey was started in late January with the view to locate the kimberlite source rocks. Kimberlites should be more conductive than the surrounding granites, quartzites and conglomerates. The ground geophysical survey, carried out on a 100 by 20 metres grid, will cover 70 km² and is expected to take three months. Circular conductive anomalies will be trenched or drilled. The probing of the ilmenites (cf. Press Release of 11 January 1999) has confirmed that most of the ilmenites are kimberlitic (with MgO contents higher than 7%). The company plans to start testing the diamond content of the near-surface gravels in the Touajil region in April 1999. The jigplant has been shipped from South Africa and is due to arrive on site at the beginning of April 1999. Three new permits awarded The Council of Ministers of Mauritania has awarded the company three new diamond exploration permits, called Ouassat (covering 9,900 km²), Arouedil (9,700 km²) and Cheggat (9,500 km²). The Ouassat and Arouedil permits cover the Archean terrains to the north of the El Hammani and Tenoumer permits. The Cheggat permit covers a small Archean nucleus outcropping at the rim of the Taoudeni Basin in the far north-east of Mauritania. The total surface area of the company's diamond exploration permits in Mauritania amounts now to 100,000 km². For further information: Ben Holemans, Antwerp + (32) 3-205-9060 (phone) + (32) 3-205-9070 (fax) Website: rexmining.com E-mail: katrien@rexmining.com