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DiamondWorks Ltd. DMW VSE November 15, 1996 Begins Exploration Program in NorthWest Territories VANCOUVER, Nov. 15 /CNW/ - DiamondWorks Ltd. Eric Friedland, Chairman and Chief Executive Officer of DiamondWorks Ltd., announced today that work is underway on a search for diamonds in Canada's Northwest Territories. The program is a joint venture between DiamondWorks and a privately-owned partner, 933329 N.W.T. Ltd. Under an agreement reached between the two companies, DiamondWorks may earn up to a 70 percent interest in the venture by completing a bankable feasibility study on future development options. As a first step, DiamondWorks is financing and directing the initial exploration work, which began at the end of September. The on-site work is being carried out by the joint-venture partner. Spending by DiamondWorks so far totals about CDN$250,000. Mr. Friedland said that the first phase of the exploration program will consist of an airborne magnetic survey along about 45,000 linear kilometres over four large blocks of ground. About half of the survey has been completed, focused on two of the blocks. Earlier samples of glacial till collected from a wide area by the company's joint venture partner revealed high values of indicator minerals on the four target blocks. Mr. Friedland said further announcements will be made when exploration results are available. The exploration project in the Northwest Territories is the first to be undertaken in North America by DiamondWorks. DiamondWorks, formerly Carson Gold Corp., last month completed the acquisition of Branch Energy Ltd., which is a joint venture partner in diamond projects in Angola and Sierra Leone. DiamondWorks shares currently trade on the Vancouver Stock Exchange under the symbol DMW. DiamondWorks Ltd. Eric V. Friedland Chairman and CEO The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. For further information: Eric Friedland (604) 669-8871 | ||||||||||||||
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