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A very bizarre start to the day for Star Resources which opened trading with rumors a plenty. The stock traded down for 30 minutes on rumors the results were not good, before being halted. In actual fact the three trenches produced a total of 71 diamonds, 11 of them greater in size than a half carat a one greater than a full carat, but the news had not been disseminated properly before trading began... ALL OF THIS MORNINGS TRADES ARE NOW BEING CANCELLED. The fault was with the TSE, not the company, as the news had been given to them. Things should get interesting from here... Here's a copy of the news: STAR RESOURCES CORPORATION - NEWS RELEASE 71 Diamonds Recovered From the First Three Trenches at the Crater. November 7, 1996 HOUSTON TEXAS...The Arkansas Department of Parks and Tourism announced today that it is continuing with the testing program at the Crater of Diamonds State Park in Pike County near Murfreesboro. This testing is to evaluate the geology and grade of the diamond-bearing reserve at this Arkansas state park. As part of the testing program, diamond sorting was conducted during the week ending November 1 on the diamond bearing concentrate from trenches #7, #11 and #12. The results of the sorting for the three trenches are: Trench #7: Total Carats Recovered: 8.129 # of Stones Recovered: 37 Diamonds greater than 0.5 carat less than 1 carat: 5 Diamonds greater than 1 carat less than 2 carat: 1 Trench #11 Total Carats Recovered: 1.628 # of Stones Recovered: 7 Diamonds greater than 0.5 carat less than 1 carat: 1 Diamonds greater than 1 carat: 0 Trench #12: Total Carats Recovered: 6.996 # of Stones Recovered: 27 Diamonds greater than 0.5 carat less than 1 carat: 5 Diamonds greater than 1 carat less than 2 carat: 0 Star Resources Corporation is encouraged by the recovery of 71 diamonds larger than 1 mm in size that were found along the northeastern periphery of the pipe. Of the 71 stones recovered, 11 were greater than one-half carat in weight and one stone was greater than one carat. It has long been known that the Crater of Diamonds pipe contains large gemstones. The three largest U.S. diamonds of record, which have been recovered at the park, had uncut weights of 40.23 carats, 34.25 carats and 17.86 carats. Any material including diamonds less than 1 mm in size goes to the tailings dump and is not included in any diamond count. As expected, trench #11 contained a large amount of non-diamond bearing magmatic material. Trenches #7 and #12 are in tuffaceous ash of very fine grain. The trenches are being sampled to examine the geological features of the pipe. They have been located throughout the park by the State Department of Parks and Tourism in order to obtain a thorough geological representation of the pipe, rather than for maximum diamond recovery. Eleven trenches remain to be tested and all should be completed by the end of January, 1997. The fourth trench has been completed and is currently being processed through the bulk sampling plant. The fifth trench is now being excavated. Each trench contains approximately 640 tons of material. The next diamond recovery will start in approximately two weeks. Star Resources Corporation ("Star"), through its wholly owned subsidiary, Continental Diamonds, Inc. is one of two participants that was granted the right to jointly conduct exploration of the Crater of Diamonds State Park by the Arkansas Department of Parks and Tourism. Following core-drilling in 1992, the State of Arkansas and the U. S. Department of Interior have approved the Phase II testing in the Crater of Diamonds State Park. Star Resources is a diversified diamond exploration company which is listed on the NASDAQ Small-Cap Market under the symbol "SRRCF" and is also listed on the Toronto and Vancouver Stock Exchanges under the trading symbol "SRR". For Further Information Please contact: Mr. David Edwards, President - Star Resources Corp. Tel: (713) 870-9882 E-Mail: dedwards@compassnet.com | ||||||||||||||
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