Press Release
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VANCOUVER, Aug. 7 /CNW/ - Mexivada’s Consulting Geologist, Edward Wells, C.P.G., has reported the discovery of a new area of potentially large volume, disseminated gold mineralization at Ngouaka, on its exclusive Malambani concession in the Mayoko greenstone belt in the ROC Congo.
Ngouaka Lode Au Discovery, South Gold Belt: The gold mineralization at Ngouaka includes disseminated auriferous pyrite and quartz-pyrite veins in altered and silicified, quartz-veined biotitic quartzites and amphibolites. Alteration is concentrated in a 30 metre (”m”) wide zone along a contact with massive amphibolite beds. The area was mined for coarse alluvial gold during the 1950’s and local miners are presently washing 0.5-1.0 gram per cubic metre (g/m3) recovered grades of gold from residual bedrock exposures. Medium-size gold (0.2 -1.3 mm), approximately equivalent in grade to 1.22 g/t gold, was recovered from 45 to 410 liter bulk samples from five sites at Ngouaka, and soil geochemistry reveals that the strongest anomaly occurs 140 m west of the prospect, defining a large target area. The Ngouaka area could be ready for drilling later this year. A new drilling contractor has contacted Mexivada and has drill rigs available in the ROC.
Similar alteration crops out at Mingassa Sud, 850 meters along strike to the east-northeast. This bed is also present in two parallel zones at 110 and 230 m to the north. The Ngouaka - Mingassa area appears to have significant potential for disseminated gold mineralization that may be mined and processed at low cost. Potential also exists for economic concentrations of gold at the base of the thick laterite cover. Detailed geological investigations and additional sampling of the area is continuing.
Bambounga Lode/Placer Gold Zone, South Gold Belt: A program of geologic mapping and sampling is evaluating this prospective target area. The Avoine Company recovered a 1 kg gold nugget at Bambounga in the 1950’s, which now resides in the home of the French ambassador in Brazzaville. Artisanal miners have recovered nuggets here to 70 g in weight, and continue to produce coarse gold in nuggets to 10 g in weight. The source area of the 1 kg nugget has been identified. Mineralization is present in pyritic quartz veins, pyritic quartz-flooded zones associated with strong alteration of the amphibolites and gneiss, and in quartz-veined areas of ferruginous quartzite. Some intrusive cobbles and small sills are present in the area. Controls of mineralization are northwest-trending structures and east-northeast trending bedding contacts. Twenty-three select samples have been collected and shipped to ALS in Johannesburg, R.S.A. An extended program of trenching here is planned for August-September.
Lemagna-Tsopo-Mbandza Targets, North Gold Belt: A second phase of trenching and channel sampling has been completed at the Lemagna banded iron formation (”BIF”)-hosted belt of gold mineralization. Thirty-three additional channel samples have been collected from four parallel BIF beds in a 150 by 200 metre area. The previously completed soil geochemistry program was highly successful in outlining gold-mineralized BIF beds. Gold contents of the BIF are verified by crushing and panning on site during the channel sampling program. All samples are collected under the supervision of Mexivada geologists and a strict chain of custody procedure is followed. These samples are being analyzed by ALS. Similar soil geochemistry, trenching and channel sampling programs are presently underway at the adjacent Tsopo project. This work will be extended into the Mbandza area during late August.
Malambani Placer Gold Mining Test Program: Mexivada continues a program of bulk sample testing of the area’s placer gold potential. The Avoine Company exploited parts of the area for coarse gold during the 1950’s and some streams are presently being panned by artisanal miners who produce 1-3 g Au/m3 from small-scale pits. The Bambounga River never was mined by Avoine, and appears to have the best potential for industry-scale production, as local miners are recovering 3.0 g/m3 gold from a 3,400 meter long zone. Most of the Malambani area streams contain placer gold but no systematic evaluation has ever been conducted in the area. Initial bulk sample testing, in 1 to 3 m3 samples, of a river terrace near Mayoko yielded a weighted average grade of 0.86g/m3. Several test pits in various streams have recovered grades of 2-3 g/m3. Mexivada has begun a detailed evaluation of the placer gold resources, to be continued during the next several months. Mexivada’s consulting mining engineer, Michael Manke, is designing a bulk sampling gold plant for use in this program. Mexivada will seek an export license to sell gold produced during this program. The data acquired will be used to compile a National Instrument 43-101 compliant placer gold resource evaluation report, which subsequently will be used to apply for a mining permit from the ROC government.
Mexivada Diamond Programs: Mexivada will resume its diamond programs on August 9th, focusing on the 1) Madoka-Leyou kimberlite dike and metaconglomerate target terrane, 2) Lepandza-Makoubi pipe target terrane, and 3) Vouka-Carrefour pipe target terrane. Three ages of diamonds are believed to be present in the Chaillu Massif in the ROC: a) the world’s oldest known alluvial diamonds present in Archean 3.0 billion year old metaconglomerates (D. Bradley, USGS), b) primary diamond deposits in metamorphosed dike- and possible pipe-form kimberlites that were intruded into rock sequence after folding but before metamorphism, similar to those at Mitzic, Gabon, and 3) diamonds in younger pipe- and dike-form un-metamorphosed kimberlite bodies, similar to those at Makongonio, Gabon. The large 22 mm gem octahedral “sharp-faced” diamond found at Malambani by Avoine in 1960 is believed to be part of the third group of diamonds. Mr. Manke has designed a new rapid processing concentrating table system to speed up reduction of Mexivada’s backlog of diamond exploration samples, which will be shipped to the project soon.
This press release and its contents have been reviewed by Richard R. Redfern, Mexivada’s President, who is a Certified Professional Geologist and Qualified Person as defined under National Instrument 43-101.
About Mexivada Mining Corp.
Mexivada is a diversified Canadian mineral exploration company focused on identifying, acquiring, advancing, and joint venturing high-grade Gold-Silver, Diamonds, Molybdenum, and Rare Metal exploration projects in Mexico, Nevada, and Central/West Africa. Managed by experienced and successful board members and advisors, Mexivada is well financed with no debt. For further information, including area maps, sections, and photos, please visit our web site at www.mexivada.com.
Showing posts with label Diamond. Show all posts
Showing posts with label Diamond. Show all posts
Monday, August 18, 2008
Friday, August 8, 2008
Today’s Mining News-Lerala Diamond Mine commissioning
This mining news about Lerala Diamond Mine commissioning was released on Wednesday? 6 Agu 2008
DiamonEx Limited, an emerging diamond producer in Botswana, will complete the last phase of commissioning at its Lerala Diamond Mine Processing Plant this week, leading to the commencement of diamond recovery. Last phase commissioning, referred to as "hot commissioning" involves the processing of ore through the entire plant, which DiamonEx has already completed. The company is undertaking the batch feeding of ore into the plant, after which it can commence the continuous feed of ore into the plant, followed by the recovery of diamonds.
. DiamonEx Managing Director, Dan O’Neill said the commissioning process has gone well, with no major issues emerging. "It has overrun by around three weeks due to some technical issues in plant operation, but on the whole the plant has tested well."We are all very proud of what we have achieved and created, and look forward to the next challenge of optimising diamond recovery and generating cash flow," Mr O’Neill said.DiamonEx is now preparing for its first diamond sale, planned for the end of August. Under its mining lease covenants to the Botswana Government, the company must offer its goods to Botswana registered cutters and polishers. Simultaneous with the Botswana offering, DiamonEx said it will offer its goods for sale internationally in Antwerp, with the best price in a closed tender process securing the diamonds.Mr O’Neill said the diamond sale will allow DiamonEx’s Lerala Mine to join the very small list of producing hard rock diamond mines in the world, a list of less than 20 mines, and also make it the first independently owned producing diamond mine in the Republic of Botswana.
DiamonEx Limited, an emerging diamond producer in Botswana, will complete the last phase of commissioning at its Lerala Diamond Mine Processing Plant this week, leading to the commencement of diamond recovery. Last phase commissioning, referred to as "hot commissioning" involves the processing of ore through the entire plant, which DiamonEx has already completed. The company is undertaking the batch feeding of ore into the plant, after which it can commence the continuous feed of ore into the plant, followed by the recovery of diamonds.
. DiamonEx Managing Director, Dan O’Neill said the commissioning process has gone well, with no major issues emerging. "It has overrun by around three weeks due to some technical issues in plant operation, but on the whole the plant has tested well."We are all very proud of what we have achieved and created, and look forward to the next challenge of optimising diamond recovery and generating cash flow," Mr O’Neill said.DiamonEx is now preparing for its first diamond sale, planned for the end of August. Under its mining lease covenants to the Botswana Government, the company must offer its goods to Botswana registered cutters and polishers. Simultaneous with the Botswana offering, DiamonEx said it will offer its goods for sale internationally in Antwerp, with the best price in a closed tender process securing the diamonds.Mr O’Neill said the diamond sale will allow DiamonEx’s Lerala Mine to join the very small list of producing hard rock diamond mines in the world, a list of less than 20 mines, and also make it the first independently owned producing diamond mine in the Republic of Botswana.
WORLD EXPLORATION NEWS- DIAMOND EXPLORATION AND MINING IN NORTH AMERICA HEATING UP
This mining news is about diamond exploration in Wyoming. There is a lot of news debating and asking about Diamond exploration in North America, exactly in Wyoming. The big question about this is Could Wyoming be the next diamond-producing area in North America? Six years ago no one thought that Canada would be producing 15% of the world’s diamonds, but today it is a multi-billion dollar industry boosting Canada’s economy. According to W. Dan Hausel, Senior Economic Geologist at the Wyoming State Geological Survey (WSGS), the possibilities for Wyoming are good. Wyoming is underlain by the same kind of rocks found in Canada, and the entire state has high potential for the discovery of commercial diamond deposits. Some companies are starting to recognize these similarities, and over the past month, several companies and consultants have contacted the WSGS for information on potential diamond deposits.
Canada is now one of the world’s leading producers of gem-quality diamonds, surpassing South Africa’s production last spring. Diamond exploration in Canada is now paying huge dividends. Currently, diamonds are recovered from just two mines in the Northwest Territories. Diamond exploration has led to the discovery of 500 kimberlites (one of the principal host rocks for diamond) and proposals for four additional diamond mines before the end of the decade.
Canadian diamond production in 2003 amounted to 11.2 million carats, resulting in an industry worth $1.7 billion per year and providing hundreds of new jobs. The value of raw diamond production is dramatically increased as the rough stones are faceted by Canadian gem cutters and mounted in jewelry that is sold for more than 10 times the raw value. In other words, the Canadian economy has taken a major, multi-billion dollar boost due to mining and added hundreds of new jobs.
Why does Hausel believe Wyoming is a good target for diamond exploration? Forty diamond deposits are found in the State Line district south of Laramie, one diamond pipe occurs at Iron Mountain northwest of Cheyenne, and another diamond-bearing rock is found at Cedar Mountain in southwestern Wyoming. There have been 130,000 diamonds recovered from the State Line district including gems weighing more than 28 carats. Diamonds have also been found or reported from a number of other Wyoming localities. According to Hausel, Wyoming has an incredible number of kimberlitic indicator mineral anomalies, indicating that there could easily be hundreds of hidden deposits waiting to be found. These anomalies consist of rare minerals that are eroded from nearby diamond pipes or dikes.
Over the past 20 years, the WSGS has identified more than 300 kimberlitic indicator mineral anomalies in southeastern Wyoming alone. Finally, Wyoming contains large areas of kimberlite and lamproite, the only two rock types mined for diamond. Hausel has already mapped the two largest kimberlite districts in the U.S., and the largest lamproite field in North America.
Canada is now one of the world’s leading producers of gem-quality diamonds, surpassing South Africa’s production last spring. Diamond exploration in Canada is now paying huge dividends. Currently, diamonds are recovered from just two mines in the Northwest Territories. Diamond exploration has led to the discovery of 500 kimberlites (one of the principal host rocks for diamond) and proposals for four additional diamond mines before the end of the decade.
Canadian diamond production in 2003 amounted to 11.2 million carats, resulting in an industry worth $1.7 billion per year and providing hundreds of new jobs. The value of raw diamond production is dramatically increased as the rough stones are faceted by Canadian gem cutters and mounted in jewelry that is sold for more than 10 times the raw value. In other words, the Canadian economy has taken a major, multi-billion dollar boost due to mining and added hundreds of new jobs.
Why does Hausel believe Wyoming is a good target for diamond exploration? Forty diamond deposits are found in the State Line district south of Laramie, one diamond pipe occurs at Iron Mountain northwest of Cheyenne, and another diamond-bearing rock is found at Cedar Mountain in southwestern Wyoming. There have been 130,000 diamonds recovered from the State Line district including gems weighing more than 28 carats. Diamonds have also been found or reported from a number of other Wyoming localities. According to Hausel, Wyoming has an incredible number of kimberlitic indicator mineral anomalies, indicating that there could easily be hundreds of hidden deposits waiting to be found. These anomalies consist of rare minerals that are eroded from nearby diamond pipes or dikes.
Over the past 20 years, the WSGS has identified more than 300 kimberlitic indicator mineral anomalies in southeastern Wyoming alone. Finally, Wyoming contains large areas of kimberlite and lamproite, the only two rock types mined for diamond. Hausel has already mapped the two largest kimberlite districts in the U.S., and the largest lamproite field in North America.
Thursday, August 7, 2008
Press Release on Diamond Exploration Program Commences At Pellatt Lake, Second Large Diameter RC And Third Core Rig Arrive At DO-27
Today, there are many news telling about diamond exploration. The news tells that there are now many places consisting of diamond. Thus, the activities of diamond drilling are now increasing. One of the news about Diamond exploration and drilling was released on February 24, 2006 - Vancouver, Canada - Peregrine Diamonds Ltd. (”Peregrine”) (TSX-V: PGD) today announced the commencement of the 2006 diamond exploration program at the Pellatt Lake Project, NWT, Canada. In addition, Peregrine announced that the second large diameter (24″) reverse circulation (”RC”) rig and the third core rig have arrived at the DO-27 kimberlite, WO Diamond Project, NWT, Canada.
Pellatt Lake Project
The Pellatt Lake Project comprises twenty-eight mineral claims covering 72,310 acres, located 42 km to the northeast of BHP Billiton’s Ekati™ Diamond Mine.
Work by previous operators on the property included airborne electromagnetic and magnetic surveys and heavy mineral sampling. Kimberlite indicator minerals have been recovered over much of the property, many with no known source. Previous diamond drilling intersected one kimberlite, PL01. In 2004, Peregrine flew a Falcontm gravity gradiometer survey over the property and in 2005 collected additional heavy mineral samples resulting in the identification of a number of anomalies. For the 2006 program, at least 12 anomalies will be covered with ground geophysical surveys (magnetics and HLEM). A drill will be mobilized to site during mid-March, and drilling will be completed on a number of targets.
Seven of the Pellatt claims are in joint venture with Dentonia Resources Ltd., 6 others are in joint venture with DHK Diamonds Inc. (in both instances Peregrine can earn up to 75% under certain conditions) and the remaining 16 claims are held 100% by Peregrine.
DO-27 Project
Careful advanced planning and logistics work by Peregrine at DO-27 in 2005 has resulted in all five scheduled drill rigs and auxiliary equipment arriving on-site at the DO-27 kimberlite in a timely manner in spite of unseasonably warm weather in Canada’s North which has had a detrimental effect on the main Contwoyto to Tibbitt Ice Road, delaying equipment and supplies transportation for numerous mining, exploration and services companies. Bulk sample and geological drilling is continuing at DO-27, and updates will be provided as the program progresses.
Peregrine is a well funded Canadian diamond exploration/development company that is managed by experienced geoscientists. The company is taking the plus 9 hectare DO-27 diamondiferous kimberlite into pre-feasibility, and is exploring for other diamondiferous kimberlites on its extensive land holdings in Canada. The company trades on the TSX-V Exchange under the symbol “PGD”.
Peregrine Diamonds Ltd.
Eric Friedland, President and CEO
Alan Carter, COO
Pellatt Lake Project
The Pellatt Lake Project comprises twenty-eight mineral claims covering 72,310 acres, located 42 km to the northeast of BHP Billiton’s Ekati™ Diamond Mine.
Work by previous operators on the property included airborne electromagnetic and magnetic surveys and heavy mineral sampling. Kimberlite indicator minerals have been recovered over much of the property, many with no known source. Previous diamond drilling intersected one kimberlite, PL01. In 2004, Peregrine flew a Falcontm gravity gradiometer survey over the property and in 2005 collected additional heavy mineral samples resulting in the identification of a number of anomalies. For the 2006 program, at least 12 anomalies will be covered with ground geophysical surveys (magnetics and HLEM). A drill will be mobilized to site during mid-March, and drilling will be completed on a number of targets.
Seven of the Pellatt claims are in joint venture with Dentonia Resources Ltd., 6 others are in joint venture with DHK Diamonds Inc. (in both instances Peregrine can earn up to 75% under certain conditions) and the remaining 16 claims are held 100% by Peregrine.
DO-27 Project
Careful advanced planning and logistics work by Peregrine at DO-27 in 2005 has resulted in all five scheduled drill rigs and auxiliary equipment arriving on-site at the DO-27 kimberlite in a timely manner in spite of unseasonably warm weather in Canada’s North which has had a detrimental effect on the main Contwoyto to Tibbitt Ice Road, delaying equipment and supplies transportation for numerous mining, exploration and services companies. Bulk sample and geological drilling is continuing at DO-27, and updates will be provided as the program progresses.
Peregrine is a well funded Canadian diamond exploration/development company that is managed by experienced geoscientists. The company is taking the plus 9 hectare DO-27 diamondiferous kimberlite into pre-feasibility, and is exploring for other diamondiferous kimberlites on its extensive land holdings in Canada. The company trades on the TSX-V Exchange under the symbol “PGD”.
Peregrine Diamonds Ltd.
Eric Friedland, President and CEO
Alan Carter, COO
World Mining News-Big Red Diamond Corporation Submission for Relisting & New Board and Management Submitted to TSX-V
One of the biggest diamond companies is ever is Big Red Diamond Corporation. The news tells that BRDC is now publishing the new status of the company. It seems that BRDC wants to have something better for the company’s progress. BRDC considers that updating of the company and its status is one of the ways to make the company more exist in the diamond market competition. The news telling about the new status of BRDC was first released in Montreal,on January 18, 2008. The news states that - Big Red Diamond Corporation (TSX-V: “DIA”-suspended) is pleased to provide an update on the Company and its status.
The Company Big Red Diamond Corporation (BRDC or the Company) is pleased to announce that it has submitted a request for removal of the trading suspension and application for relisting of the Company’s shares on the TSX Venture Exchange. This application includes a proposal whereby three (3) new Directors will be appointed to the Board and the Management team will be augmented with the appointment of two (2) new personnel.
Since receiving the resignation of Francois Desrosiers on August 7, 2007, the Company has been without the services of a full time President and CEO. Mr. Martin Nicoletti, the Company’s CFO has taken on the additional responsibilities of the President as well as CFO and looked after the day to day operations of
the Company. The Board wishes to acknowledge his excellent contributions and thank him for his invaluable contributions to the Company during this difficult period. The Company continues to maintain it’s regulatory filings and is current with all of it’s required filings. The Management Team and Board of Directors proposed to the TSX-V are:
Ken Ralfs - President, Chief Executive Officer and Director,
Martin Nicoletti – Chief Financial Officer,
Lili Radoi – Corporate Secretary,
Jean-Francois Perrault – Independent Director
Michael Neary – Independent Director
Clinton Barr – Independent Director,
Mike Clemann – Independent Director.
Martin Nicoletti, will continue as the Company’s CFO. Further, Messrs. Jean-Francois Perrault and Michael Neary, who were both elected as independent directors at the Company’s October 31, 2007 AGM, have agreed to remain as directors. Following is a brief biography of each of member of the team proposed to the TSX-V.
Ken Ralfs is a 1975 graduate of the University of British Columbia with a major in geology.
Employment as a geologist, project manager, stock broker, senior management and director of public companies (including President of Santa Cruz Ventures) has enabled Mr. Ralfs to develop and hone the
managerial, financial and problem solving skills so crucial to successfully managing a public company. He is currently self employed and serves as Director for several companies. Jean-François Perrault, graduated from McGill University in 1984 (Bachelor of Economics) and from Concordia University in 1989 (M.B.A.). He counts over 20 years of experience in the merchant banking
and investment banking industries. Prior to joining Union Securities Ltd as Vice-President, Corporate Finance in 2004, Mr. Perrault founded Pavilion Capital Partners in October 2002, a group providing consultancy and financial advisory services to institutional investors on alternative assets where he acted
and continues to act as the Managing Partner. Prior to that, Mr. Perrault was Vice-President and Director of TD Capital for approximately five years (1998-2002) where he was involved in completing small to mid-market investments – he also helped launch TD Capital private Equity Partners, Canada’s first
international private equity Fund of Funds (approximately 350,000,000$US). Prior to joining TD Capital, Mr. Perrault was a Senior Vice-President, Corporate Finance with Marleau, Lemire Securities from 1995- 1998. Prior to 1995, he held various senior positions with the Fonds de Solidarité FTQ (a labor sponsored venture fund), KPMG and Canadian Corporate Funding Limited (CCFL) – a private equity group. Michael Neary, is currently Vice President and Director at ThoughtSpeed eCommerce, a Toronto based Technology Solutions Company focused on web based order management solutions. From 2002 to 2007, he was a founder and executive at pVelocity Inc., a developer of Profit
Intelligence Solutions for Global Manufacturing Companies. From 1992 to 2001, Mr. Neary was a founder and VP Sales at Kitimat Systems Inc. a leading developer of Transportation Management Software in North America. In 1999, Kitimat Systems was purchased by Milwaukee based HK Systems.
Mr. Neary has a Bachelor’s of Economics from the University of British Columbia, and an MBA from the University of Cape Town.
Clinton Barr has been involved in mining exploration for over twenty years. He graduated from Lakehead University in 1991 with an H.B.Sc in Geology and is a registered Professional Geologist. From 1989-2001 Clinton worked for Noranda and Inco as a project geologist, generating and evaluating base
and precious metal opportunities both in Canada and offshore. During his tenure with Noranda he was involved in the discovery of five new base metal deposits. From 2001 to 2004 Mr. Barr consulted to numerous companies engaged in the exploration business including companies exploring for diamonds within Canada. As a founder, director, Chief Financial and Qualified Person of Benton Resources Corporation Mr. Barr has been intimately involved in the successful startup of a Junior resource company, including an IPO and listing on the TSX-V Exchange. Mr. Barr continues as an Officer and Director of
Benton Resources. His experience with exploration projects from grassroots to advanced projects and his financial experience give him a unique set of skills with which to direct and manage junior exploration companies as well as evaluate both the geological and political environments that are so critical to the success of junior resource companies.
Mike Clemann graduated from Bishops University in 1990 with a Bachelor of Business Economics. He has completed various courses within the Investment Dealers Association including the Canadian Securities Course and the Conduct and Practices Handbook. After spending 11 years working in the investment banking and brokerage business in Zurich, Switzerland, Mr. Clemann is currently Managing Director of FX Capital Ltd., a Canadian based financial advisory firm. His work at several Canadian and Swiss based banking and investment houses provides Mr. Clemann with an exceptional breadth of
experience in the corporate finance of public companies. His varied professional experience, both in raising and providing financing empower him with financial skills that are an asset to public companies. The current Board is confident that the experience and leadership ability of the new team will be an asset to Big Red and it shareholders. The new appointments are conditional upon the receipt of the approval from the TSX-V. The Exchange’s review of Messrs. Ken Ralfs, Clinton Barr and Mike Clemann and Ms. Lili Radoi remains to be completed. Updates on the progress of the relisting and TSX-V approval of the new appointees will be provided as the Exchange comments on the relisting application and the Exchange concludes its investigation into the
suitability of the new appointees. Since its suspension from trading, the Company has continued working on various of its properties.
BRDC holds four types of properties in its portfolio. These properties are held for their potential to host at least one of the following minerals: diamonds, gold or base metals, uranium, or an industrial mineral. Following is a brief summary of the exploration work completed in 2007 and the Company’s exploration
plans for 2008, for each property. Diamond Properties.
The Company’s primary asset is its interest in two joint ventures exploring for diamonds in the Attawapiskat region of Northern Ontario with Kel-Ex Developments Ltd. The original Attawapiskat Joint Venture Agreement with Kel-Ex Ltd. was modified in September 2004 when Kel-Ex assigned to the
Company an identical working interest in the Dumont Nickel Attawapiskat Property. While the original Attawapiskat claims and the Dumont claims are non-contiguous, the claims are all located within 25 kilometers of each other and claims in both the JV’s range from 4 kilometers to 22 kilometers away from DeBeers new Victor Diamond Mine which is currently under development and construction. The Victor Mine is located in geologic terrain similar to that underlying claims controlled by the Company’s Joint Ventures with Kel-Ex.
Recent exploration on the Attawapiskat JV’s has focused on evaluation of previous exploration results, data compilation, planning future exploration work and property maintenance. Kel-Ex Developments Ltd. is expected to convene a JV Management Committee meeting in the New Year to formalize work
plans and present a JV budget for 2008. The Foleyet diamond exploration property is a 50-50 Joint Venture with AntOro Resources Inc. and is
located within the Patricia Mining Division in Ontario The Joint Venture acquired a 100% interest in the property subject to a 1.1% NSR retained by the vendor. Big Red is the Project operator. Exploration work in 2007 focused on analysis and evaluation of data collected during a mapping and sampling program completed during the 2006 field season. A 2008 work program consisting of ground geophysics and basal till sampling is planned at a budgeted cost of $10,000. This work is sufficient to maintain the property in good standing.
The Hemlo diamond property is a 50-50 Joint Venture with AntOro Resources Inc and is located withinthe Patricia Mining Division in Ontario. The Joint Venture acquired a 100% interest in the property subject to a 1% NSR retained by the vendor. Big Red is the Project operator. Exploration work completed during 2007 focused on analysis of data generated by a geophysical interpretation done by Scott Hogg and Associates in early 2006 on 15 targets identified by airbourne geophysics as well as analysis of other data available in the public domain. The 2008 work plan is to conduct ground geophysics, geologic mapping and basal till sampling at a budgeted cost of $20,000. This work is sufficient to maintain the property in good standing.
The Frederike diamond property is 100% owned by BRDC and is located east of Desmaraisville, Quebec. 2007 exploration work consisted of the review, compilation and analysis of historic local and regional data, available in the public domain. Phase 1 exploration plans are budgeted at $300,000 for airbourne geophysics covering the entire property, so as to decrease the 200 meter flight line spacing of the government geophysics and increase the data density and resolution. This will facilitate better identification and location of linear and circular anomalies shown on the government data which may
indicate the presence of kimberlite dikes or plugs or kimberlite like rocks. If the airbourne geophysical results identify targets of merit, a Phase 2 exploration will be developed that will include ground geophysics and overburden and basal till sampling to further pinpoint targets for follow-up diamond drilling in a Phase 3 work program if results warrant. The decision of when to implement the airbourne geophysical work is dependent on the amount of financing raised and the success of exploration work on
the Company’s uranium exploration properties. Successful exploration results on one or more of the uranium properties may cause the Company to change it’s priorities for the expenditure of funds and delay work on the Frederike property. Sufficient past work has been completed to maintain the property
in good standing through 2008. The Valentine property was staked by BRDC and continues to be held as a 100% owned diamond property. The claims are all within the Valentine township of Ontario and were staked primarily because
of circular geophysical anomalies that may indicate the presence of kimberlite pipes. Previous exploration work by BRDC has identified three potential kimberlite targets. A 2008 work program, budgeted at $26,000 is planned to conduct confirmation ground IP to better identify the location of the
potential kimberlite targets prior to drilling. This work will be adequate to fulfill the assessment work requirements for the property. Assuming success with the confirmation ground IP, follow-up exploration work is budgeted at $301,000 and includes an airbourne EM survey and three (3) diamond drill holes as
well as additional sampling. Government data contain reports of anomalous copper associated with a carbonatite that occurs on the property, which suggests the property may have the potential to host base metal mineralization. Gold Properties BRDC is acquiring a 100% interest in the Bristol property subject to an underlying 3% NSR retained by the vendors. One payment of $7,500 remains to be paid, on February 27, 2008, at which time BRDC will have acquired a 100% interest. The Bristol property is located 10 kilometers west of the historic gold camp of Timmins, Ontario and on the westward projection of the Destor Porcupine Fault. Timmins area mines are nearly all located on the Destor Porcupine Fault and the area is well recognized in the mining community as an area that hosts multiple gold deposits that have each produced several million ounces of gold. The Bristol property was acquired for its gold potential because it is located on the Destor Porcupine Fault. Data obtained during the first work program on the property in 2006 found kimberlite and diamond indicator minerals in overburden samples. 2007 exploration work re-evaluated the data obtained from the 2006 field work and developed a work program of overburden stripping, sampling and ground geophysics to further identify and quantify the potential of this property to host gold mineralization and identify the rock types causing three linear magnetic anomaly’s that appear to be dikes. While these dike like features may be kimberlites or kimberlite like rocks, these linear magnetic features are believed to be mafic gabbro dikes similar to other such dikes in the Timmins camp. The Company plans to spend $10,000 on outcrop and overburden sampling in 2008, thus completing enough work to maintain the property in good standing. The Company acquired a 100% interest in the Munro property subject to an underlying 1.5% NSR retained by the vendor. The property is located about 20 kilometers east of Matheson, Ontario. 2007 exploration work consisted of the development of exploration plans for the property which consist of grid cutting, overburden stripping and sampling, geophysics, MMI geochemistry and follow-up drilling. Exploration plans for 2008 are budgeted at $26,000 for grid cutting and pack sack drilling. This work will maintain the property in good standing. Additional work may be done in 2008 if funding becomes available.
Uranium Properties
The Maro / Andy Lake properties are a 50-50 Joint Venture with AntOro Resources Inc. Each Company holds a 50% interest in the option to purchase a 100% interest in the Maro / Andy Lake properties, subject to an underlying 2% NSR retained by the vendor. On the Maro property, during the 2006 field season, a reconnaissance, ground radiometric prospecting program was conducted across three targets identified, sampled and drilled by previous operators. On the Andy Lake property, which is contiguous with Nova Uranium’s Mont-Laurier property in Quebec, the 2006 work program established two grid sections on separate anomalies identified by previous
operators. The grids were systematically explored with ground radiometric surveys and outcrop sampling. In 2007 the Company focused on compiling and analyzing the 2006 data in conjunction with data reported by prior operators as well as other data in the public domain, report writing and development of a
2008 work program. The work program developed consists of additional ground radiometric survey lines between and outside the 2006 lines, to increase the density, resolution and areal coverage of the ground
radiometric data. Additional outcrop sampling as well as overburden stripping followed by sampling is also planned Assuming that future work corroborates results obtained to date, this work is expected to be followed up with a first phase core drilling in 2009. Other 2008 work is planned to establish additional cut grids for radiometric surveys over other targets not explored during 2006. It is expected that at least part of this work will also be completed during 2008 but that some of the work will remain to be completed in 2009
as results warrant. The 2008 phase of the work (grid cutting, radiometric surveys, overburden stripping and sampling, and outcrop sampling) is estimated to cost $292,000. Sufficient work has been completed
to maintain the claims in good standing beyond 2008. The Joint Venture is required to expend $600,000 in exploration work on the two (2) properties combined by February 15, 2009. To date, $259,888.27 has been spent exploring on the property. (The total spent is still being verified.)
The Strategis property is held 100% by BRDC, subject to an underlying 1.5% NSR retained by the vendor. This property is contiguous to the East of the Strateco Resources Matoush Project. The Company’s 2007 work consisted of review and compilation of historic data from the property and the surrounding area, followed by the development of a work plan that will systematically explore the property. The first phase of this work program is airbourne geophysics and radiometrics to be followed up with grid cutting, ground geophysics and radiometrics, outcrop sampling, and overburden stripping
and sampling in order to better define the underlying geology and potential uranium targets on the property. If this exploration work is successful in defining drill targets then diamond drilling will follow, probably in 2009. The 2008 work program, budgeted at $325,000 will complete the airbourne geophysics and some ground radiometrics. The claims remain is good standing through the end of 2008.
Industrial Mineral Property
Big Red holds a 100% interest in the Attawapiskat Gravel property. This property is a gravel deposit in the James Bay low lands staked by BRDC and is held because gravel deposits are scarce in this part of Northern Ontario. No work has previously been done on the property. The property was restaked the last time it came open. Big Red plans to spend $10,000 doing auger sampling for gravel quality during 2008. This work will be sufficient to maintain the property in good standing. The work plans summarized above, are subject to the availability of financing.
Financing
In December, the Company received unsolicited expressions of interest from shareholders and investment houses regarding investment in the Company. Unfortunately, the Company was unable to address these expressions of interest as it was not yet re-listed for trading. After achieving re-listing for trading, the Company plans to re-visit those shareholders and investment houses that have already expressed an interest in investing in the Company, as well as other BRDC shareholders. The Company also plans to improve it’s exposure in the investment community by making presentations to the managers of investment funds, mutual funds and stock brokers who are not yet invested in the Company and are known to invest in junior exploration companies. Lastly, the Company will attend various of the investment conferences that are held across Canada and the United States to increase exposure to high net worth individuals who are familiar with the investment opportunities and risks associated with the junior exploration market.
The minimum financing required maintain the existing property interests in 2008 is $879,000. The Company plans to raise $300,000 over and above that amount to complete work plans for the Frederike property Work schedules, financing plans and property maintenance are subject to adjustment depending upon when the Company is relisted for trading.
This press release was prepared by Michael P. Gross, Chairman of the Board of Big Red Diamond
Corporation and a qualified person as defined in national policy 43-101.
Big Red Diamond is a diamond exploration company whose main asset is its participation in the Attawapiskat and Dumont Joint Ventures with Kel-Ex Development Ltd. a company owned by Charles Fipke, the discoverer of the
Ekati diamond mine in the NWT. This joint-venture is involved in a diamond exploration in Northern Ontario, in an area near the De Beers Victor diamond project. Big Red also owns outright a number of diamond and precious metals exploration properties in Northern Ontario as well as diamond and uranium exploration properties in Quebec.
KEN RALFS
President and CEO
Cell Phone: (604) 723-9600
Fax: (514) 907-9017
MARTIN NICOLETTI
CFO
Telephone: (514) 907-9016 – Ext. 160
Fax: (514) 907-9017
The Company Big Red Diamond Corporation (BRDC or the Company) is pleased to announce that it has submitted a request for removal of the trading suspension and application for relisting of the Company’s shares on the TSX Venture Exchange. This application includes a proposal whereby three (3) new Directors will be appointed to the Board and the Management team will be augmented with the appointment of two (2) new personnel.
Since receiving the resignation of Francois Desrosiers on August 7, 2007, the Company has been without the services of a full time President and CEO. Mr. Martin Nicoletti, the Company’s CFO has taken on the additional responsibilities of the President as well as CFO and looked after the day to day operations of
the Company. The Board wishes to acknowledge his excellent contributions and thank him for his invaluable contributions to the Company during this difficult period. The Company continues to maintain it’s regulatory filings and is current with all of it’s required filings. The Management Team and Board of Directors proposed to the TSX-V are:
Ken Ralfs - President, Chief Executive Officer and Director,
Martin Nicoletti – Chief Financial Officer,
Lili Radoi – Corporate Secretary,
Jean-Francois Perrault – Independent Director
Michael Neary – Independent Director
Clinton Barr – Independent Director,
Mike Clemann – Independent Director.
Martin Nicoletti, will continue as the Company’s CFO. Further, Messrs. Jean-Francois Perrault and Michael Neary, who were both elected as independent directors at the Company’s October 31, 2007 AGM, have agreed to remain as directors. Following is a brief biography of each of member of the team proposed to the TSX-V.
Ken Ralfs is a 1975 graduate of the University of British Columbia with a major in geology.
Employment as a geologist, project manager, stock broker, senior management and director of public companies (including President of Santa Cruz Ventures) has enabled Mr. Ralfs to develop and hone the
managerial, financial and problem solving skills so crucial to successfully managing a public company. He is currently self employed and serves as Director for several companies. Jean-François Perrault, graduated from McGill University in 1984 (Bachelor of Economics) and from Concordia University in 1989 (M.B.A.). He counts over 20 years of experience in the merchant banking
and investment banking industries. Prior to joining Union Securities Ltd as Vice-President, Corporate Finance in 2004, Mr. Perrault founded Pavilion Capital Partners in October 2002, a group providing consultancy and financial advisory services to institutional investors on alternative assets where he acted
and continues to act as the Managing Partner. Prior to that, Mr. Perrault was Vice-President and Director of TD Capital for approximately five years (1998-2002) where he was involved in completing small to mid-market investments – he also helped launch TD Capital private Equity Partners, Canada’s first
international private equity Fund of Funds (approximately 350,000,000$US). Prior to joining TD Capital, Mr. Perrault was a Senior Vice-President, Corporate Finance with Marleau, Lemire Securities from 1995- 1998. Prior to 1995, he held various senior positions with the Fonds de Solidarité FTQ (a labor sponsored venture fund), KPMG and Canadian Corporate Funding Limited (CCFL) – a private equity group. Michael Neary, is currently Vice President and Director at ThoughtSpeed eCommerce, a Toronto based Technology Solutions Company focused on web based order management solutions. From 2002 to 2007, he was a founder and executive at pVelocity Inc., a developer of Profit
Intelligence Solutions for Global Manufacturing Companies. From 1992 to 2001, Mr. Neary was a founder and VP Sales at Kitimat Systems Inc. a leading developer of Transportation Management Software in North America. In 1999, Kitimat Systems was purchased by Milwaukee based HK Systems.
Mr. Neary has a Bachelor’s of Economics from the University of British Columbia, and an MBA from the University of Cape Town.
Clinton Barr has been involved in mining exploration for over twenty years. He graduated from Lakehead University in 1991 with an H.B.Sc in Geology and is a registered Professional Geologist. From 1989-2001 Clinton worked for Noranda and Inco as a project geologist, generating and evaluating base
and precious metal opportunities both in Canada and offshore. During his tenure with Noranda he was involved in the discovery of five new base metal deposits. From 2001 to 2004 Mr. Barr consulted to numerous companies engaged in the exploration business including companies exploring for diamonds within Canada. As a founder, director, Chief Financial and Qualified Person of Benton Resources Corporation Mr. Barr has been intimately involved in the successful startup of a Junior resource company, including an IPO and listing on the TSX-V Exchange. Mr. Barr continues as an Officer and Director of
Benton Resources. His experience with exploration projects from grassroots to advanced projects and his financial experience give him a unique set of skills with which to direct and manage junior exploration companies as well as evaluate both the geological and political environments that are so critical to the success of junior resource companies.
Mike Clemann graduated from Bishops University in 1990 with a Bachelor of Business Economics. He has completed various courses within the Investment Dealers Association including the Canadian Securities Course and the Conduct and Practices Handbook. After spending 11 years working in the investment banking and brokerage business in Zurich, Switzerland, Mr. Clemann is currently Managing Director of FX Capital Ltd., a Canadian based financial advisory firm. His work at several Canadian and Swiss based banking and investment houses provides Mr. Clemann with an exceptional breadth of
experience in the corporate finance of public companies. His varied professional experience, both in raising and providing financing empower him with financial skills that are an asset to public companies. The current Board is confident that the experience and leadership ability of the new team will be an asset to Big Red and it shareholders. The new appointments are conditional upon the receipt of the approval from the TSX-V. The Exchange’s review of Messrs. Ken Ralfs, Clinton Barr and Mike Clemann and Ms. Lili Radoi remains to be completed. Updates on the progress of the relisting and TSX-V approval of the new appointees will be provided as the Exchange comments on the relisting application and the Exchange concludes its investigation into the
suitability of the new appointees. Since its suspension from trading, the Company has continued working on various of its properties.
BRDC holds four types of properties in its portfolio. These properties are held for their potential to host at least one of the following minerals: diamonds, gold or base metals, uranium, or an industrial mineral. Following is a brief summary of the exploration work completed in 2007 and the Company’s exploration
plans for 2008, for each property. Diamond Properties.
The Company’s primary asset is its interest in two joint ventures exploring for diamonds in the Attawapiskat region of Northern Ontario with Kel-Ex Developments Ltd. The original Attawapiskat Joint Venture Agreement with Kel-Ex Ltd. was modified in September 2004 when Kel-Ex assigned to the
Company an identical working interest in the Dumont Nickel Attawapiskat Property. While the original Attawapiskat claims and the Dumont claims are non-contiguous, the claims are all located within 25 kilometers of each other and claims in both the JV’s range from 4 kilometers to 22 kilometers away from DeBeers new Victor Diamond Mine which is currently under development and construction. The Victor Mine is located in geologic terrain similar to that underlying claims controlled by the Company’s Joint Ventures with Kel-Ex.
Recent exploration on the Attawapiskat JV’s has focused on evaluation of previous exploration results, data compilation, planning future exploration work and property maintenance. Kel-Ex Developments Ltd. is expected to convene a JV Management Committee meeting in the New Year to formalize work
plans and present a JV budget for 2008. The Foleyet diamond exploration property is a 50-50 Joint Venture with AntOro Resources Inc. and is
located within the Patricia Mining Division in Ontario The Joint Venture acquired a 100% interest in the property subject to a 1.1% NSR retained by the vendor. Big Red is the Project operator. Exploration work in 2007 focused on analysis and evaluation of data collected during a mapping and sampling program completed during the 2006 field season. A 2008 work program consisting of ground geophysics and basal till sampling is planned at a budgeted cost of $10,000. This work is sufficient to maintain the property in good standing.
The Hemlo diamond property is a 50-50 Joint Venture with AntOro Resources Inc and is located withinthe Patricia Mining Division in Ontario. The Joint Venture acquired a 100% interest in the property subject to a 1% NSR retained by the vendor. Big Red is the Project operator. Exploration work completed during 2007 focused on analysis of data generated by a geophysical interpretation done by Scott Hogg and Associates in early 2006 on 15 targets identified by airbourne geophysics as well as analysis of other data available in the public domain. The 2008 work plan is to conduct ground geophysics, geologic mapping and basal till sampling at a budgeted cost of $20,000. This work is sufficient to maintain the property in good standing.
The Frederike diamond property is 100% owned by BRDC and is located east of Desmaraisville, Quebec. 2007 exploration work consisted of the review, compilation and analysis of historic local and regional data, available in the public domain. Phase 1 exploration plans are budgeted at $300,000 for airbourne geophysics covering the entire property, so as to decrease the 200 meter flight line spacing of the government geophysics and increase the data density and resolution. This will facilitate better identification and location of linear and circular anomalies shown on the government data which may
indicate the presence of kimberlite dikes or plugs or kimberlite like rocks. If the airbourne geophysical results identify targets of merit, a Phase 2 exploration will be developed that will include ground geophysics and overburden and basal till sampling to further pinpoint targets for follow-up diamond drilling in a Phase 3 work program if results warrant. The decision of when to implement the airbourne geophysical work is dependent on the amount of financing raised and the success of exploration work on
the Company’s uranium exploration properties. Successful exploration results on one or more of the uranium properties may cause the Company to change it’s priorities for the expenditure of funds and delay work on the Frederike property. Sufficient past work has been completed to maintain the property
in good standing through 2008. The Valentine property was staked by BRDC and continues to be held as a 100% owned diamond property. The claims are all within the Valentine township of Ontario and were staked primarily because
of circular geophysical anomalies that may indicate the presence of kimberlite pipes. Previous exploration work by BRDC has identified three potential kimberlite targets. A 2008 work program, budgeted at $26,000 is planned to conduct confirmation ground IP to better identify the location of the
potential kimberlite targets prior to drilling. This work will be adequate to fulfill the assessment work requirements for the property. Assuming success with the confirmation ground IP, follow-up exploration work is budgeted at $301,000 and includes an airbourne EM survey and three (3) diamond drill holes as
well as additional sampling. Government data contain reports of anomalous copper associated with a carbonatite that occurs on the property, which suggests the property may have the potential to host base metal mineralization. Gold Properties BRDC is acquiring a 100% interest in the Bristol property subject to an underlying 3% NSR retained by the vendors. One payment of $7,500 remains to be paid, on February 27, 2008, at which time BRDC will have acquired a 100% interest. The Bristol property is located 10 kilometers west of the historic gold camp of Timmins, Ontario and on the westward projection of the Destor Porcupine Fault. Timmins area mines are nearly all located on the Destor Porcupine Fault and the area is well recognized in the mining community as an area that hosts multiple gold deposits that have each produced several million ounces of gold. The Bristol property was acquired for its gold potential because it is located on the Destor Porcupine Fault. Data obtained during the first work program on the property in 2006 found kimberlite and diamond indicator minerals in overburden samples. 2007 exploration work re-evaluated the data obtained from the 2006 field work and developed a work program of overburden stripping, sampling and ground geophysics to further identify and quantify the potential of this property to host gold mineralization and identify the rock types causing three linear magnetic anomaly’s that appear to be dikes. While these dike like features may be kimberlites or kimberlite like rocks, these linear magnetic features are believed to be mafic gabbro dikes similar to other such dikes in the Timmins camp. The Company plans to spend $10,000 on outcrop and overburden sampling in 2008, thus completing enough work to maintain the property in good standing. The Company acquired a 100% interest in the Munro property subject to an underlying 1.5% NSR retained by the vendor. The property is located about 20 kilometers east of Matheson, Ontario. 2007 exploration work consisted of the development of exploration plans for the property which consist of grid cutting, overburden stripping and sampling, geophysics, MMI geochemistry and follow-up drilling. Exploration plans for 2008 are budgeted at $26,000 for grid cutting and pack sack drilling. This work will maintain the property in good standing. Additional work may be done in 2008 if funding becomes available.
Uranium Properties
The Maro / Andy Lake properties are a 50-50 Joint Venture with AntOro Resources Inc. Each Company holds a 50% interest in the option to purchase a 100% interest in the Maro / Andy Lake properties, subject to an underlying 2% NSR retained by the vendor. On the Maro property, during the 2006 field season, a reconnaissance, ground radiometric prospecting program was conducted across three targets identified, sampled and drilled by previous operators. On the Andy Lake property, which is contiguous with Nova Uranium’s Mont-Laurier property in Quebec, the 2006 work program established two grid sections on separate anomalies identified by previous
operators. The grids were systematically explored with ground radiometric surveys and outcrop sampling. In 2007 the Company focused on compiling and analyzing the 2006 data in conjunction with data reported by prior operators as well as other data in the public domain, report writing and development of a
2008 work program. The work program developed consists of additional ground radiometric survey lines between and outside the 2006 lines, to increase the density, resolution and areal coverage of the ground
radiometric data. Additional outcrop sampling as well as overburden stripping followed by sampling is also planned Assuming that future work corroborates results obtained to date, this work is expected to be followed up with a first phase core drilling in 2009. Other 2008 work is planned to establish additional cut grids for radiometric surveys over other targets not explored during 2006. It is expected that at least part of this work will also be completed during 2008 but that some of the work will remain to be completed in 2009
as results warrant. The 2008 phase of the work (grid cutting, radiometric surveys, overburden stripping and sampling, and outcrop sampling) is estimated to cost $292,000. Sufficient work has been completed
to maintain the claims in good standing beyond 2008. The Joint Venture is required to expend $600,000 in exploration work on the two (2) properties combined by February 15, 2009. To date, $259,888.27 has been spent exploring on the property. (The total spent is still being verified.)
The Strategis property is held 100% by BRDC, subject to an underlying 1.5% NSR retained by the vendor. This property is contiguous to the East of the Strateco Resources Matoush Project. The Company’s 2007 work consisted of review and compilation of historic data from the property and the surrounding area, followed by the development of a work plan that will systematically explore the property. The first phase of this work program is airbourne geophysics and radiometrics to be followed up with grid cutting, ground geophysics and radiometrics, outcrop sampling, and overburden stripping
and sampling in order to better define the underlying geology and potential uranium targets on the property. If this exploration work is successful in defining drill targets then diamond drilling will follow, probably in 2009. The 2008 work program, budgeted at $325,000 will complete the airbourne geophysics and some ground radiometrics. The claims remain is good standing through the end of 2008.
Industrial Mineral Property
Big Red holds a 100% interest in the Attawapiskat Gravel property. This property is a gravel deposit in the James Bay low lands staked by BRDC and is held because gravel deposits are scarce in this part of Northern Ontario. No work has previously been done on the property. The property was restaked the last time it came open. Big Red plans to spend $10,000 doing auger sampling for gravel quality during 2008. This work will be sufficient to maintain the property in good standing. The work plans summarized above, are subject to the availability of financing.
Financing
In December, the Company received unsolicited expressions of interest from shareholders and investment houses regarding investment in the Company. Unfortunately, the Company was unable to address these expressions of interest as it was not yet re-listed for trading. After achieving re-listing for trading, the Company plans to re-visit those shareholders and investment houses that have already expressed an interest in investing in the Company, as well as other BRDC shareholders. The Company also plans to improve it’s exposure in the investment community by making presentations to the managers of investment funds, mutual funds and stock brokers who are not yet invested in the Company and are known to invest in junior exploration companies. Lastly, the Company will attend various of the investment conferences that are held across Canada and the United States to increase exposure to high net worth individuals who are familiar with the investment opportunities and risks associated with the junior exploration market.
The minimum financing required maintain the existing property interests in 2008 is $879,000. The Company plans to raise $300,000 over and above that amount to complete work plans for the Frederike property Work schedules, financing plans and property maintenance are subject to adjustment depending upon when the Company is relisted for trading.
This press release was prepared by Michael P. Gross, Chairman of the Board of Big Red Diamond
Corporation and a qualified person as defined in national policy 43-101.
Big Red Diamond is a diamond exploration company whose main asset is its participation in the Attawapiskat and Dumont Joint Ventures with Kel-Ex Development Ltd. a company owned by Charles Fipke, the discoverer of the
Ekati diamond mine in the NWT. This joint-venture is involved in a diamond exploration in Northern Ontario, in an area near the De Beers Victor diamond project. Big Red also owns outright a number of diamond and precious metals exploration properties in Northern Ontario as well as diamond and uranium exploration properties in Quebec.
KEN RALFS
President and CEO
Cell Phone: (604) 723-9600
Fax: (514) 907-9017
MARTIN NICOLETTI
CFO
Telephone: (514) 907-9016 – Ext. 160
Fax: (514) 907-9017
22,000 Metre Mining Press Release-Diamond Drill Program Commences On WTM’s Thunder Creek Gold Property in Timmins, Ontario
This mining news about 22,000 Metre Diamond Drill Program Commences On WTM’s Thunder Creek Gold Property in Timmins, Ontario was released in
VANCOUVER, BRITISH COLUMBIA, Aug 5, 2008 (Marketwire via COMTEX News Network) –
West Timmins Mining Inc. (TSX:WTM) has been informed that operator Lake Shore Gold Inc. (TSX:LSG) (”LSG”) has commenced a 36-hole, 22,000 metre diamond drill program on the Company’s Thunder Creek Property located in Timmins, Ontario. Drilling will focus on further expanding and infilling the recently discovered, high-grade Rusk Gold Zone and will also test a number of other high priority gold targets. The Thunder Creek Property, a 40/60 joint venture between WTM and LSG, forms part of the Company’s West Timmins Gold Project which covers over 114 square kilometres of the western extension of the prolific Timmins Gold Camp of Ontario, Canada.
The Rusk Zone has been traced to date for 260 metres down plunge and remains open both up and down plunge. Recent intercepts from the Rusk Zone have included 9.00 metres grading 8.57 g/t gold and 7.00 metres grading 24.61 g/t gold (see NR08-09, March 8, 2008). The Rusk Zone shares a number of geological similarities with the Timmins West gold deposit, located approximately 800 metres to the north, which is currently undergoing advanced exploration and development. It is anticipated that the planned program will allow for preparation of a preliminary resource model for the Rusk Zone upon completion.
“We are very excited to see the resumption of drilling at Thunder Creek as we look to expand one of the most promising new gold discoveries of the last several years in North America’s most prolific gold district,” said Darin Wagner, President and CEO of West Timmins Mining.
In addition to expanding the Rusk Zone, drilling will continue to test the sediment-ultramafic contact, which hosts both the Rusk and Timmins West gold discoveries. The drill program is expected to take 9-12 months to complete with two drill rigs active on the property throughout that period.
Quality Control and Assurance
Geochemical results reported herein have been previously reported and the reader is referred to the Company’s press releases of March 8, 2008 (NR08-09) and December 4, 2007 (NR07-41) for details of Quality Control and Assurance measures undertaken by the Company and LSG. Mr. Darin Wagner (P.Geo), the Company’s President, has acted as the non-independent qualified person for this news release. The qualified person has visited the project site, examined drill intercepts from a number of drill holes and reviewed the available technical information for the project.
About West Timmins Mining Inc. (www.westtimminsmining.com):
West Timmins is focussed on the exploration and development of district-scale gold and related base metal projects in the major gold camps of North America. WTM currently has four drills testing gold and polymetallic targets on its West Timmins and Montana de Oro Projects located in Ontario, Canada and Sonora, Mexico respectively. West Timmins Mining is based in Vancouver, British Columbia, Canada and trades on the Toronto Stock Exchange under the symbol WTM.
On behalf of the Board of West Timmins Mining Inc.
Darin W. Wagner, President and Chief Executive Officer
For further details on West Timmins Mining Inc. please refer to prior disclosure at www.sedar.com. The securities described in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended, or under any U.S. state securities laws, and such securities may not be offered or sold in the United States absent an exemption from such registration requirements.
This press release contains forward looking statements within the meaning of applicable Canadian and U.S. securities regulation, including statements regarding the future activities of the Company. Forward looking statements reflect the current beliefs and expectations of management and are identified by the use of words including “will”, “expected to”, “plans”, “planned” and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward looking statements is subject to a number of risks, including those described in the Company’s annual information form as filed with the Canadian securities regulators which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward looking statements.
SOURCE: West Timmins Mining Inc.
West Timmins Mining Inc. Darin W. Wagner President & CEO (604) 685-8311 or Toll Free: 1-866-685-8311 Email: info@westtimminsmining.com Website: www.westtimminsmining.com
VANCOUVER, BRITISH COLUMBIA, Aug 5, 2008 (Marketwire via COMTEX News Network) –
West Timmins Mining Inc. (TSX:WTM) has been informed that operator Lake Shore Gold Inc. (TSX:LSG) (”LSG”) has commenced a 36-hole, 22,000 metre diamond drill program on the Company’s Thunder Creek Property located in Timmins, Ontario. Drilling will focus on further expanding and infilling the recently discovered, high-grade Rusk Gold Zone and will also test a number of other high priority gold targets. The Thunder Creek Property, a 40/60 joint venture between WTM and LSG, forms part of the Company’s West Timmins Gold Project which covers over 114 square kilometres of the western extension of the prolific Timmins Gold Camp of Ontario, Canada.
The Rusk Zone has been traced to date for 260 metres down plunge and remains open both up and down plunge. Recent intercepts from the Rusk Zone have included 9.00 metres grading 8.57 g/t gold and 7.00 metres grading 24.61 g/t gold (see NR08-09, March 8, 2008). The Rusk Zone shares a number of geological similarities with the Timmins West gold deposit, located approximately 800 metres to the north, which is currently undergoing advanced exploration and development. It is anticipated that the planned program will allow for preparation of a preliminary resource model for the Rusk Zone upon completion.
“We are very excited to see the resumption of drilling at Thunder Creek as we look to expand one of the most promising new gold discoveries of the last several years in North America’s most prolific gold district,” said Darin Wagner, President and CEO of West Timmins Mining.
In addition to expanding the Rusk Zone, drilling will continue to test the sediment-ultramafic contact, which hosts both the Rusk and Timmins West gold discoveries. The drill program is expected to take 9-12 months to complete with two drill rigs active on the property throughout that period.
Quality Control and Assurance
Geochemical results reported herein have been previously reported and the reader is referred to the Company’s press releases of March 8, 2008 (NR08-09) and December 4, 2007 (NR07-41) for details of Quality Control and Assurance measures undertaken by the Company and LSG. Mr. Darin Wagner (P.Geo), the Company’s President, has acted as the non-independent qualified person for this news release. The qualified person has visited the project site, examined drill intercepts from a number of drill holes and reviewed the available technical information for the project.
About West Timmins Mining Inc. (www.westtimminsmining.com):
West Timmins is focussed on the exploration and development of district-scale gold and related base metal projects in the major gold camps of North America. WTM currently has four drills testing gold and polymetallic targets on its West Timmins and Montana de Oro Projects located in Ontario, Canada and Sonora, Mexico respectively. West Timmins Mining is based in Vancouver, British Columbia, Canada and trades on the Toronto Stock Exchange under the symbol WTM.
On behalf of the Board of West Timmins Mining Inc.
Darin W. Wagner, President and Chief Executive Officer
For further details on West Timmins Mining Inc. please refer to prior disclosure at www.sedar.com. The securities described in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended, or under any U.S. state securities laws, and such securities may not be offered or sold in the United States absent an exemption from such registration requirements.
This press release contains forward looking statements within the meaning of applicable Canadian and U.S. securities regulation, including statements regarding the future activities of the Company. Forward looking statements reflect the current beliefs and expectations of management and are identified by the use of words including “will”, “expected to”, “plans”, “planned” and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward looking statements is subject to a number of risks, including those described in the Company’s annual information form as filed with the Canadian securities regulators which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward looking statements.
SOURCE: West Timmins Mining Inc.
West Timmins Mining Inc. Darin W. Wagner President & CEO (604) 685-8311 or Toll Free: 1-866-685-8311 Email: info@westtimminsmining.com Website: www.westtimminsmining.com
Wednesday, August 6, 2008
World news on Diamond-Big Red Diamond Corporation Closing of $531,600 Private Placement
This press about BRDC was first released in Montreal, Canada - July 15, 2008 - Big Red Diamond Corporation (TSXV - DIA) is pleased to announce that it has closed a non-brokered private placement of 246 units for a total amount of $246,000 (the “Private Placement”). Each unit, at a price of $1,000 is comprised of twenty thousand common shares of DIA at a price of $0.05 per share and twenty thousand common share purchase warrants. Each common share purchase warrant shall entitle its holder to
subscribe for one common share of DIA at a price of $0.10 per share for a period of 24 months following the date of closing of the Private Placement.
DIA is also pleased to announce that it has completed a non-brokered Flow-Through private placement of 272 units for a total amount of $285,600 (the “Flow-Through Private Placement”). Each unit, at a price of $1,050 is comprised of twelve thousand flow-through common shares of DIA at a price of $0.07 per share and three thousand common shares of DIA at a price of $0.07 per share.
In connection with the private placement, various intermediaries and/or rokers have received a cash payment equal to 10% of the gross proceeds raised from the distribution of units plus compensation options to purchase 24.6 units at a price of $1,000 per unit, for a period of 24 months from the date of closing of the offering.
The units to be issued under both Private Placements will be subject to a resale restriction of four months and one day. The proceeds of the Private Placement will be used to fund part of our upcoming exploration program and for general working capital purposes. Big Red Diamond Corporation reserves the right to complete additional closing until August 21,
2008.
For further information, please contact:
Jean-François Perrault
Director
Telephone: (514) 798-4484
Fax: (514) 798-4896
Martin Nicoletti
Chief Financial Officer
Telephone: (514) 907-9016 – Ext. 160
Fax: (514) 907-9017
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
subscribe for one common share of DIA at a price of $0.10 per share for a period of 24 months following the date of closing of the Private Placement.
DIA is also pleased to announce that it has completed a non-brokered Flow-Through private placement of 272 units for a total amount of $285,600 (the “Flow-Through Private Placement”). Each unit, at a price of $1,050 is comprised of twelve thousand flow-through common shares of DIA at a price of $0.07 per share and three thousand common shares of DIA at a price of $0.07 per share.
In connection with the private placement, various intermediaries and/or rokers have received a cash payment equal to 10% of the gross proceeds raised from the distribution of units plus compensation options to purchase 24.6 units at a price of $1,000 per unit, for a period of 24 months from the date of closing of the offering.
The units to be issued under both Private Placements will be subject to a resale restriction of four months and one day. The proceeds of the Private Placement will be used to fund part of our upcoming exploration program and for general working capital purposes. Big Red Diamond Corporation reserves the right to complete additional closing until August 21,
2008.
For further information, please contact:
Jean-François Perrault
Director
Telephone: (514) 798-4484
Fax: (514) 798-4896
Martin Nicoletti
Chief Financial Officer
Telephone: (514) 907-9016 – Ext. 160
Fax: (514) 907-9017
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
Big Red Diamond Corporation Acquires Additional Bristol Claims
The press released about Big Red Diamond Corporation on acquiring Additional Bristol Claims was released on Montreal, Quebec - June 30, 2008. Big Red Diamond Corporation (“BRDC”) announced that it has acquired 7 new claims which consist of 5 claims in the Bristol Township and 2 in the Carscallen Township for a total of 36 units measuring approximately 18 sq. km. This property is located approximately 3 miles north of the Lake Shore Gold Corporation’s Timmins West Gold property which has completed a pre-feasibility study, 1.2 million ounces (uncut) of probable reserves and shallow high-grade gold veins.
Ken Ralfs as resigned, effective immediately, for health reasons. The Company’s directors have appointed Martin Nicoletti as interim Chief Executive Officer. Mr. Nicoletti is also Chief Financial Officer for the Company and will take over for the time being.
For further information, please contact:
Jean-François Perrault
Director
Telephone: (514) 798-4484
Fax: (514) 798-4896
Martin Nicoletti
Chief Financial Officer
Telephone: (514) 907-9016 – Ext. 160
Fax: (514) 907-9017
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
Ken Ralfs as resigned, effective immediately, for health reasons. The Company’s directors have appointed Martin Nicoletti as interim Chief Executive Officer. Mr. Nicoletti is also Chief Financial Officer for the Company and will take over for the time being.
For further information, please contact:
Jean-François Perrault
Director
Telephone: (514) 798-4484
Fax: (514) 798-4896
Martin Nicoletti
Chief Financial Officer
Telephone: (514) 907-9016 – Ext. 160
Fax: (514) 907-9017
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
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