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Jan 14, 2008 : Diamonds North Announces Two More Kimberlites With High Diamond Counts... more...
Jan 08, 2008 : Diamonds North Recovers 550 Diamonds from 81.75 Kilograms of Tuktu-1 K... more...
Dec 13, 2007 : Siku Project Update more...
Dec 05, 2007 : Ualliq Project Update more...
Nov 30, 2007 : Diamonds North Completes Flow-Through Financing more...
Nov 30, 2007 : Diamond Market Conditions and Sakari Update more...
Nov 23, 2007 : Diamonds North Announces Flow-Through Financing more...
Oct 31, 2007 : New Nunavut Nickel Discovery more...
Oct 10, 2007 : Diamonds North Increases Kimberlite Tally to 22 on Amaruk more...
Sep 11, 2007 : Diamonds North Discovers 11 New Kimberlites on Amaruk more...
Aug 24, 2007 : Diamonds North Completes Flow-Through Financing more...
Aug 15, 2007 : Diamonds North Announces Flow-Through Financing more...
Jul 20, 2007 : Diamonds North Completes Banks Island Acquisition more...
Jul 19, 2007 : Diamonds North Announces Flow-Through Financing more...
Jul 11, 2007 : Diamonds North Provides Update on Hepburn more...
Jul 05, 2007 : Diamonds North acquires 100% interest in the Banks Island Project more...
May 24, 2007 : Diamonds North Expands Amaruk Exploration Program Bulk Samples & Drill... more...
Dec 04, 2006 : Uranium North Set To Close Financing And Commence To Trade more...
Nov 16, 2006 : Diamonds North Announces Closing of $7 Million Private Placement more...
Oct 26, 2006 : $6 Million "Bought Deal" Financing more...
Oct 12, 2006 : Diamonds North and Arctic Star to Explore in Canada's Newest Kimberlit... more...
Oct 05, 2006 : 19 New Kimberlite Float Occurrences on Amaruk Further Demonstrates the... more...
Sep 27, 2006 : Drill Targets Identified on the Ualliq property more...
Sep 20, 2006 : Diamonds North Increases Kimberlite Tally to Five Demonstrating Amaruk... more...
Aug 23, 2006 : Target Testing Underway at Amaruk -- New Kimberlite Discovered more...
Aug 15, 2006 : Shear Minerals and Diamonds North to Explore the Sakari property more...
Aug 02, 2006 : Diamonds North and International Samuel to Explore the Ualliq property more...
Aug 01, 2006 : Diamonds North Closes Plan of Arrangement for Shareholders to Receive ... more...
Jul 19, 2006 : Diamonds North sets Effective Date for Shareholders to Receive Uranium... more...
Jul 17, 2006 : Pathfinder Starts Major Airborne Geophysical Survey at Thelon Basin Ur... more...
Jul 14, 2006 : Diamonds North Grants Options more...
Jul 13, 2006 : Diamonds North To Drill The Amaruk Project more...
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2006 | 2005 | 2004 | 2003 | 2002
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Wed Aug 2, 2006
Diamonds North and International Samuel to Explore the Ualliq property
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News Release: 06-26
VANCOUVER, August 2, 2006 - Diamonds North Resources Ltd. (TSX-V: DDN) and International Samuel Exploration Corp. (TSX-V: SAZ), announce that the companies have entered into an agreement on the western portion of the Amaruk Property which is located in the Pelly Bay Diamond District of Nunavut. International Samuel has an option to earn a 30 % interest in the newly named Ualliq project covering more than 1 million acres predominantly within the western portion of the Amaruk property.
Kimberlite indicator minerals on the property define several anomalous regions including a discrete 60 kilometre long area prospective for multiple kimberlite intrusions. A strong cut-off associated with several kimberlite indicator mineral clusters supports the possibility of multiple kimberlites on the Ualliq property. Based on the mineral chemistry of the garnets from the area and the proximity to the Amaruk property any kimberlites discovered in the area have potential to contain diamonds. The 2006 exploration program is underway and will include the first detailed airborne geophysical survey plus detailed sampling. After analysis of the data from the current program and time permitting, the companies may drill any resulting priority targets this year (using the drill that is currently located on the central block of Diamonds North's 100% owned Amaruk property).
Under the terms of the option agreement, International Samuel may earn a 30% interest in the property by issuing 2,000,000 shares to Diamonds North and incurring $3,000,000 in expenditures on the property over the next four years. In addition, for each of the first four kimberlite bodies discovered on the Property, International Samuel shall issue 250,000 common shares to Diamonds North. Diamonds North will operate the project.
The Pelly Bay region of Nunavut has emerged as Canada's newest diamond district. Recent kimberlite discoveries on the Amaruk project have yielded very encouraging diamond counts and excellent diamond characteristics (see News Release NR06-13, May 9th, 2006). More recent kimberlite discoveries in the region (Darby Project) confirm the existence of larger kimberlite bodies and the presence of multiple kimberlite fields.
This agreement is subject to approval by TSX Venture Exchange. Graham Gill (P.Geo) is the qualified person under NI 43-101 for this news release.
Diamonds North is a dynamic exploration team focused on strategically advancing diamond opportunities and is determined to discover Canada's next diamond mine.
International Samuel is a junior resource exploration company focused on diamond exploration in northern Canada.
ON BEHALF OF THE BOARDS OF DIRECTORS
Mark Kolebaba
President & CEO
Diamonds North Resources Ltd.
Conrad Swanson
President & CEO
International Samuel Exploration Ltd.
For further information, please contact:
Corporate Communications: Nancy Curry
Diamonds North Resources Ltd.
Telephone:
Facsimile:
Website: www.diamondsnorth.com
Email:
Investor Relations : Doug Kerr,
International Samuel Exploration Corp.
Telephone:
Toll Free: 1-
Facsimile:
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
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You can view the Next News Releases 2006 item: Tue Aug 15, 2006, Shear Minerals and Diamonds North to Explore the Sakari property
You can view the Previous News Releases 2006 item: Tue Aug 1, 2006, Diamonds North Closes Plan of Arrangement for Shareholders to Receive Uranium North
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