 | 
|
Feb 19, 2013: Amalgamation of Uranium North and Diamonds North Complete; Adamera Minerals Corp to Begin Trading more...
Feb 08, 2013: Diamonds North and Uranium North Shareholders Approve Amalgamation more...
Dec 05, 2012: Uranium North and Diamonds North Agree to a Strategic Business Amalgamation more...
Nov 29, 2012: Diamonds North and Uranium North Report Trenching Yields 20 g/t Gold over 1.5 metres on Washington Gold Project more...
Oct 23, 2012: Diamonds North and Uranium North Report Acquisition of Talisman Copper-Silver Mine more...
Oct 18, 2012: Diamonds North and Uranium North Report High Gold and Silver Values at Empire Creek Property more...
Oct 11, 2012: Diamonds North and Uranium North Announce Trenching Commences on the Poland China Gold Project more...
Oct 04, 2012: Gold Target Areas Identified on the Poland China Project more...
Sep 18, 2012: Diamonds North And Uranium North To Evaluate Gold Potential Of The Alder Mine In Washington State more...
Aug 14, 2012: Diamonds North And Uranium North Complete Work On The Golden Reward Project more...
Jul 26, 2012: Diamonds North and Uranium North Commence Exploration Program on Empire Creek more...
Jul 18, 2012: Diamonds North and Uranium North Acquire Gold Property in Washington State, Exploration is Underway more...
Jun 13, 2012: Diamonds North Continues to Build a Postion in Washington State with Additional Gold Asset more...
Jun 07, 2012: Diamonds North Begins Exploration Program on the Poland China Gold Project in Washington State more...
Jun 01, 2012: Diamonds North and Uranium North to Present Washington Gold Projects at the World Resource Investment Conference more...
May 31, 2012: Diamonds North and Uranium North Acquire Gold Projects in Washington State more...
Mar 02, 2012: Diamonds North Copper-Silver IOCG Video Presentation & Exhibiting at PDAC Booth 2322 more...
| |
 | |
News Releases are added to our web site immediately upon release to the general public. If you would like to receive news releases via e-mail or fax, please fill out our Request More Info form.
| | March 09, 2010
Diamonds North Signs Letter of Intent with MMG on Amaruk Nickel
|
| | VANCOUVER, March 9th, 2010 - Diamonds North Resources Ltd. (TSX-V: DDN) announces that it has signed a Letter of Intent with Minerals and Metals Group ("MMG") whereby MMG may earn 75% of the Nickel and other base metals on the Amaruk Property in Nunavut, Canada, by spending C$6,000,000 and completing a pre-feasibility study on any base metal deposit that might be identified on Amaruk.
The projected budget for 2010 is estimated between C$2 to $2.5 million. MMG and Diamonds North plan to mobilize crews into the Amaruk camp mid-March, 2010. Included in this year's exploration plan is;
- A +40 kilometre Crone pulse EM survey over the Tunerq prospect
- Up to 1500 metres of NQ core drilling
- Regional prospecting to identify additional mafic and ultra-mafic bodies
- Detailed mapping of other mafic and ultra-mafic bodies across the property
"Nickel exploration by Diamonds North has demonstrated Amaruk as a significant early stage nickel discovery with district potential. We are very excited to continue advancing this extensive project in partnership with MMG as they bring nickel expertise, financial strength and a strong commitment to developing mining projects in Nunavut" says Mark Kolebaba President and CEO of Diamonds North.
MMG is an Australian headquartered major producer of zinc, copper, lead, gold and silver through its operations in Australia and South-East Asia. MMG has an international portfolio of exploration and development opportunities, including the High Lake and Izok Lake deposits in Nunavut, Canada. MMG has shown interest in the Amaruk nickel project since the announcement of Tunerq.
Drilling of the Tunerq nickel prospect by Diamonds North intersected Ni-Cu sulfides yielding 2.49% Ni, 0.56% Cu and 0.05% Co over a 9.1 metre zone within a 34.6 metre zone containing 1.05% Ni, 0.26% Cu and 0.02% Co (see News Release NR08-22, dated June 13th, 2008). In addition to Tunerq, more than 30 ultramafic and mafic targets have been identified on the property. The abundance of mafic and ultramafic intrusive bodies on Amaruk and the nickel grades of Tunerq demonstrate Amaruk as a prime target area for nickel exploration.
Details of the material terms of the Letter of Intent.
In order for MMG to earn a seventy-five (75%) per cent interest in the nickel and base metals on the Property, MMG must:
- incur C$6,000,000 in expenditures on the Property within 4 years of signing the formal agreement. MMG shall incur no less than C$750,000 per year until the C$6,000,000 threshold is reached. Exploration costs in excess of minimum obligations incurred in any year may be carried over to subsequent years.
- complete and deliver to DDN, a Scoping Study and a Pre-Feasibility Study on one project area within the Property within ten (10) years of execution of the Formal Agreement.
Until earn-in conditions are satisfied, MMG shall have exploration expense obligations of at least C$750,000 per year for years 5 through 8 and C$1,000,000 during years 9 and 10 on the Property to maintain its right to earn the MMG Mineral Interest:
At any time during years 5 through 8 MMG shall have the option, at its sole discretion, to suspend, on a one time basis only, exploration expenditures for a particular year as long as the minimum expenditures are met to maintain claims in good standing.
In the event that DDN dilutes to 10% or less, such interest shall convert to a 2% NSR where ½ of the NSR may be purchased for $500,000.
MMG and DDN have 45 days to complete a formal agreement.
Bruce Kienlen (P.Geol) and Graham Gill (P. Geo) are Diamonds North's qualified persons reviewing this project.
About Diamonds North
Diamonds North uniquely maximizes value through innovative & cost effective exploration methods, plus leveraging commodity and business opportunities derived from its vast land holdings in Canada's under explored north.
About MMG
MMG owns and operates a portfolio of base metal mining operations, development projects and exploration fields. The group is a substantial producer of zinc, copper, lead, gold and silver with mining operations located in Australia and Asia and a large portfolio of advanced and early stage exploration projects through Australia, Asia and North America. Current mining operations include the Century, Golden Grove and Rosebery mines in Australia and the Sepon mine in Laos, South-East Asia.
On behalf of Diamonds North Resources Ltd.
Mark Kolebaba
President & CEO
For additional information please contact:
Nancy Curry
VP Corporate Communications
Diamonds North Resources Ltd.
Telephone: (604) 689-2010
Facsimile: (604) 484-7143
Email: info@diamondsnorth.com
Website: www.diamondsnorth.com
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. |
| |
| | You can view the Next News Releases 2009 item: Fri Apr 16, 2010, Diamonds North Plans Bulk Sample of Beluga-3 Kimberlite
You can view the Previous News Releases 2009 item: Fri Mar 5, 2010, Diamonds North Presenting at the 2010 PDAC on Innovative Exploration Approach
You can return to the main News Releases 2009 page, or press the Back button on your browser.
|
|
|
