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Mar 12, 2008 : Diamonds North Receives Diamonds Results for Char Kimberlite more...
Mar 10, 2008 : Diamonds North Receives Diamond Results for Qavvik-5 & Qavvik-6 - Plan... more...
Feb 15, 2008 : Options Granted more...
Feb 04, 2008 : Diamonds North Announces Qavvik-1 Kimberlite Results on Amaruk more...
Jan 28, 2008 : 326 Targets Identified on Ualliq Property more...
Jan 17, 2008 : Higher Nickel Values from Diamonds North's Nickel Discovery more...
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...
May 16, 2007 : Diamonds North Resources And Arctic Star Plan C$1,500,000 Exploration ... more...
May 10, 2007 : Options Granted more...
May 04, 2007 : Diamonds North Resources AGM Thursday May 10th, 2007 and Options Grant... more...
Apr 24, 2007 : Char Kimberlite Yields High Diamond Counts All Drilled Kimberlites Pro... more...
Apr 18, 2007 : Diamonds North Resources And International Samuel Approve C$1,000,000 ... more...
Apr 17, 2007 : Diamonds North Resources And Shear Minerals Ltd. Approve C$185,000 Exp... more...
Mar 29, 2007 : Diamonds North Resources Recovers 515 Diamonds From Qavvik Kimberlite more...
Mar 20, 2007 : Diamonds North To Drill The Hepburn Project, Over 200 Kimberlite Targe... more...
Mar 12, 2007 : Diamonds North Resources Retains Genoa Management Limited For Investor... more...
Feb 28, 2007 : Options Granted more...
Feb 15, 2007 : New Diamond Discoveries on Amaruk more...
Jan 10, 2007 : Diamonds North and Majescor Identify High Priority Drill Targets on Ba... more...
Jan 08, 2007 : Amaruk Project Update Diamond Results Pending for Five Kimberlites - P... more...
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Thu Jul 5, 2007
Diamonds North acquires 100% interest in the Banks Island Project
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VANCOUVER, July 5th, 2007 - Diamonds North Resources Ltd. (TSX-V: DDN) announces the acquisition of 100% interest in the Banks Island diamond project in the Northwest Territories after an offer to purchase Majescor Resources Inc.'s 50% interest in the property was accepted.
Diamonds North Resources will receive Majescor's 50% interest in the property in exchange for one million common shares of Diamonds North to Majescor Resources and a 1.5% royalty on diamonds, metals or other minerals the project may produce. Diamonds North has the right to purchase one half of the royalty for C$1 million at any time.
So far, 65 targets have been identified on 10% of the property including one high priority target estimated to be 12 to 14 hectares in size. Diamonds North will grant Majescor a warrant to purchase up to one million common shares at a price of $1.50 per share exercisable for a period of two years. This warrant however, is subject to Diamonds North verifying the designated 12 to 14 hectare target is a kimberlite pipe of at least 200 metres in diameter. Upon verifying that the target is kimberlite of at least 200 metres in diameter, Majescor will have six months to exercise the warrant, otherwise the warrant will expire.
This transaction is the latest in a series of strategic business development initiatives by Majescor who has decided to focus on Quebec and Madagascar, as a multi-commodity explorer.
"The opportunity to test a 12-14 hectare target on a property with exceptional mineral chemistry is what diamond explorers dream of. Recognizing the shift in Majescor's focus and our determination to discover Canada's next major diamond deposit we jumped at the opportunity to capture 100% of this property and now have the ability to rapidly advance it. This transaction now positions Diamonds North with 100% ownership of what we believe are 3 of Canada's best diamond properties, Amaruk, Hepburn and now Banks Island, each with the potential to host a large scale diamond mine similar to the Ekati or Diavik diamond mines," says Mark Kolebaba, president and CEO of Diamonds North Resources.
This transaction is in line with the Company's objective of discovering a $10 billion diamond deposit. Banks Island has yielded some the most prospective mineral chemistry in Canada. A 12 to 14 hectare kimberlite could represent up to 80 million tonnes of kimberlite. For reference, the Ekati Diamond Mine is comprised of 8 kimberlites that form approximately 78 million tonnes of kimberlite ore.
Diamonds North retains the voting rights on all Diamonds North shares held by Majescor. Majescor has agreed to provide Diamonds North with 5 business days notice prior to the sale of any of the shares and is limited to selling no more than 200,000 shares over any 2 month period. Shares are subject to a 4 month hold period from the date of issue and the purchase agreement is subject to regulatory approval.
"Majescor has been an exceptional partner and we would welcome the opportunity to work with them again. We are pleased to have Majescor as a valued shareholder and we wish them success on their new focus on Quebec and Madagascar as a multi-commodity explorer," says Kolebaba.
The Banks Island project was initiated in 2003 as a 50:50 joint venture between Diamonds North and Majescor. As a result of regional reconnaissance work conducted in 2004 and 2005, high interest kimberlite indicator minerals were discovered in stream samples some of which exhibit primary textures indicating nearby sources. During the 2006 exploration program the joint venture partners completed an airborne geophysical survey totaling 4,700 line kilometres over a priority target area covering only 10% of the property.
In January 2007 the Joint Venture partners announced (see News Release NR07-02, January 10th, 2007) that 65 geophysical anomalies were identified by the airborne geophysical survey. Seven of the targets are considered moderate to high priority, including one target estimated at 12 hectares (300 x 400 metres). The 12 hectare target is one of the highest priority targets within the survey area. It is defined by an obvious circular and well isolated, weak magnetic signature. A detailed ground magnetic survey will be completed over the target for confirmation prior to drilling (view the high priority target and airborne survey at www.diamondsnorth.com/s/banks.asp). Based on this data Diamonds North believes the Banks Island property may represent a new kimberlite district in Canada.
The Banks Island project is comprised of approximately 1.2 million acres of exploration permits on the northeast corner of Banks Island in the Northwest Territories. De Beers Canada Inc., one of the main competitors in the region, holds approximately 3 million acres of permits on Northwest Victoria Island which is 20 kilometres southeast of the Banks Island diamond project.
In addition, under the terms of this agreement, Diamonds North will receive all rights to the Lena East property, including a 1.5% royalty which was previously owned 50:50 between Diamonds North and Majescor.
Bruce Kienlen (P.Geol) is Diamonds North's qualified persons reviewing this project and is responsible for the design and conduct of the exploration program and the verification and quality assurance of analytical results.
Diamonds North Resources is focused on discovering Canada's next diamond mine. The Company is rapidly evolving and committed to building long-term value through ongoing diamond discoveries.
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:
Facsimile:
Email:
Website: www.diamondsnorth.com
Ali Mahdavi ; or
Kevin O'Connor
Genoa Management Limited
Telephone:
Facsimilie:
Email:
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 2007 item: Wed Jul 11, 2007, Diamonds North Provides Update on Hepburn
You can view the Previous News Releases 2007 item: Thu May 24, 2007, Diamonds North Expands Amaruk Exploration Program Bulk Samples & Drill Testing 60 New Targets
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