|Moderated By: Robert Saito -- (Not Moderated) -- Started: 11/15/1996 6:54:00 PM Revision History|
November 15, 1996
Begins Exploration Program in NorthWest Territories
VANCOUVER, Nov. 15 /CNW/ - DiamondWorks Ltd.
Eric Friedland, Chairman and Chief Executive Officer of DiamondWorks Ltd., announced today
that work is underway on a search for diamonds in Canada's Northwest Territories.
The program is a joint venture between DiamondWorks and a privately-owned partner, 933329
N.W.T. Ltd. Under an agreement reached between the two companies, DiamondWorks may earn
up to a 70 percent interest in the venture by completing a bankable feasibility study on future
As a first step, DiamondWorks is financing and directing the initial exploration work, which began
at the end of September. The on-site work is being carried out by the joint-venture partner.
Spending by DiamondWorks so far totals about CDN$250,000.
Mr. Friedland said that the first phase of the exploration program will consist of an airborne
magnetic survey along about 45,000 linear kilometres over four large blocks of ground. About half
of the survey has been completed, focused on two of the blocks.
Earlier samples of glacial till collected from a wide area by the company's joint venture partner
revealed high values of indicator minerals on the four target blocks. Mr. Friedland said further
announcements will be made when exploration results are available.
The exploration project in the Northwest Territories is the first to be undertaken in North America
by DiamondWorks. DiamondWorks, formerly Carson Gold Corp., last month completed the
acquisition of Branch Energy Ltd., which is a joint venture partner in diamond projects in Angola
and Sierra Leone.
DiamondWorks shares currently trade on the Vancouver Stock Exchange under the symbol
Eric V. Friedland
Chairman and CEO
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
For further information: Eric Friedland (604) 669-8871
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