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Diamondex Resources/Shore Gold announce Buffalo Hills Exploration
Program
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Vancouver, B.C. - Diamondex Resources Ltd. (DSP-TSX.V) ("Diamondex")
and Shore Gold Inc. (SGF:TSX.V) ("Shore") are pleased to announce a
$7.0 Million Exploration Program for the Buffalo Hills Project located
in northern Alberta. (See www.diamondex.net for project location and
description.)
Under this exploration program, a 14,000 metre delineation drill
program will focus mainly on the central corridor of the Buffalo Hills
property. This program will commence in the north at K91 and work
progressively south to BH225, K14, K252, K6 and ultimately K5. It is
anticipated that the drilling will begin in late January 2008, and will
take approximately 3 months to complete.
The primary goal of the program is to drill test the best kimberlite
pipes discovered to date with sufficient density to allow for the
identification of the different kimberlite phases present and
characterize their key characteristics, including micro
Diamondcontent, to allow for the construction of accurate geologic models.
This exploration program will provide key information that will
prioritize which pipes on the Buffalo Hills Project should be bulk
sampled during follow-up campaigns. Encore Coring & Drilling of
Calgary, Alberta will provide two Schramm 685 drills capable of
routinely recovering PQ sized drill cores. All drill cores will be
logged and analyzed at Shore's facilities in Saskatchewan.
Diamondex and Shore acquired Stornoway Diamonds Corporation's share of
this project in July 2007 for a total cash consideration of $17.5
million. Pursuant to the acquisition, Shore and Diamondex each acquired
a 22.5% interest in the Buffalo Hills Joint Venture, in which Encana
Corporation holds a 43% interest and Pure Diamonds Exploration Inc.
holds the remaining 12% interest. Diamondex and Shore can increase
their combined interest to 72.5% by spending $15 million prior to April
30, 2010. Diamondex is the Operator of the Buffalo Hills Joint Venture
with Diamondex and Shore each contributing 50% of the exploration
expenditures.
The Buffalo Hills Project is the third largest known district of
significantly
Diamond bearing kimberlite in Canada after Lac De Gras in
the Northwest Territories and Fort a la Corne in Saskatchewan. Previous
exploration on this project by Ashton Mining, Encana and Pure Diamonds
from 1997-2006, totaled $30 million, which resulted in the discovery of
38 kimberlites, 26 of which are diamondiferous. These kimberlites range
in size from 1 to 47 hectares. Six mini bulk samples were also carried
out, with the largest bulk sample conducted at K14 where 479 tonnes
were extracted yielding a grade of 12 cpht. A 22.8 tonne sample
extracted from K252 yielded a grade of 55 cpht.
David Clarke, P.Geol., MSc., Senior Vice President of Exploration for
Diamondex Resources Ltd. is a Qualified Person as defined by National
Instrument 43-101 and is responsible for program design and quality
control of exploration undertaken by Diamondex Resources Ltd.
DIAMONDEX RESOURCES LTD.
"Randy C. Turner"
Randy C. Turner, President
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this news
release.
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Copyright (c) 2007 DIAMONDEX RESOURCES LTD. (DSP) All rights reserved.
For more information visit our website at http://www.diamondex.net/ or
send mailto:diamonds@diamondex.net
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