Post by Catdaddy on Jun 3, 2010 15:12:42 GMT -5
Jun 03, 2010 14:42
ETDIX Completes Purchase of Mineracao C.D.J. and Makes Plans for Production
VANCOUVER, BRITISH COLUMBIA AND ORLEANS, ONTARIO--(Marketwire - June 3, 2010)
The Company is pleased to announce it has completed the purchase of all the outstanding shares of Mineração C.D.J. Ltda. from Armex Mining Corp. (previously announced on February 4, 2010).
CDJ holds mineral exploration and applications for pending licenses covering about 53, 012 hectares in the Juina diamond mining region of central Brazil and in the Rio Arinos and Rio Pari river valleys (located approximately 170 km north of the city of Cuiabá, MT, Brazil). The Juina area is one of the most prospective diamond areas of Brazil, with millions of carats of historical production. CDJ's holdings cover some of the most prospective ground in the area and include one concession with a pending application for a full mining license and other properties with a number of advanced kimberlite and alluvial exploration targets.
"We now have a solid legal base from which to begin operations in Brazil", said President, Malcolm Fraser. "We are now shifting our primary focus from legal and title matters to exploration and development of our properties, particularly those capable of near term diamond production."
All remaining shares and warrants from the concurrent private placement (25,600,000 Units) which were held in escrow pending completion of property transfers have been released. In conjunction with the transaction, Armex agreed to arrange for the immediate cancellation of 20,000,000 of the 25,600,000 warrants issued under the concurrent placement and also agreed to waive its rights to future milestone payments of $2 million and $1.75 million on the Rio Arinos and Rio Pari respectively. Armex also agreed to sell its remaining interest in certain real estate registered in the name of CDJ and its rights to certain other property and assets in Brazil which were not part of the original transaction in consideration for the proceeds of exercise of 5,000,000 of the remaining warrants, subject to the Company obtaining satisfactory evidence of value for the assets and other information which may be required under applicable rules and policies of the TSX-V.
DIX now has 37,478, 314 common shares issued and outstanding; 48,290,814 fully diluted.
On behalf of the Board of Directors of
DIAMOND INTERNATIONAL EXPLORATION INC.
ROBIN DOW, CEO
Diamond International Exploration Inc. is an exploration stage junior mining company focused on identification, acquisition and evaluation of diamond- prospective mineral properties in Brazil and Canada. Mr. C. Stewart Wallis, P.Geo, is the Qualified Person as defined by National Instrument 43-101 for this project.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release is not for distribution to United States newswire services or for dissemination in the United States. This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the formal transfer of mineral concessions, the identification of any mineral resource and the anticipated business and financing plans of the Company. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the market for diamonds or other minerals that may be produced generally, recent market volatility; variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's most recent annual and interim Management's Discussion and Analysis for a more complete discussion of such risk factors and their potential effects, copies of which may be accessed through the Company's page on SEDAR at www.sedar.com.
ETDIX Completes Purchase of Mineracao C.D.J. and Makes Plans for Production
VANCOUVER, BRITISH COLUMBIA AND ORLEANS, ONTARIO--(Marketwire - June 3, 2010)
The Company is pleased to announce it has completed the purchase of all the outstanding shares of Mineração C.D.J. Ltda. from Armex Mining Corp. (previously announced on February 4, 2010).
CDJ holds mineral exploration and applications for pending licenses covering about 53, 012 hectares in the Juina diamond mining region of central Brazil and in the Rio Arinos and Rio Pari river valleys (located approximately 170 km north of the city of Cuiabá, MT, Brazil). The Juina area is one of the most prospective diamond areas of Brazil, with millions of carats of historical production. CDJ's holdings cover some of the most prospective ground in the area and include one concession with a pending application for a full mining license and other properties with a number of advanced kimberlite and alluvial exploration targets.
"We now have a solid legal base from which to begin operations in Brazil", said President, Malcolm Fraser. "We are now shifting our primary focus from legal and title matters to exploration and development of our properties, particularly those capable of near term diamond production."
All remaining shares and warrants from the concurrent private placement (25,600,000 Units) which were held in escrow pending completion of property transfers have been released. In conjunction with the transaction, Armex agreed to arrange for the immediate cancellation of 20,000,000 of the 25,600,000 warrants issued under the concurrent placement and also agreed to waive its rights to future milestone payments of $2 million and $1.75 million on the Rio Arinos and Rio Pari respectively. Armex also agreed to sell its remaining interest in certain real estate registered in the name of CDJ and its rights to certain other property and assets in Brazil which were not part of the original transaction in consideration for the proceeds of exercise of 5,000,000 of the remaining warrants, subject to the Company obtaining satisfactory evidence of value for the assets and other information which may be required under applicable rules and policies of the TSX-V.
DIX now has 37,478, 314 common shares issued and outstanding; 48,290,814 fully diluted.
On behalf of the Board of Directors of
DIAMOND INTERNATIONAL EXPLORATION INC.
ROBIN DOW, CEO
Diamond International Exploration Inc. is an exploration stage junior mining company focused on identification, acquisition and evaluation of diamond- prospective mineral properties in Brazil and Canada. Mr. C. Stewart Wallis, P.Geo, is the Qualified Person as defined by National Instrument 43-101 for this project.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release is not for distribution to United States newswire services or for dissemination in the United States. This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the formal transfer of mineral concessions, the identification of any mineral resource and the anticipated business and financing plans of the Company. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the market for diamonds or other minerals that may be produced generally, recent market volatility; variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's most recent annual and interim Management's Discussion and Analysis for a more complete discussion of such risk factors and their potential effects, copies of which may be accessed through the Company's page on SEDAR at www.sedar.com.
