Dianor Resources Inc./Leadbetter Diamond Project: Annual Surface Rights Payment Made
31 Dezember 2010 - 10:30PM
Marketwired
Dianor Resources Inc. (TSX VENTURE: DOR)(OTCQX: RSDNF) announces
that it has made its 2010 contractual payments totalling $1,075,000
to Mr. Joseph Leadbetter and persons associated with him under a
previously-announced definitive agreement for the sale of surface
rights to the Leadbetter Extension Property to Dianor and a related
agreement for the immediate suspension and eventual termination of
an Excavation Contract between Dianor and Mr. Leadbetter (press
releases December 1st and 4th 2008). The next payment by Dianor
under the agreements is due on November 30, 2011 and no other
payments by Dianor to Mr. Leadbetter or persons associated with him
are required with respect to the Leadbetter Diamond Project. The
Leadbetter Diamond Project is the Company's flagship project and is
located near Wawa, Ontario.
The definitive agreements for the sale of surface rights to the
Leadbetter Extension Property to Dianor and immediate suspension
and termination of the Excavation Contract were signed on November
28, 2008. They provide that Dianor is required to pay Mr.
Leadbetter and persons associated with him a total of $5 million in
cash under a payment schedule which started on January 31, 2009 and
which runs until November 30, 2012. To date, Dianor has made
payments totalling $2,525,000. The Excavation Contract will be
automatically terminated when Dianor has completed the payments.
The surface rights to the Leadbetter Extension Property are
registered in Dianor's name and Dianor has granted a mortgage over
the surface rights to Mr. Leadbetter and persons associated with
him as security for payments due under the agreement.
About Dianor / Dianor is an innovative exploration company
focused on advancing diamond exploration properties in the Superior
Craton of Canada. The Leadbetter Diamond Project is its most
advanced project and is geographically well situated and easily
accessible, some 12 kilometres north east of Wawa in Northern
Ontario. Substantial exploration work has been conducted on the
project since 2005 and in May 2009 the Company received government
approval to proceed with a 50,000 tonne bulk sampling programme of
the 2.697 Ma old Archean Conglomerate. A preliminary tonnage
estimate for this conglomerate is in the range of 549 million to
583 million tonnes (press release July 24th 2007). In addition to
diamonds, the conglomerate contains gold, sapphires and rubies
(press release January 18th 2007). In 2008, additional diamond
discoveries, including rare purple diamonds, were made by the
Company in rocks of similar type, age (Archean) and geological
settings (press release March 3rd, April 10th, & May 13th 2008)
in Quebec. The Quebec diamond properties have increased our
portfolio of low-cost, accessible exploration targets. These
diamond discoveries (Ontario and Quebec) are both unique and
amongst the oldest diamond-bearing occurrences in the world.
You can also visit our Web Site: www.dianor.com
Version francaise disponible sur www.dianor.com seulement
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 the release.
Contacts: Dianor Resources Inc. Mr. John Ryder, P.Geo. President
819-825-7090 819-825-7545 (FAX) info@dianor.com Dianor Resources
Inc. Mr. Daniel Duval Chairman of the Board 819-825-7090
819-825-7545 (FAX) info@dianor.com Resultz Media Group Corp. Mr.
Tyler M. Troup, B.Comm Senior Associate / RMG IR 877-301-9748
519-979-7820 (FAX) Tyler@thinkRMG.com
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