Contact Diamond announces generative project joint venture with Stornoway
10 Mai 2005 - 9:46PM
PR Newswire (US)
Contact Diamond announces generative project joint venture with
Stornoway Stock Symbol: CO (TSX) TORONTO, May 10
/PRNewswire-FirstCall/ -- Contact Diamond Corporation and Stornoway
Diamond Corporation are pleased to announce that they have entered
into a joint venture designed to pursue a generative diamond
exploration project within Canada. The project will be funded 50/50
by the joint venture partners and will comprise initial desktop
generative study, field exploration and land acquisition ahead of
target testing. The joint venture has allocated approximately
$1,000,000 to the joint venture in fiscal 2005. Commenting on the
joint venture, Contact's President and COO Matt Manson said "I am
very pleased to announce this important relationship with one of
Canada's premier technical diamond exploration teams. It represents
an important component of Contact's strategy of focused diamond
exploration and development within the most prospective regions of
Canada." Eira Thomas, President and CEO of Stornoway commented
"Stornoway and Contact share a common vision to aggressively
explore the extensive, un-tapped potential of Canada for diamonds.
We are pleased to be leveraging our combined technical strengths
and expertise on this important new exploration initiative". About
Stornoway Diamond Corporation Stornoway is one of Canada's premier
diamond exploration companies with extensive landholdings of
approximately 24 million acres focused in eleven key project areas
in northern Canada. Stornoway has been involved in the discovery of
33 kimberlites since 2002, half of which have proven diamondiferous
(one kimberlite for which results are pending). About Contact
Diamond Corporation Contact Diamond is an exploration and
development company with diamond properties in Ontario, Quebec,
Northwest Territories and Nunavut. Its leading project is in
Timiskaming on the Ontario-Quebec border where it is currently
pursuing an aggressive kimberlite exploration and assessment
program. Agnico-Eagle Mines Limited (NYSE:AEMNYSE:TSX:NYSE:AGE) is
currently the largest shareholder of the corporation. Cautionary
Statement Regarding Forward-Looking Information Except for
statements of historical fact relating to the Corporation, certain
information contained herein constitutes forward-looking
statements. Forward-looking statements are frequently characterized
by words such as "potential", "estimate", "plan," "expect,"
"project," "intend," "believe," "anticipate" and other similar
words, or statements that certain events or conditions "may" or
"will" occur. Forward-looking statements are based on the opinions
and estimates of management at the date the statements are made,
and are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements.
These factors include the inherent risks involved in the
exploration and development of mineral properties, the
uncertainties involved in interpreting drilling results and other
geological data, the lack of a quoted market for diamonds, the
possibility of project cost overruns or unanticipated costs and
expenses, a history of net losses, dependence on the support of a
significant shareholder, uncertainties relating to the availability
and costs of financing needed in the future and other factors usual
to the mining industry. The Corporation undertakes no obligation to
update forward-looking statements if circumstances or management's
estimates or opinions should change. The reader is cautioned not to
place undue reliance on forward-looking statements. DATASOURCE:
Contact Diamond Corporation CONTACT: Matt Manson, President &
COO; David Smith, Investor Relations, (416) 947-1212
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