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DIAMOND CORE RESOURCES LIMITED -
DIAMOND CORE RESOURCES LIMITED
(FORMERLY MAZAL MINING AND EXPLORATION LIMITED)
(Incorporated in the Republic of South Africa)
(Registration number 1998/013468/06)
Share code: DMR ISIN Number: ZAE000045688
("Diamond Core" or "the Company")
PAARDEBERG EAST EXPLORATION PROGRAMME
Diamond Core is pleased to announce the resumption of exploration operations on
the Paardeberg East Property, 40 kilometres southwest of Kimberley. The Company
is in the process of re-establishing site offices and associated infrastructure
in order to support the exploration programme. Current management is re-
evaluating the property in light of the significant number of prospective
kimberlite features which have been identified as the result of a regional
analysis of the geological setting.
The Company has retained the services of Geoventures (Pty) Ltd ("Geoventures")
to plan, oversee and manage the exploration program. A diamond drilling program
has commenced on the P1 Kimberlite body. The first hole is down to a depth of
40 meters. Provisionally five holes averaging a length of 200 meters are
planned.
The mineral rights to Paardeberg East, as well as the surface surrounding the P1
kimberlite feature, are wholly owned by Diamond Core. The initial focus of the
exploration will be a drilling programme on the P1 kimberlite feature.
Current management is of the opinion that mining operations were initiated
prematurely on the P1 kimberlite feature by previous management, and that the
current drilling programme is required to confirm past work as well as to gain a
better understanding of the shape and dimensions thereof. A bulk sample will be
done in order to confirm the grade of P1 kimberlite, which was reported during
the course of the 2nd bulk sample carried out by Paleostone Mineral Consultants
on the western lobe of P1 during April 2000 at 12 carats per hundred tones at a
value in excess of US $ 100 per carat.
A preliminary analysis of the size frequency distribution curves of both bulk
samples were developed and carried out by Mr M.M. Oosterveldt who concluded in
regard to the 2nd bulk sample that it showed a relatively large stone size
kimberlite in comparison with other kimberlites, that the graph indicated that
more larger stones should have been recovered and that there was also an under
recovery of smaller stones. Using the data gathered from the current
exploration being overseen by Geoventures, an optimal pit profile, mining plan
and production rate will be determined by management for the P1 kimberlite
feature.
In addition to the exploration work being done on the P1 kimberlite feature, a
percussion drilling programme on the P3 kimberlite feature, east of P1, has been
initiated in order to determine the dimensions and shape of this feature. A
diamond drilling programme has been planned subsequent to the delineation
drilling programme in order to determine the shape of the kimberlite at depth,
as well as a bulk sampling programme to determine grade. From a perusal of the
old diamond register in excess of 2 000 carats were recovered during the first
half of the 20th century from this particular kimberlite deposit, then known as
the Rooipan mine. If proven to be positive, the P3 kimberlite feature will
significantly enhance Diamond Core"s proposed mining plan at Paardeberg East.
Geoventures has identified numerous other kimberlite features on the property
which will be fully analysed post the exploration programs on the P1 kimberlite
and P3 kimberlite features being completed.
For and on behalf o the board of the Company
Theo Botoulas
Managing Director
Johannesburg
6 May 2003
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