| Fri 30 Apr 2004, 12:40 | | Issue Of A Prospecting Permit Over The Farm |
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Diamond Core Resources Limited - Issue Of A Prospecting Permit Over The Farm
Release Date: 30/04/2004 12:15:01 Code(s): DMR
DIAMOND CORE RESOURCES LIMITED - ISSUE OF A PROSPECTING PERMIT OVER THE FARM
SKEYFONTEIN AND RESUMPTION OF EXPLORATION ON THE PAARDEBERG EAST PROJECT
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")
ISSUE OF A PROSPECTING PERMIT OVER THE FARM SKEYFONTEIN AND RESUMPTION OF
EXPLORATION ON THE PAARDEBERG EAST PROJECT
Issue of a prospecting permit over the farm Skeyfontein
Diamond Core is pleased to announce that a prospecting permit over the farm
Skeyfontein ("Skeyfontein") has been issued to Dikeing Mining (Pty) Limited
("Dikeing") by the Department of Minerals and Energy Affairs, Northern Cape
Region ("the DME"). Dikeing is a joint venture company between Diamond Core and
the Skeyfontein Communal Property Association. Skeyfontein is situated to the
immediate southwest, and in close proximity, to two known diamond mines, and is
considered to be prospective for kimberlites.
The prospecting permit was formally handed over at a function held in the
Tsantsabane (Postmasburg) Town Hall on 21 April 2004, and the ceremony was
attended by dignitaries from the DME and the Northern Cape Legislature.
In his address, Mr Godfrey Mfetoane, Acting Director: Minerals Development:
Northern Cape Region, expressed his department"s full support for the
transaction and the transparent process which had been followed in negotiating
the Dikeing joint venture. He stated that it was transactions of this nature
which bore testimony to Government"s stated policy that the mineral wealth of
South Africa should be exploited for the benefit of all. Mr Mfetoane assured
Dikeing of the DME"s support in the future and expressed his hope that
commercially viable kimberlites would be found on Skeyfontein.
Mr Goolam Akhawary, MEC for Finance of the Northern Cape Legislature, expressed
support for the project and looked forward to the empowerment of the Skeyfontein
Community through the benefits which commercially viable deposits could
potentially bring. This, he stated, would be a practical example of Government
policy being implemented with regards to transformation of not only the minerals
sector, but also the empowerment of disadvantaged communities.
In his response, Mr Theo Botoulas, Managing Director of Diamond Core, expressed
the hope that any benefits accruing to the Skeyfontein Community from the joint
venture would be used optimally for its benefit. He also thanked the
representatives of the DME, Mr Mfetoane and Mr Levy Rapoo, the previous
Director: Minerals Development: Northern Cape Region, for their leadership and
assistance in concluding this transaction.
The geological contractors to Diamond Core, MSA Geoservices ("MSA"), will
articulate and implement the exploration strategy and programme on Skeyfontein
and have mobilised resources in this regard.
Resumption of exploration on the Paardeberg East project
Diamond Core is pleased to announce the resumption of exploration operations on
Paardeberg East. MSA will plan, oversee and manage the exploration strategy and
programme. A desktop study is currently in process in order to consolidate, and
verify the integrity of, all previous work done on Paardeberg East. This
desktop study will provide a basis for planning further exploration work
required on Paardeberg East.
Appointment of competent person
In order to ensure compliance with the JSE Securities Exchange South Africa
("JSE") Listing Requirements as well as the South African Code for Reporting of
Mineral Resources and Mineral Reserves, Diamond Core has appointed RSG Global to
act as competent person to audit the exploration undertaken at Paardeberg and
Skeyfontein.
Developing a portfolio of other properties
In line with the Company"s strategy of developing a portfolio of exploration
assets, the management team of Diamond Core is actively pursuing opportunities
regarding additional prospective diamond properties, and has submitted several
prospecting permit applications to the DME.
29 April 2004.
Directors: CP Dollery*, S Nachom**, D Levithan, T Botoulas *British, **American
Non-Executive
Company secretary: K Plekker
Company registered address: Ground Floor, Orbach Place, 261 Oxford Road, Illovo,
Johannesburg, 2196 (P O Box 821, Northlands, 2116)
Transfer secretaries: Computershare Limited, 70 Marshall Street, Johannesburg
2001 (PO Box 61051, Marshalltown, 2107)
Sponsor:
Sasfin Corporate Finance, A division of Sasfin Bank Limited
Corporate adviser: Questco (Pty) Limited
