Trading of shares set to commence on July 10, 2012 under symbol KDI
Shares Issued and Outstanding: 16,143,112
TORONTO, July 9, 2012 /CNW/ - Kennady Diamonds Inc. ("Kennady Diamonds", the "Company") is pleased to
announce that drilling has commenced at the Company's 100%-controlled
Kennady North diamond project located in Canada's Northwest
Territories. Two drill rigs have been mobilized to Kennady North with
one drill rig focused on in-fill drilling along the Kelvin-Faraday
kimberlite corridor and the second focused on approximately 20 newly
discovered high-priority geophysical targets that are accessible from
land during summer.
Kennady Diamonds President and CEO, Patrick Evans, commented: "Kennady
North is an exceptionally prospective diamond exploration project,
located adjacent to the Gahcho Kué JV between De Beers Canada and
Mountain Province Diamonds ("Mountain Province"). Gahcho Kué is the
world's largest and richest new diamond mine development. The known
kimberlites at Kennady North show a remarkable similarity to the Gahcho
Mr. Evans added: "Our priority is to define a resource along the
Kelvin-Faraday kimberlite corridor which hosts three diamondiferous
kimberlites. In addition, we are very excited about the newly
discovered kimberlite targets that we will be testing in the next two
months. These new targets correspond to unexplained kimberlite mineral
trains and bear a close geophysical resemblance to the known
kimberlites at Kennady North."
Results from the drill program will be announced as soon as they are
received and regular updates are planned during the course of the drill
program over the next two months.
About Kennady Diamonds
The Kennady North project comprises thirteen leases and claims located
to the west and north of the four leases controlled by the Gahcho Kué
Joint Venture between De Beers Canada Inc. (51%) and Mountain Province
(49%) located in Canada's Northwest Territories.
Exploration at Kennady North commenced in the late 1990's and resulted
in the discovery of the diamondiferous Kelvin, Faraday and Hobbes
kimberlites. The number of diamonds recovered from these kimberlites
and the size-frequency distribution indicate that they may be of
comparable grade to the 5034 (1.77 carats per tonne) and Hearne (2.10
carats per tonne) kimberlites at the Gahcho Kué JV. Exploration samples
from Kelvin and Faraday returned a relatively large number of macro
diamonds with the two largest being a 0.4 carat diamond from Faraday
and a 0.09 carat diamond from Kelvin.
The known kimberlites at Kennady North do not explain all the
kimberlitic indicators previously recovered from glacial till sampling.
Exploration at Kennady North was suspended in 2004 when Mountain
Province focused its attention on the Gahcho Kué pre-feasibility and
Exploration at Kennady North recommenced during 2011 with a 50-meter
line-spacing airborne gravity gradiometry (AGG) survey over the entire
123.6 square kilometer project area. The survey identified 106
geophysical targets. Mountain Province recently completed a
560-line-kilometre total magnetic field (MAG) ground survey over all
106 geophysical targets identified by the AGG survey. The 39 high
priority targets identified through the AGG and MAG surveys will be
drilled as part of the current summer drill program (approximately 20
drill targets) and 2013 winter drill program (approximately 20 drill
This news release has been prepared under the supervision of Carl G.
Verley, P.Geo., who serves as the qualified person under National
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
has reviewed or accepts responsibility for the adequacy or accuracy of
FORWARD LOOKING INFORMATION
This news release includes certain information that may constitute
"forward-looking information" under applicable Canadian securities
legislation. Forward-looking information includes, but is not limited
to, the Company's strategic plans, future operations, future work
programs and objectives. Forward-looking information is necessarily
based upon a number of estimates and assumptions that, while considered
reasonable, are subject to known and unknown risks, uncertainties, and
other factors which may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking information. There can be no assurance that such
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
information. Accordingly, readers should not place undue reliance on
forward-looking information. All forward-looking information contained
in this press release is given as of the date hereof and is based upon
the opinions and estimates of management and information available to
management as at the date hereof. The Company disclaims any intention
or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by law.
SOURCE Kennady Diamonds Inc.
For further information:
Kennady Diamonds Inc.
Patrick Evans, President and CEO