/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES, TO
"U.S. PERSONS" OR TO UNITED STATES OF AMERICA NEWS SERVICES/
TSX.V Symbol (DMI)
KELOWNA, BC, Nov. 19 /CNW/ - Diamcor Mining Inc. (TSX-V:DMI) (the
"Company") today announces it has begun the initial exploration programme on
the recently announced Hardcastle Alluvial Project (the "Project") located on
the north bank of the Middle Orange River (the "Property"). The initial
exploration programme is being complete with the assistance of Dr. Norman Lock
(BSc, PhD, CGeol FGS MGSSA, PrSciNat) of MSA Geoservices (Pty) Ltd. ("MSA"),
acting as the Independent Qualified Person, and Diamcor's Mr. James Hawkins
(BSc, PGeoph), as Exploration Manager and Qualified Person for the Company.
Diamcor's South African operating team is assisting as required.
ASTER Satellite Imagery Interpretation
The initial ASTER (Advanced Spaceborne Thermal Emission and Reflection
Radiometer) Satellite Imagery and interpretation procured as part of the due
diligence completed prior to closing (see "Hardcastle Alluvial Diamond
Project" Technical Report (NI 43-101) filed with SEDAR, dated November 7,
2007) identified areas of geological interest which the Company believes could
contain diamond bearing alluvial gravels. The Company identified several areas
of interest that collectively cover approximately 30% of the announced
3,603.44 hectare (approximately 8,900 acre) surface area of the Property. To
further augment these findings, a low level helicopter based airborne
geophysical survey will now be completed to test these areas of interest and
other sections of the Property that may contain gravels not identified by the
Helicopter Based Airborne Geophysical Survey
The Company has retained New Resolution Geophysics ("NRG") of Pretoria,
South Africa to conduct approximately 700 line kilometres of helicopter
gradiometer and radiometric survey on an area comprising over 70% of the
Property. Alluvial gravel deposits in portions of the Middle Orange River in
which the Project is located can carry up to 30% banded iron formation clasts
evenly distributed throughout the depositional profile, making the entire
gravel sequence an optimal magnetic target for high resolution airborne
surveys. Various other properties in the area have previously been surveyed
using services such as the Council for Geoscience's fixed-wing airborne
magnetometer aircraft and interpretation of that magnetic data has lead to
usable definition of terraces and palaeo-channels.
The Company's planned NRG survey specifications will be comprised of
flying north-south survey lines at a 50 metre line separation at an optimal
ground clearance of 50 metres. The slower acquisition speed inherent in a
helicopter survey, along with a much lower survey altitude, tighter line
separation, and the higher resolution gradiometer instrument is expected to
yield reliable geophysical data. The Company expects to have the results from
the final interpretation of this low level helicopter data by mid-December
2007. The interpretation will be conducted by GAP Geophysics of Johannesburg,
South Africa. GAP is a well known company with extensive experience in the
interpretation of airborne magnetic data for gravel deposits. The Company
expects the interpreted results to more accurately delineate potential gravel
terraces and palaeo-channels on the Property, which should aid in the
calculations of the gravel tonnages when combined with the results of ASTER
imagery, and the planned drilling programme.
The Company in proceeding with an extensive drilling programme of
approximately 200 percussion and reverse circulation drill holes to further
aid the Company in defining potential gravel thicknesses and locations.
Planned initial drilling will take place on identified areas of interest every
100 metres along traverse lines 400 metres apart and parallel to the northern
boundary of the Property. Holes will be drilled to bedrock (expected to be in
the order of 10 metres depth) and sample chips will be collected and recorded
every metre to help define overburden, calcrete, and gravel thicknesses.
Independent geologists from MSA and the Company's operational management have
been mapping all applicable GPS based coordinates for the Property, and it is
expected drilling will commence in the next few days and conclude toward the
end of December, 2007.
Location of drill holes, identification of samples, and recording of
thickness of each sequence of the drilling programme will be conducted under
the independent supervision of an MSA field geologists in order to comply
with, and further enhance, the Company's NI 43-101 reporting criteria.
Final Exploration Analysis
The drilling data will be used in conjunction with the airborne and
satellite geophysical interpretation to develop a model of the inferred gravel
deposits located on the Property. Based on the available cubic metres of
gravel defined by this model, and a regionally-averaged specific gravity of
similar gravels, the Company expects to generate an estimate of the total
gravel tonnage for its ongoing estimated valuation and reporting purposes. If
these results are encouraging, the Company will move bulk sampling treatment
equipment to the Property to process several hundred thousand tonnes of gravel
from key areas identified. The Company anticipates that a bulk sample of this
magnitude would enable the Company to determine the diamond bearing potential
(if any) of the gravels on the property and to complete initial grade and
valuation calculations in respect of any such diamond bearing material.
Diamcor Mining Inc. is a junior resource company with established
operations and production history in South Africa. The Company is determined
to use this established operating history and industry knowledge to increase
its current production of diamonds through the development and/or acquisition
of additional quality properties in the region.
On behalf of the Board of Directors
Mr. Dean H. Taylor
Diamcor Mining Inc.
Phone: (250) 864-3326
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
This press release contains certain forward-looking statements. While
these forward-looking statements represent our best current judgement, they
are subject to a variety of risks and uncertainties that are beyond the
Company's ability to control or predict and which could cause actual events or
results to differ materially from those anticipated in such forward-looking
statements. Further, the Company expressly disclaims any obligation to update
any forward looking statements. Accordingly, readers should not place undue
reliance on forward-looking statements. This news release is not for
dissemination in the United States, to "U.S. Persons" or to United States of
America news services.
WE SEEK SAFE HARBOUR
For further information:
For further information: Mr. Dean H. Taylor, Chief Executive Officer,
Diamcor Mining Inc., Email: DTaylor@Diamcormining.com, Phone: (250) 864-3326,