THE DIAMOND PAGE — Adex, partners encouraged by results from

Exploration activity in the Lac de Gras region of the Northwest Territories is resulting in more kimberlite discoveries. The latest is the Nicholas Bay kimberlite, discovered last April on the Aylmer Lake west claim group under option to SouthernEra Resources (TSE).

A total of 180 natural diamonds (4 macrodiamonds and 176 microdiamonds) have been recovered from 230 kg of drill core from two holes intersecting the pipe. Samples from a third hole will be tested shortly.

SouthernEra has an option to earn a 34.425% interest in the property. Winspear Resources (TSE) has a 32.5% stake in the property and Adex Mining (TSE) will retain a 33.075% interest.

Initial drilling was suspended because of poor ice conditions. However, more drilling is planned to start this month.

Elsewhere in the Northwest Territories

* Four junior companies involved in a joint venture with Monopros are reporting that a first phase of drilling is under way on targets in the Fishback area near Yellowknife. About 10 targets were selected for drilling. The wholly owned diamond exploration subsidiary of De Beers Consolidated Mines can earn a 60% interest in properties held by the Slave diamond syndicate by spending $7 million on exploration within three years. Gerle Gold (VSE) has a 40% interest in the syndicate, while VSE-listed juniors Norcal Resources, Tenajon Resources and Westley Technologies each hold 20%.

Monopros has committed to a $2-million program this year, with work to be carried out by Gerle Gold under the supervision of Monopros. Ongoing work includes magnetic surveys and indicator mineral sampling, the objective being to determine targets for winter drilling.

* A claim dispute related to overstaking in the Drybones Bay area near Yellowknife is now settled. Trade Wind Resources (VSE) says a dispute involving a block of claims which it had optioned in the region is now resolved in its favor. The parties that had overstaked the area were granted the right to acquire 6,000 hectares in another area, on which Trade Winds had the right of first refusal.

Alberta

* The interest of Marum Resources (ASE) in the Pinhorn diamond project has doubled to 70%.

The announcement follows the decision of joint-venture partner Camphor Ventures (VSE) to surrender its option to earn a 35% stake in the 155-sq.-km. property.

Overseas

* Namibian Minerals (VSE), which is preparing a bulk-sampling program at its three marine concessions in southern Africa (one off the coast of South Africa and two off of Namibia), says it has received approval from the Namibian Stock Exchange and the Bank of Namibia for its dual listing on the Namibian exchange.

* Initial results of the mining and pilot plant operations at their Nooitgedacht 131 IP alluvial gravel project in South Africa have yielded 14 diamonds totaling 19.35 carats, Mountain Lake Resources (VSE) and South Cross Diamonds report.

The companies say the majority of the diamonds originated from the newly developed Eastern Trench area where gravels were discovered by seismic methods followed up by drilling.

Meanwhile, the companies are discussing the optioning of their Moon River project with several parties.