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DIAMOND PAGE — Montello, Kennecott form Manitoba alliance

Posted By: Northern Miner Staff May 3, 1999

Alberta diamond explorer Montello Resources (MEO-A) and Kennecott Canada Exploration are expanding their joint-venture relationship to include diamond reconnaissance exploration in Manitoba.

Kennecott and Montello are forming a 60-40 joint venture, with the former, a subsidiary of Rio Tinto (RTP-N), acting as a manager. The two are already partners on the 1.5-million-acre Legend property in northeastern Alberta, where seven confirmed kimberlites have been discovered, along with a possible eighth.

Microdiamond results from the final processing of six of the kimberlites are pending. Kennecott can earn a 60% interest in the Legend property from 70-30 owners Montello and Redwood Resources (RDW-A) by spending $30 million over seven years.

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COMPANY: Kennecott Exploration CompanyMontello Resources LtdRedwood Resources LtdRio Tinto Exploration Canada Inc
 

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