Vancouver —
The best-efforts financing, which will be placed through a syndicate led by Loewen Ondaatje McCutcheon, will consist of $5 million in flow-through shares and $30 million in non-flow-through units. (A unit consists of one share and half a warrant).
Mini-bulk sampling has recovered a 10.5- and a 4.1-carat diamond from kimberlite pipe 140-141, and there are indications of a large population of stones.
The large-diameter drilling program tested the upper section of kimberlite breccia beds in the southern, higher-grade portion of pipe 140-141. Recovered stones will be used in grade forecasts and to provide preliminary valuations.
The 225-sq.-km project is owned 42% by Kensington Resources, 42% by operator
The project is adjacent to, and northwest of,
The joint venture has budgeted $26 million for exploration and evaluation in 2005.
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