THE DIAMOND PAGE — Kimberlite discovered at Afridi Lake property

Drilling at the Afridi Lake property in the Northwest Territories is reported to have intersected a land-based kimberlite pipe.

Cypango Ventures (VSE) can earn a 51% interest from 70% owner Intertech Minerals (VSE) by paying all exploration costs up to, and including, a 100-tonne bulk sample. Intertech, in the meantime, has agreed to buy an additional 20% stake in the 52,591-hectare property from a private company for $600,000, increasing its total interest to 90%. As part of the agreement, Intertech holds the right to buy the remaining 10% before March 28, 1997, for $5 million.

More delineation drilling is planned for the new discovery, known as pipe 5009A, which is the first in a cluster of four targets to be tested.

Canamera Geological, under the direction of both companies, is managing the project.

The Afridi Lake property lies 320 km northeast of Yellowknife, in the Lac de Gras area.

In related news, Cypango has acquired an option to earn a 51% interest in the C.J. claim group held by partners ITL Capital (VSE) and Riley Resources (VSE) in the Lac de Charloit region.

Terms call for expenditures of $4 million over four years.

The claim group comprises 101,492 acres 40 km northeast of the AK 5034 kimberlite. A 5-target drill program is about to begin.