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Dec 04, 2006 : Uranium North Set To Close Financing And Commence To Trade more...
Nov 16, 2006 : Diamonds North Announces Closing of $7 Million Private Placement more...
Oct 26, 2006 : $6 Million "Bought Deal" Financing more...
Oct 12, 2006 : Diamonds North and Arctic Star to Explore in Canada's Newest Kimberlit... more...
Oct 05, 2006 : 19 New Kimberlite Float Occurrences on Amaruk Further Demonstrates the... more...
Sep 27, 2006 : Drill Targets Identified on the Ualliq property more...
Sep 20, 2006 : Diamonds North Increases Kimberlite Tally to Five Demonstrating Amaruk... more...
Aug 23, 2006 : Target Testing Underway at Amaruk -- New Kimberlite Discovered more...
Aug 15, 2006 : Shear Minerals and Diamonds North to Explore the Sakari property more...
Aug 02, 2006 : Diamonds North and International Samuel to Explore the Ualliq property more...
Aug 01, 2006 : Diamonds North Closes Plan of Arrangement for Shareholders to Receive ... more...
Jul 19, 2006 : Diamonds North sets Effective Date for Shareholders to Receive Uranium... more...
Jul 17, 2006 : Pathfinder Starts Major Airborne Geophysical Survey at Thelon Basin Ur... more...
Jul 14, 2006 : Diamonds North Grants Options more...
Jul 13, 2006 : Diamonds North To Drill The Amaruk Project more...
Jul 12, 2006 : Diamonds North Completes $3,265,000 Equity Financing more...
Jul 11, 2006 : Diamonds North Financing Update more...
Jul 05, 2006 : Diamonds North and Majescor Developing Drill Targets on Banks Island more...
Jun 29, 2006 : Diamonds North Announces Equity Financing more...
Jun 27, 2006 : Diamonds North Positions Uranium North in Athabasca, Thelon and Hornby... more...
Dec 14, 2005 : Diamonds North Completes $4,500,000 Equity Financing more...
Dec 07, 2005 : Diamonds North Increases Equity Financing To $ CDN 4,500,000 more...
Nov 23, 2005 : Diamonds North Announces Equity Financing more...
Nov 10, 2005 : Blue Ice 2005 Exploration Program Summary more...
Nov 09, 2005 : Majescor and Diamonds North Advance Potential Diamond District on Bank... more...
Sep 28, 2005 : Kimberlite Discoveries Begin on Amaruk more...
Sep 22, 2005 : Pathfinder and Diamonds North Increase Vast Land Position for Uranium ... more...
Jul 26, 2005 : Diamonds North Identifies New Uranium Opportunities on Diamond Claims more...
Jul 22, 2005 : Diamonds North Completes Private Placement more...
Jun 27, 2005 : Non-Brokered Private Placement more...
Jun 07, 2005 : Diamond Sizes Prompt Diamonds North to Increase Washburn Ownership to ... more...
Jun 01, 2005 : Uranium Potential Confirmed on Thelon Diamond Project more...
May 19, 2005 : Bill Zimmerman Joins Diamonds North Board more...
Apr 21, 2005 : King Eider Yields Three Quarter Carat Diamond more...
Apr 20, 2005 : Diamonds North and Stornoway Enter into Agreement to Explore Manitoba ... more...
Apr 14, 2005 : Diamonds North Capitalizes on Commodity Opportunities more...
Apr 12, 2005 : Prioritization of Drill Targets on Arnak more...
Apr 01, 2005 : Diamonds North Identifies Another Potential Diamond District on the Sl... more...
Mar 23, 2005 : Grant of Incentive Stock Options more...
Feb 28, 2005 : Blue Ice Property Update more...
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2006 | 2005 | 2004 | 2003 | 2002
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Thu Apr 14, 2005
Diamonds North Capitalizes on Commodity Opportunities
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News Release: 05-11
Vancouver, BC, April 14, 2005 - Diamonds North Resources Ltd. (TSX-V: DDN) reports it has signed a memorandum of understanding (MOU) with Pathfinder Resources Ltd. (TSX-V: PHR), whereby Pathfinder can earn an 80% interest in uranium rights in Diamond North's Thelon exploration permits which cover more than 3.5 million acres of land within and peripheral to the southeastern Thelon Basin located approximately 500 kilometres east of Yellowknife, Northwest Territories, Canada.
Under the terms of the MOU, Pathfinder is requires to make a cash payment of $100,000, staged issuance of 2 million shares, and exploration expenditures of $4 million over 3 years to earn an 80% interest in the uranium rights. Diamonds North will retain a 20% interest which is carried to completion of a bankable feasibility study on any uranium deposits found on the property. Pathfinder will operate the uranium exploration programs.
Diamonds North remains committed to and focused on exploring the diamond potential of all 27 million acres of prospective ground it currently holds. The Company also recognizes that this large land position offers other exploration opportunities in the form of other commodities that may benefit its shareholders. This transaction with Pathfinder demonstrates how Diamonds North can maximize the potential value of other commodities on its land while maintaining its focus on discovering Canada's next diamond mine.
The Thelon Basin is geologically similar to the prolific Athabasca Basin located about 300 kilometres to the south. The Athabasca Basin hosts a number of world-class unconformity-type very high-grade uranium deposits, which have been discovered at depths to 800 metres. The Thelon Basin has a number of unconformity-related uranium prospects, however, due to its more remote location; it has not received the intensity of exploration accorded to the Athabasca Basin. Major uranium mining companies actively exploring in the Thelon Basin include Cameco and Cogema.
The 2005 exploration program will comprise extensive regional till and soil sampling; several size fractions of the samples will be analyzed using multi-elements ICP in order to identify areas of higher priority to be flown with physical surveys.
"The Thelon Basin is today at the stage of exploration that the Athabasca Basin was in the early 1970's when peripheral basement-hosted deposits had been known but the importance of the sub-sandstone unconformity-type uranium deposit had not been recognized. Given the close geologic similarities of the Thelon and Athabasca Basins, I believe the Thelon Basin has been vastly under explored and potential for McArthur River and Cigar Lake scale deposits exists," states Vic Tanaka, President of Pathfinder Resources. Mr. Tanaka was exploration manager of Asamera Minerals Ltd., one of the partners in the properties that covered the McArthur River, Cigar Lake and Dawn Lake deposits. The McArthur River and Cigar Lake uranium deposits are among the largest unconformity uranium deposits ever discovered.
Diamonds North is a dynamic exploration team focused on strategically advancing diamond opportunities and is determined to discover Canada's next diamond mine.
ON BEHALF OF THE BOARD OF DIRECTORS
Mark Kolebaba
President & CEO
For further information, please contact:
Diamonds North Resources Ltd.
Corporate Communications: Nancy Curry
Telephone:
Facsimile:
Website: diamondsnorthresources.com
Email:
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this news release
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You can view the Next News Releases 2005 item: Wed Apr 20, 2005, Diamonds North and Stornoway Enter into Agreement to Explore Manitoba Highlands Project
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