Majescor and Diamonds North Advance Potential Diamond District on Banks Island
A detailed stream sediment sampling program of 130 samples was conducted over four adjacent drainage catchments identified as high priority by 2004 sample results (A catchment is an area from which a river or rivers collect surface runoff). The presence of indicator minerals with delicate primary surface features in those samples and the existence of G-10 garnet suggest potential for nearby diamond bearing kimberlites within the catchment regions. The objective of the 2005 sampling program is to trace the kimberlite minerals upstream to source and isolate the most favourable areas to conduct airborne geophysical surveying for target development. Processing of the 2005 samples is underway and is expected to be completed before the end of December 2005.
Based on current data the partners believe that this project has the potential to become one of Canada's next diamond districts. Majescor and Diamonds North have secured a key land position on Banks Island as it is a high priority project for both companies.
The Banks Island project, consisting of approximately 1.2 million acres, is located along the northeast coast of Banks Island in the Northwest Territories. In addition to tidewater access, existing infrastructure includes the Johnson Point airstrip 40 kilometres south of the exploration permits, which is capable of accommodating larger aircraft (such as a DC-3).
The nearest competitor activity within the region is De Beers Canada Exploration Inc. who has recently acquired approximately 4 million acres of exploration permits 15 kilometers to the southeast.
The Banks Island project is a 50:50 joint venture between Majescor and Diamonds North. Diamonds North is the project operator and Dale Mah (P.Geol) is the qualified person for the project.
Majescor is an exploration company with a large portfolio of diamond properties in Quebec, Nunavut, Northwest Territories, Brazil and Madagascar.
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 BOARDS OF DIRECTORS
Mark Kolebaba
President & CEO
Diamonds North Resources Ltd.
André Audet
Chairman & CEO
Majescor Resources Inc.
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Diamonds North Resources Ltd.
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Website: www.diamondsnorth.com
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Majescor Resources Inc.
Chairman and CEO, Andre Audet
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Website: www.majescor.com
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The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.