Boulder Mining (YBR)

[marcos]

' Boulder to purchase two Quebec diamond properties

Boulder Mining Corp
YBR
Shares issued 12,544,491
Dec 21 2001 close $.150
Thursday Dec 27 2001
News Release
Mr. John McAdam reports

BOULDER ACQUIRES PROPERTIES IN CANADA'S NEW DIAMOND DISTRICT ...

Boulder Mining has acquired the option to purchase a 100-per-cent interest in two properties, the VVS and the VVT, located 25 kilometres southwest of Majescor's Portage project and about 120 kilometres southwest of the significant new diamond discovery recently announced by Ashton Mining of Canada on Dec. 17, 2001.
Ashton Mining announced that both of its kimberlites in the Otish Mountains area are diamondiferous. Of special importance to Canadian diamond explorers is that one of the pipes, Renard 2, yielded three coarse size diamonds, which signals the presence of potentially high-grade diamond pipes in the Otish Mountains district of Quebec. A new Canadian diamond district is unfolding.

The Boulder properties, which total approximately 30,000 acres (12,140 hectares), straddle a prominent, northeast trending regional structural zone that parallels the Kapuskasing structural zone trending through the Majescor/BHP Portage project and the Ashton/Soquem diamond discovery. In addition to the regional structural zone trending through the VVS and VVT properties, a number of discrete magnetic anomalies occur at or near the intersection of this linear and a number of northwest trending cross-cutting dikes. In Eastern Canada, there are four diamondiferous kimberlite structures actively being explored: 1) the Winisk River fault extension in Ontario that hosts De Beers's Victor pipe in the James Bay lowlands; 2) the Kapuskasing structural zone which extends from Lake Superior in the south to the Torngats in the Ungava district; 3) the Lake Temiskaming structural zone; and 4) the Otish Lineaments which now hosts the new Ashton Renard 2 pipe.

Diamond strategy
In Stockwatch Nov. 29, 2001, Boulder Mining announced the acquisition of three separate claim groups, the WALP Kimberlite properties, situated near the intersection of the Temiskaming structural zone and the Kapuskasing structural zone. These claim groups cover clusters of discrete magnetic anomalies that are scheduled for drill testing in January, 2002, immediately following the completion of a superflow-through financing announced on Dec. 20, 2001. For the Otish area properties the company plans a low altitude, high-resolution airborne magnetic survey to be flown over both properties. The data will then be interpreted using proprietary techniques by a leading, global diamond consulting group based in Perth, Australia. Complementing the airborne survey, a till sampling program is planned for the summer of 2002 in an effort to define discrete indicator mineral trains.
Although Boulder Mining's technical staff has extensive diamond experience in the Slave province, in Northern Alberta and in the James Bay lowlands areas of Canada, the company plans to incorporate the services of a global diamond expert into its diamond exploration strategy.

The deals
The terms of the two separate agreements between Boulder and the Hunter Exploration Group are summarized as follows:
VVS property The VVS property totals approximately 20,000 acres (8,094 hectares) and is situated 25 kilometres southwest of Majescor's Portage project. Boulder has the option to earn a 100-per-cent interest in the VVS property, subject to a 2-per-cent net smelter return/gross overriding royalty, for a cash payment totalling $30,000 on
or before Jan. 20, 2002, and the issuance of 300,000 common shares. An annual advance royalty payment of $20,000 is due on or before the anniversary date of the agreement.
VVT property
The VVT property, totals approximately 10,000 acres (4,047 hectares) and is situated five kilometres southwest of the VVS property. Similarly, Boulder has the option to earn a 100-per-cent interest in the VVT property, subject to a 2-per-cent
net smelter return/gross overriding royalty, for a cash payment of $15,000 to be made on or before Jan. 20, 2002, and the issuance of 100,000 common shares. An annual advance royalty of $10,000 is due on or before the anniversary date of the
agreement.
The above agreements are subject to regulatory and board of directors approval and due diligence. Both the VVS and VVT properties were staked prior to the Ashton diamond discovery announcement, but, as the result of one Canada's most intense staking rushes, confirmation of title has not yet been received from the government of
Quebec.
(c) Copyright 2002 Canjex Publishing Ltd. http://www.canada-stockwatch.com '