Juina Mining Corporation (GEMM)

[sarals]

Latest Diagem/Juina PR-


Diagem and Juina Mining Move Forward on Permitting Property 1000 and Amend Terms Allowing Diagem to Become Lead Partner in Joint Venture
Thursday August 14, 9:01 am ET


VANCOUVER, BRITISH COLUMBIA--Diagem and its joint venture partner the Juina Mining Corporation ("JMC") have mutually agreed to amend the terms of their current joint venture agreement. Diagem becomes the lead partner of the joint venture management committee, taking control of all major aspects of the joint venture partnership company and its operations. In addition, Diagem anticipates converting a US$98,000 loan made to JMC, previously advanced as a contribution to the joint venture, into 1,960,000 shares of JMC, a publicly traded company (OTCPK: GEMM). In recent weeks the joint venture has made significant progress toward reactivating the bulk sampling program on Property 1000, with the receipt of authorization to proceed from FUNAI, the Brazilian agency responsible for the rights of indigenous people. Property 1000, approximately 900 hectares in size, is situation to the south-west of Diagem's main property block in the Juina Diamond Province, Mato Grosso State, Brazil.
ADVERTISEMENT


Six bulk tests completed on this property late last year, yielded an average grade of 0.62 carats per cubic metre - comparable with the better grades on Diagem's 100% owned properties. One bulk sample yielded over 2 carats per cubic metre. Furthermore, a single 106 cu.m. sample from the ARP-1 kimberlite pipe returned 119 diamonds weighing 25 carats, inclusive of 2 diamonds in excess of one carat. All testing was conducted using the joint venture's 15 cu.m. per hour processing plant and X-ray diamond sorting facility which is located on site. Reactivation of this project gives Diagem the potential to add more diamond gravel resources, processing capacity and diamondiferous kimberlite pipes to its current projects.

Diagem is a diamond exploration company holding significant diamond interests in Brazil and Canada. In Brazil it owns 20 properties totaling 130,000 hectares, in addition to the Joint Venture Property 1000, containing extensive diamondiferous gravels and 8 kimberlite pipes, located within the Juina Diamond Province, historically Brazil's largest diamond producing area. In Canada, through its interest in KWG Resources Inc. (TSXV: KWG), Diagem has an indirect interest in diamond exploration projects in the James Bay Lowlands and Wawa areas, in addition to the McFauld's Lake massive sulphide discovery, in Ontario.

The technical content of this news release has been approved by Dr. Mousseau Tremblay, of Williamstown, Ontario, a Qualified Person, President and CEO and director of Diagem International Resource Corp.

For and on behalf of DIAGEM International Resource Corp.

Mousseau Tremblay, President & CEO

Certain of the statements made may contain forward-looking statements, which involve known and unknown risk, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. We do not expect to update forward-looking statements continually as conditions change and you are referred to the full discussion of the Company's business contained in the Company's Annual Information Form dated November 8, 2002 filed with the securities regulatory authorities. Diagem International Resource Corp. shares (Symbol: DGM) trade on the TSX Venture Exchange.


--------------------------------------------------------------------------------
Contact:

Diagem International Resource Corp.
Connie Fischer
Investor Relations
Phone: Toll Free 1-888-906-0444 or [phone]
Email: [e-mail]
or
Diagem International Resource Corp.
Mousseau Tremblay
President & CEO
Phone: (604) 688-GEMS (4367)
Fax: [phone]
or
Diagem International Resource Corp.
Tony Wood
COO & CFO
Phone: (604) 688-GEMS (4367)
Fax: [phone]
Email: [e-mail]