Kimber-X Enters Option and Joint Venture Agreement
2007-08-02 07:00 ET - News Release
WILMINGTON, Del. -- (Business Wire)
Kimber-X Resources Corp. (Pink Sheets:KRXR) Kimber-X is pleased to report that it has entered into a formal Option and Joint Venture Agreement with Terrastar Minerals Inc. regarding their Sask Craton Property consisting of over 100,000 acres located adjacent to the prolific Fort a la Corne diamond-bearing kimberlite field in Saskatchewan, Canada. The Fort a la Corne area currently hosts one of the most extensive kimberlite fields in the world and possibly the world’s largest diamond deposit. The Fort a la Corne area is known to have the world’s largest accumulation of diamondiferous kimberlites. Recently, the two largest diamonds recovered in Saskatchewanof49.50 and 22.56 carats were discovered in Fort a la Corne.
Under the terms of the Option Agreement, Kimber-X has the right to earn a 55% undivided interest in the Sask Craton Property. Upon Kimber-X earning its undivided interest, a Joint Venture will be established with Kimber-X as operator holding a 55% interest.
Recently reviewed information provided by its joint venture partner by the Company’s geological team has verified that the Sask Craton Property is geologically similar to Fort a la Corne and is therefore highly favorable to host additional kimberlite deposits. These conclusions were reached based upon advancements in geological and geophysical perception that have expanded the understanding of the current deposits and illustrated the potential for similar discoveries in the region.
Current models for kimberlite emplacement patterns illustrate a general clustering effect. Utilizing proprietary data available to the joint venture, as well as other government research, the Company initially plans to examine the potential of the property to host significant extensions. The Company’s Diamond Advisory Team will initially be examining the aeromagnetic and ground magnetic data as well as conducting infill studies as necessary to further delineate several priority one anomalies thought to indicate new kimberlite bodies.
It is currently estimated that over 45% of world diamond exploration is now being conducted in Canada, with Canada slated to become the world’s #1 diamond producer in the very near future.
Contacts:
Kimber-X Resources Corp.
Investor Relations, Toll-Free: 1-888-789-0939
info@kimber-x.com
www.kimber-x.com
or
TheOpeningBell Newsletter
John Gernannt, 478-254-4138
theopeningbell@cox.net
EquityResearchIR.com
Source: Kimber-X Resources Corp.
