CMKM Diamonds Inc. Receives First $3,000,000 from UCAD Option
Business Wire - July 27, 2004 15:35
LAS VEGAS, Jul 27, 2004 (BUSINESS WIRE) -- CMKM Diamonds Inc. (Pink Sheets: CMKX) announced today that it has received this day $3,000,000 from U.S. Canadian Minerals Inc. as the first exercise of a purchase option agreed to last week between the parties. Under the agreement reached last week, UCAD has a one-year option agreement to purchase an additional 10% interest of all mineral claims held by CMKM Diamonds Inc. for a total of $15 million U.S. dollars payable to CMKM Diamonds Inc.
Urban Casavant, president of CMKX, stated, "We are thrilled that UCAD has begun exercising its option as this frees additional cash for our expanding operations and exploration. As we move toward our meeting in Saskatchewan next week with all parties involved, an action plan will be directed to the future for all."
www.casavantmining.com
There is no guarantee that further exploration or drilling will produce any economic benefit to the company or the shareholders of the company.
This press release contains "forward-looking" statements as that term is defined by Section 27A of the Securities Act of 1933 (the "Securities Act"), as amended, and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"), as amended. All statements that are included in this press release other than statements of historical fact are "forward-looking" statements. Although management believes that the expectations reflecting in these forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors could cause actual results to differ materially from the expectations as disclosed herein, including without limitation, in conjunction with these forward-looking statements contained in this press release.
SOURCE: CMKM Diamonds Inc.
CMKM Diamonds Inc.
877-752-3755
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