TAHERA CORPORATION (fka TAH.TO)

[dimonfind]

De Beers Canada Options properties on Southampton Island to Ditem Explorations Inc.

http://www.cnw.ca/fr/releases/archive/August2004/26/c4486.html

TORONTO, Aug. 26 /CNW/ - De Beers Canada is pleased to announce that it
has optioned its properties on Southampton Island in Nunavut to Ditem
Explorations Inc. The Southampton properties comprise two blocks of permits,
covering 6,500 sq km, valid for three years.
Ditem signed a confidentiality agreement with De Beers in March and
completed a review of the De Beers work programs which included till sampling
and a fixed wing airborne magnetic survey. "Our objective is to move
exploration projects forward as quickly as possible. Partnerships such as this
one with Ditem are necessary for the rapid development of some of our
properties and a key component of our growth strategy in Canada," said Richard
Molyneux, President and CEO of De Beers Canada. The Southampton Island permits
were taken over as a result of a regional exploration program of the Eastern
Arctic initiated by De Beers in 2000. The Eastern Arctic is now the most
active area of diamond exploration in Canada.
In terms of the letter agreement, Ditem will spend not less than
CDN$1 million in carrying out prospecting, exploration and development for all
minerals over a period of three years to acquire a 100% interest in the
properties. At any time, De Beers may buy back part of Ditem's interest for a
pro rata amount equal to three times Ditem's costs for an interest of up to
60%.
Forty-three percent of the De Beers Group global exploration budget of
USD$92 million will be spent in Canada this year. De Beers has found over 200
kimberlites in Canada, often in conjunction with joint venture partners. The
company's current land holdings in Canada are approximately 163,000 sq km, of
which approximately 139,000 sq km are in Nunavut.
De Beers currently has several active joint ventures in Canada and
negotiations are on-going with other exploration companies. Work is advanced
at two of the company's joint venture projects, namely Gahcho Kué, which is a
joint venture with Mountain Province Diamonds and Camphor Ventures, and Fort à
la Corne, a joint venture with Kensington Resources and Cameco Corporation. In
June De Beers signed an option agreement with Tahera Corporation for
exploration and potential development of the De Beers property adjacent to
Tahera's Jericho Diamond Project in Nunavut.
De Beers has two mining projects under development in Canada, Snap Lake
in the Northwest Territories and Victor in Northern Ontario.
De Beers continues its exploration effectiveness drive aimed at improving
sample treatment technologies and reducing results turnaround times. The
company has doubled the capacity of its indicator mineral sorting laboratory
in Toronto and quadrupled the concentration efficiency of its Sudbury sample
preparation facility. Similar improvements are being implemented at the
company's sample treatment and laboratory facilities in other parts of the
world, including its macro-diamond recovery laboratory in Johannesburg, South
Africa. These improvements are aimed at continuously improving the competitive
advantage enjoyed by De Beers and its diamond exploration partners.