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Press Release Source: DIAGEM INC.
DIAGEM: Report of Indicated Resource of 1,000,000 Carats Present in Joint Venture Property 1000, Juina Diamondiferous Kimberlite and Gravel Province, Mato Grosso, Brazil
Thursday January 27, 11:51 am ET
MONTREAL, QUEBEC--(CCNMatthews - Jan. 27, 2005) - DIAGEM INC. (TSX VENTURE:DGM - News) - An indicated resource of 1,000,000 carats built up over the years has been developed by the end of 2004, on Property 1000. The property is held jointly by DIAGEM INC. (DGM) of Montreal, Quebec, Canada (51%) and JUINA MINING CORP. (JMC) of Las Vegas, Nevada, USA (49%). In Brazil, the name of the joint venture entity is Juina Mining Mineracao Ltda (JMML). The results have been obtained at the conclusion of three separate exploration campaigns carried out in 1999-2000, 2002 and during the last four months of 2004. The indicated resource is contained in Block I which is the most important.
DIAGEM Inc. as operator, and in the name of the Joint Venture, is pleased to report that, in view of these results, it has applied for a Mining Licence in December 2004, to cover Permit 866787/85, otherwise known as Property 1000, by submitting to the Departamento Nacional de Pesquisa Mineral (DNPM), as part of the application, the final report of exploration work done on the property between 1999 and 2004.
INDICATED RESOURCE
Block I:
Indicated resource: 1,000,000m3 @ 1.02 ct/cu.m. largely in cemented gravels. A large part of the work was carried out in 1999 and 2000 by JMC. Some additional work was done in 2002 by DGM. The work in non-cemented gravels consisted of gravel delimitation work done by auger in order to locate, measure and calculate the volumes of gravels available. The average grade was calculated by digging out 22 bulk gravel samples and processing 2,452cu.m. (ñ 5,000 tons) of gravels to yield 2,492.87 carats of diamonds for an average grade of 1.02ct/cu.m. The volumetric ratio (volume of sample to volume of resource) was 1:408, well in excess of the 1:5000 and the1:1,000 ratios that are the standard ratios for a resource to be qualified as valid. The bulk sampling results are listed in the following table:
1999-2000 JMML (JMC) Largerly cemented gravels
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BULK
SAMPLE LOCATION VOLUME OF CARATS GRAVEL
GRAVEL RECOVERED GRADE
(M3) (CT) (CT/M3)
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C-0 Companhoni 137.00 115.60 0.844
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C-1 JMML Property 50.00 12.95 0.259
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C-2 Companhoni 99.00 20.00 0.202
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C-3 Companhoni 20.00 12.00 0.600
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C-4 Companhoni 151.00 296.00 1.960
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C-5 Companhoni 194.00 599.25 3.089
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C-6 Companhoni 156.00 101.65 0.652
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C-7 Companhoni 476.00 148.53 0.312
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C-8 Companhoni 247.00 484.37 1.961
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C-9 Companhoni 142.00 224.35 1.580
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C-10 Companhoni 60.00 1.00 0.017
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C-11 M-5 Farm 30.00 24.65 0.822
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C-12 M-5 Farm 60.00 11.10 0.185
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C-13 M-5 Farm 148.00 111.70 0.755
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C-14 M-5 Farm 20.00 7.00 0.350
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C-15 JMML Property 173.00 189.32 1.094
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2002 - JMML (DGM) - Largely cemented gravels
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C-16 Companoni 53.30 12.60 0.236
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C-17 Companoni 51.50 18.90 0.367
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C-18 Companoni 92.96 14.40 0.155
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C-19 Companoni 14.10 6.30 0.447
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C-20 Companoni 63.45 47.70 0.752
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C-21 Companoni 15.00 33.80 2.253
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INFERRED RESOURCES
Block II and Block III:
Two small blocks resulting from wildcat gravel delimitation and bulk sampling were discovered in 2004 by DGM to the south of Block I.
Block II: Alluvial terrace gravel resource of 32.890 cu.m. at a grade of 0.481ct/cu.m.
Block III: Alluvial terrace gravel resource of 7.117cu.m. at a grade of 2.755cts/cu.m.
These results will be followed up in 2005.
KIMBERLITE PIPE ARP-01 AND OVERLYING ELUVIALS
Block IV
The kimberlite pipe ARP-1 was found by De Beers in 1975 and became somewhat lost in the intervening years. It has been located in 2002 by DGM. Material believed to be eluvial gravels covering the kimberlite pipe have been summarily bulk sampled. The results are shown in the following table:
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BULK VOLUME (M3) NUMBER TOTAL GRAVEL
SAMPLE GRAVEL ORE OF STONES CARATS GRADE
PROCESSED RECOVERED RECOVERED (CT/M3)
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QD-2A 25 35 9.10 0.364
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QD-2B 100 77 16.00 0.160
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J-10 106 119 24.90 0.235
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Total 231 231 50.00
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Average Ct Grade (Ct/m3): 0.216
Average Stone Size (Ct): 0.216
QD-2A: Lateritic eluvial material on top of ARP-01
QD-2B, J-10: Massa. The term "massa" is alluvial non-gravelly, kimberlitic material washed away from the top of the pipe.
The 2005 DGM kimberlite evaluation and prospecting program that has already started on January 15 will take up as one of its activities during 2005, with the concurrence of the JV partners, the bulk sampling of kimberlite pipe ARP-02 and of its eluvial cover.
JV DIAMOND PRODUCTION FROM PROPERTY 1000 STARTING IN FEBRUARY 2005
Deal with Mineradora ECO
On Septembre 20, 2004, a 50-50 Joint Venture Heads of Agreement text was signed between Mineradora ECO, a small Brazilian mining company, and the DGM-JMC JV. A 50 hectare small worker mining licence (PLG) is to be issued, with the JV's consent, to a nominee of Mineradora ECO. The area of the PLG is taken out of the JV's 900ha mining rights. As soon as the PLG is issued, which is expected to happen in February 2005, mining will start. The costs and the revenues of the operation will be shared 50-50; the initial capital contribution of each partner is also deemed to be equal. The whole diamond production will be marketed by DGM-JMC JV through its marketing channels in Antwerp. The mining operations and the diamond production that will take place under this agreement will allow the JV to draw revenues while waiting out the time period required to obtain its Mining Licence. It may be possible in time, given initial success, to get one or two more PLG's issued under this ag
reement in order to increase revenues. The principals of Mineradora ECO believe they can solve the IBAMA issue affecting Property 1000, at least as regard their PLG operation.
These new initiatives are believed to bring an end to the inactivity that the JV has suffered since the end of 2002 and promote, in the short term, the return to diamond production from gravels and bring revenue generation for the partners DGM and JMC.
For and on behalf of
DIAGEM INC.
Mousseau Tremblay, Chairman and CEO
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Contact:
DIAGEM INC.
Mousseau Tremblay
Chairman and CEO
Phone: (514) 866-6001 / (613) 347-2561
Fax: (514) 866-6193
Website: www.diagem.com
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
