BELLINGHAM, WA, June 12 /PRNewswire-FirstCall/ -- Omicron Technologies Inc. (NQB Pink Sheets: OMCN). Further to the news releases dated May 30 and June 4, 2003, the Company reports that it has completed the acquisition of three advanced-stage diamond projects in the Ukraine through an exchange of assets with Aurora Pacific Consulting & Development, Inc.
The Volinska, Novograd Volyn and Shepetovka projects total roughly 3,000,000 acres in the Ukraine and lie along a major structural trend extending from Russia into the Ukraine (the rich and profitable Archangel diamond mine in Russia is situated along this same trend). Topography, climate and excellent infrastructure in the project areas will permit year-round operations. The Ukraine is a stable, emerging democracy with a long history of diamond cutting, polishing and marketing, as well as being home to some of the world's foremost diamond exploration geologists.
Over the past decade, approximately US$500,000 has been spent on exploration and development of the projects. Regional and local geophysical surveys and drill testing of kimberlite targets have identified more than 190 diamondiferous kimberlite pipes. Many of these pipes have yielded considerable numbers micro and macro-diamonds, many of which are considered gem quality. Of note, one core hole has yielded 115 diamonds over a 17.5 meter interval.
Prior to Omicron's acquisition of the projects, there was a considerable backlog of drill core sample requiring analysis due to a lack of funding. The Company has arranged for payment and completion of the work, and will announce the results as soon as they become available. Omicron has also engaged the services of the same team of engineers and geologists who discovered and developed the three diamond projects during the 1990s.
The Company's new President, Mr. Walter Stunder is currently in the Ukraine mobilizing equipment and personnel for a core drilling and bulk sampling program to begin shortly. Current plans call for drilling at least three core holes into each diamondiferous kimberlite, as well as taking 50 tonne mini-bulk samples from each of the 190+ kimberlite pipes. Further information on the 2003 drilling and sampling programs will be provided in future news releases.
Effective immediately, Walter Stunder has been appointed President and a Director of the Company. Mr. Stunder has been involved in the gemstone and precious metals industries of Eastern Europe and Russia for nearly thirty years, principally as a consultant to several major international mining companies, during which time he has been directly responsible for identifying and negotiating the acquisition of many world-class mineral deposits. Mr. Stunder received his education at the University of Saskatchewan, is fluent in Ukrainian and Russian, and has served as a board member of several public companies.
The Company is also pleased to announce that Mr. Owen C. MacRae has agreed to join the Board of Directors and Mrs. Chris Foster and David Naylor have stepped down as Directors; Mr. Naylor has also resigned as Secretary & Treasurer. Mr. Sakwinder Narwal has stepped down as President to assume the duties of Chief Financial Officer.
The new management team wishes to thank the outgoing officers and directors of the Company for their service and dedication, and to acknowledge faithful shareholders for their patience and understanding during this transition.
Lastly, the Company is pleased to announce that it has received regulatory approval of its application for a name change to "North Star Diamonds, Inc." The company can now make an application for a symbol change, which should be accomplished in the next two weeks.
For further information, please contact us at (888) 821-6607.
Disclaimer: The Company relies upon the safe Harbor Laws of 1993, 1934, and 1995 for all public news releases Statements, which are not historical facts, are forward-looking statements. The Company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements.
Omicron Technologies Inc.
CONTACT: For further information, please contact us at 888-821-6607
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