Diagem Inc.: Recovery of a 9.37 Carat Valuable Pink Diamond
News Desk
MONTREAL, QUEBEC--(CCNMatthews - March 5, 2007) - Diagem Inc. (TSX
VENTURE:DGM) is pleased to announce that it has acquired an intense
pink diamond weighing 9.34 carats for the purchase price of USD
445,000. That stone was recovered from an artisan mining permit within
Diagem's Property 370/98. Small artisan mining permits are commonly
provided to landowners in exchange for surface access to their
landholdings. The permit is located near the head of the Sao Luiz
River, an area of past and present prolific alluvial diamond
production. It lies immediately downstream of the new cluster of
kimberlite pipes recently discovered by Diagem on its wholly owned
Properties 108 and 370/98. The recovery of this valuable pink diamond
is important evidence of the quality of the diamonds originating from
the Chapadao, an elevated regional plateau, where the cluster of
kimberlite pipes are located.
The diamond was evaluated by a diamond trader, from the United Arab
Emirates, who described the stone "as a rare diamond with an evenly
distributed intense pink color, very small inclusions (VS2) and with
no internal defects". The diamond will be cut and polished for added
value and then will be sold on the diamond market. The diamond trader
has suggested that the diamond should be cut in the shape of a heart
with a final weight of approximately 5 carats. Proceeds of the sale
will be used to fund Diagem's diamond exploration and development
projects.
The discovery of the kimberlite pipe cluster was triggered by the
delineation of a diamondiferous layer which was identified as a
primary kimberlitic ash-fall or tuffitic material blanketing the area.
In addition to the potential for primary diamond deposits represented
by the kimberlite pipes, this tuffitic layer is also attractive as it
will be easily mineable. Preliminary bulk sampling of the surface
kimberlitic tuffitic diamondiferous layer was done at thirteen
separate locations; 849 diamonds coarser than 1.7 millimetres were
recovered. They weigh 155 carats which were obtained from processing
235 cubic metres of kimberlitic ash tuff material. The average grade
is 0.66 carats per cubic metre. These results were detailed in the
Company's January 11, 2007 press release.
Final exploration reports have been submitted to DNPM for both
Properties 370/98 and 108. On Property 370/98, further work is planned
to evaluate the kimberlite pipes and the kimberlitic ash fall and tuff
ring deposits. This will be done as soon as Diagem receives the
necessary permits. The plans call for the large scale bulk sampling of
the delineated near-surface kimberlitic ash-fall material. On Property
108, Diagem is preparing an application for a mining concession to
extract diamonds from the alluvial material as reported in the final
exploration report. The recently discovered kimberlite pipe targets
will also be further evaluated in both 370/98 and 108 properties.
Diagem is actively seeking a partner to further explore and develop
this important discovery of a kimberlite pipe cluster.
The technical content of this news release has been approved by Dr.
Mousseau Tremblay, of Williamstown, Ontario, a Qualified Person and
Chairman of the Board of Directors of Diagem Inc.
About Diagem
Diagem Inc. is a Canadian exploration mining company focused in
diamondiferous resources in the Julia Diamond Province of Mato Grosso,
Brazil where it controls the largest mineral portfolio. The Company is
committed to bring on stream a new diamondiferous deposit to tap
growing demand.
Forward-looking statements: Except for statements of historical fact,
all statements in this news release, without limitation, regarding new
projects, acquisitions, future plans and objectives are forward-
looking statements which involve risks and uncertainties. There can be
no assurance that such statements will prove to be accurate; actual
results and future events could differ materially from those
anticipated in such statements.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.