7 Years Of Nothing
FROM TWO YEARS AGO: NOTHING HAS CHANGED. SINCE THIS NEWS RELEASE, ICIENA HAS ROLLED BACK 3:1 AND THEN ISSUED MORE THAN 60 MILLION SHARES. THE PRICE IS LESS THAN IT WAS WHEN THIS NEWS CAME OUT, AND THEY STILL HAVE NOT DRILLED IT. FOR 7 YEARS THEY HAVE PROMISED TO DRILL AND HAVE NOT.
GREG FEDUN IS AT THE HELM.
"Hi Will, We re all excited about moving forward with Chuck andChad..FYI most of the targets are located in soy bean fields and as faras I understand drilling should commence mid to late march..regards greg"
Posted bygreg fedun@ 2008-02-13 15:18
Iciena waits on weather to start Brazilian gem hunt
2008-02-13 14:57 ET - Street Wire
by Will Purcell
Undernew management and with its stock flatlined at a nickel, IcienaVentures Inc. hopes a big drill program will spark interest in itsParanatinga diamond project in Brazil. The work will not start untildrier weather returns to the Mato Grosso district, likely in April.Mato Grosso translates to "thick jungle" so it is no surprise thatheavy rains are a problem.
The plan
Iciena will have a 90-per-centinterest in the property once it completes its spending requirement.Chuck Fipke's Kel-Ex Developments Ltd. is operating the project and hasa 10-per-cent-carried interest. Nobody ever accused Mr. Fipke of beinga cheap date on an exploration play, so with his company in charge ofexploration, Iciena should easily fulfill its spending requirement.
A big geophysical survey was one of the bigger expenses so far.That work produced plenty of top targets and Iciena expects to test atleast six and probably 10 of the features. Although planning isincomplete, the Iciena property will likely see Kel-Ex drill up to 25holes.
Rainy weather will be a minor impediment to Northern explorersused to howling blizzards, short days and fragile ice roads. During thefour wettest months, central Mato Grosso averages 90 centimetres ofrain, comparable to that which Vancouver averages during its wettestfour months.
Fragile infrastructure is the real issue. The Paranatingaproperty is a 385 kilometre drive from Cuiaba, much of it over dirtroads in rough shape at the best of times. The transport of heavyequipment by road during the rainy season is difficult, but Brazil'shardy road warriors insist the muddy trek "is not impossible."
Unlike Vancouver's cool rains, daytime temperatures routinelytop 30 C during the Mato Grosso rainy season when mosquitoes andmalaria flourish. There are no environmentalists here, just soybeanfarms and brush.
Brazilian exploration is cheaper than in Canada and Icienathinks it can complete each hole for less than $15,000. As a result,the drilling budget will likely be $500,000, or less. Mr. Fipke's crewshave already spent over $1.1-million of Iciena's cash, so the companythinks it can reach the $2-million spending target later this year. Atthe start of October, Iciena had $1-million in working capital, so itcould produce promotable news before selling more shares.
The encouragement
Iciena has favourablegeophysics, location and history to provide encouragement, but all aretough touts with speculators. The surest sign of diamonds in Brazil isthe sight of local miners, called garimpeiros, trundling up and downthe streams and rivers crossing your property. A garimpeiro is thePortuguese equivalent of a sourdough, and their diamond liberationactivities are legal in Brazil, at least until the property owner setsup a mine.
Garimpeiros are working Iciena's ground and they have beenfinding diamonds. In fact, the Paranatinga area produced some largestones over the years, with finds of up to 300 carats. The diamondparcels collected by the local miners typically sell for between $90(U.S.) and $120 (U.S.) per carat.
Both De Beers and Rio Tinto PLC hunted kimberlites in thearea. They did discover kimberlites, but they contained few hints ofthe alluvial gems found by the locals. De Beers did find some somealluvial diamonds, but the best kimberlite yielded just a few stones.Although De Beers and Rio Tinto moved on, Mr. Fipke has other ideas.
Iciena closed unchanged at a nickel Tuesday on 1.11 million shares.