In 12 long yrs, they still haven't proven ...a
blessed thing but, that, there
really are new suckers born every minute!
imo dyodd
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MONTREAL--(BUSINESS WIRE)--June 2, 1998--Nora Exploration Inc.(ME:NXI), is pleased to announce the joint venture acquisition of two(2) additional off-shore concessions in Namibia, totaling 190,500hectares (1,905 sq. km.)
Known respectively as "Block J" (100,000 hectares/1,000 sq. km.)and "Block N" (90,500 hectares/905 sq. km.) the concessions arelocated off the western shores of Namibia between the 100 m and 200 misobath, both concessions are bordered to the south by the NamibianMinerals Corporation's concession (Namco) and to the north by OceanDiamond Mining's concession (ODM).
For a total consideration of 300,000 common shares (150,000 perconcession) Nora obtained an option to acquire a 50 percent interest inboth concessions and has since exercised that option, creating jointventure partnerships with Woduna Mining Holding (Pty) Ltd. (Block J)and Karas Mineral Holdings (Pty) Ltd. (Block N), both of which haveExclusive Prospecting Licenses (EPL's) for diamonds in theMercury-Conception Bay area granted by the government of Namibia.
TERMS AND CONDITIONS
In consideration for the participation and the formation of thejoint venture agreements, NORA:
-has earned the sole and exclusive right to a fifty percent (50percent) undivided beneficial interest in the joint ventures,
- shall incur the exploration expenditures on the EPL's, -shallhave the exclusive right to manage and operate the exploration programsfor a fee of fifteen percent (15 percent)
Plans to develop the concessions are underway and scheduled tocommence in the fall of 1998, starting with a detailed geophysicalsurvey of the properties at a cost of approximately USD$400,000.
NORA is confident that the geophysical survey will reveal thatthe sedimentary base is similar to the surrounding concessions held byNamco and ODM.
Nora Exploration Inc., is a Canadian based exploration and miningcompany, actively involved in the acquisition, exploration anddevelopment of first rate diamond properties in Africa. TheCorporation's rapid and dynamic growth will place it among thesignificant players in the world marine diamond business. Its shares aretraded on the Montreal Stock Exchange under the symbol NXI-ME.
The transactions are subject to approval from all regulatoryauthorities.
CONTACT: Nora Exploration Inc.
Pierre Leveille, 514/846-2133 or
1-888-666-3431
https://www.nora.com
info@nora.com
or
Nora Exploration Inc.
John Stella, 514/846-2133 or 1-888-666-3431
https://www.nora.com
info@nora.com
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| By Ya’akov Almor |
Posted: 07/07/00 10:07 |
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A source of pride for the organizers of Israel’s second International Rough Diamond Conference, held this spring in Tel Aviv, was the presence of more than 90 percent of the world's leading diamond miners, who came to discuss the state and future of the rough diamond industry. The list of conference speakers predominantly represented the larger players in the field. But the so-called junior diamond exploration and mining companies were a notable presence as they utilized the time between sessions to network with the other participants.
Manfred (Fred) Peschke, president of Vannessa Ventures Ltd., a Vancouver-based diamond and gold exploration firm, said he had come for the same reasons many of his colleagues had made the journey.
“We have a 25,000-hectare concession in the historic Potaro diamond and gold district of Central Guyana. While we've already established beyond doubt that these concessions will prove profitable, we're actively looking for investors, and in particular investors who are interested in going with us all the way.
“Also, Israel manufactures more than 50 percent of the world's diamonds — in terms of value — and is making obvious efforts to attract more direct rough diamond suppliers to its industry. For us, as a diamond exploration company, this was a grand opportunity to visit and network.”
Peschke said that he viewed Israel's diamond manufacturers, especially those who need to buy their own diamond rough for their production, as natural partners in ventures like Vannessa.
Looking for Partners
“That's why we came to the conference, to find diamond manufacturers who are able and ready to come in with us as investors, so that we can make the transition from a diamond exploration company into a diamond mining company,” Peschke explained.
Bernard Tourillon, a vice president of Afri-Can Marine Mineral (the former Nora Explorations company), owns marine concessions off the Namibian coast, and expects to commence mining operations within two years.Rrrrrrrrrriggght!
“We're a diamond exploration company that, like many others, has already made its way up from the basement up to the mezzanine, but is not yet to the first floor,” Tourillon said.
According to Tourillon, the exploration — or “mezzanine” stage — of the process is usually when the company's value shoots up. “This is when the investor needs to buy his options fast, because if the outcome is good — in other words, the site has a viable and profitable mining potential — you're in business,” he said.
Attention to Detail
But investors really need to do their homework to understand what each company offers. Afri-Can and Vannessa, for example, are very different projects when it comes to exploration and actual mining.
Tourillon admits that marine mining is expensive, but says that the potential return on an investment makes the risk of such a project less daunting.
“The price one can get for Namibian marine diamonds is top of the bill. The closer one gets to the Oranjemund River, the higher the grade of the material, with the price going as high as $350 a carat. We have a chance to prove that with the mining technology we intend to employ, we can bring a highly profitable rough product to the surface. This is what investors are looking for,” he said.
“Vannessa's diamond claims are all alluvial,” Peschke explained. “This is often more attractive to investors, because the amount required for developing such claims is substantially less than what is needed for the development of a kimberlite pipe or another mining method.”
Location, Location, Location
There are also other aspects that may make junior diamond exploration companies attractive to investors.
“Vannessa has a number of diamond claims in Guyana, Venezuela and Brazil. These are neutral countries from more than one point-of-view,” Peschke noted “All are in an economically and politically stable climate, with legislative frameworks that are positive toward companies that want to develop mineral properties.”
Peschke’s inference was clear. This is not rebel-held African territory. The diamonds are conflict-free.
Tourillon agrees that the issue of conflict diamonds has become central to the business. “Origin has become important from more than one perspective,” he said. “The focus is currently humanitarian. But it’s also relevant to the issue of branding. Our diamonds will be mined on the sea-bottom off the coast of Namibia. They will be marketed as Namibian diamonds.”
Daniel D. Johnson, president and director of Diamond Fields International, which owns extensive marine claims off the Namibian coast, admits that his company “is not yet a producer of any significance,” but states confidently “I do believe that Diamond Fields will become the next significant producer.” And by significant he means “producing diamonds with an annual value of $50 million or greater.”
In Johnson's view, “...marginal producers and mines will not survive. Any new diamond production contemplated should be profitable at prices significantly below current levels. Mines not in the bottom 50 percent of the cost curve will obviously suffer first.”
He says his company will be the first to bring a new deposit on stream in the near future.
“Our targeted start of production is mid-2001,” he said. “We currently control 100 percent of the property and have no long-term obligation to any other companies regarding development or marketing. Our recent phase of sampling was conducted by De Beers Marine on a payment-for-services basis. This work spanned 14 months and was, we believe, the first time De Beers has ever provided services to a diamond company without a prior joint venture or marketing agreement.”
De Beers’ Changing Role
Diamond Fields believes it can run with the big boys without losing its independence.
“De Beers will remain the major force in the market. On the other hand, I believe market forces will change some aspects of the way the market works. De Beers has stated its intensions in regard to supporting the business, and the downsizing of its stockpile would create more volatility in prices,” Johnson said.
In the new market order, how do these junior companies see themselves as marketing their output?
Figuring that trips like this to Israel may have the desired result, Peschke prefers to sell to his partners or investors: “Once a diamond manufacturer invests a substantial amount into a Vannessa diamond exploration project, the investing company actually becomes a partner in the project. Once mining production starts, the diamond manufacturer/partner has first right of refusal for the goods produced at the mine,” he stated.
Johnson said that Diamond Fields had made no commitments to sell its planned production. “We believe the ‘rights’ to sell the planned Diamond Fields product is an invaluable asset at this stage of our development. And a decision on marketing distribution would only happen after there is a formal decision to proceed with the mine. Our primary goal would be to obtain the highest prices possible,” he said. |
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