RE: tkellyLou,
The float is very tight on this stock. Most is contolled by Chuck Fipke, family, and friends. The placement should now be completed or nearly completed. Once that happens, I expect to see exploration news in short order.
You may want to keep an eye on Chuck's other shell CSX on the TSX Venture Exchange. It has been quiet all summer, but has started to jump around the last few days. CSX is joint ventured with Iciena Ventures (IIE) in Brazil. They have an interesting and advanced diamond project down there. He seems pretty focussed on MTX, but he may have plans for CSX (and IIE) as well. Here's the news from CSX and IIE:
Iciena to acquire interest in Brazil diamond project
Iciena Ventures Inc IIE
Shares issued 5,387,763 Jul 2 2002 close $ 0.49
Wednesday July 3 2002 News Release
Also Consolidated AGX Resources Corp (CSX) News Release
Mr. Greg Fedun of Iciena Ventures reports
ICIENA TEAMS WITH FIPKE IN BRAZILIAN DIAMOND PROJECT
Iciena Ventures has signed an agreement to acquire a 20-per-cent interest in a diamond project located in the Amazon craton, Brazil, from Consolidated AGX Resources Corporation. Dr. Charles Fipke, who discovered the Ekati diamond mine for Dia Met Minerals Ltd., will act as operator of the project.
Located north of Cuiab, Brazil, the 63,000-hectare claim block was host to a large-scale diamond rush in the 1960s, when alluvial diamonds were first discovered. A large number of high-quality stones have been recovered, and local "garimpeiro" miners continue to find success in the local riverbeds with the price for a parcel of stones averaging about $90 (U.S.) per carat to $120 (U.S.) per carat.
The proliferation of high-quality alluvial diamonds in the area has attracted the attention of several major diamond companies. In the 1960s, an exploration program, which met with mixed success, resulted in the discovery of more than 30 kimberlite pipes. The area was revisited in the 1990s, uncovering more then 10 additional kimberlite pipes. The project was prematurely abandoned when a lab returned negative results from +/- 20-kilogram samples of several pipes. Seven unsampled pipes, 40 additional unsampled targets and nine sampled kimberlite pipes occur within the 63,000-hectare claim block. A sample of 21 diamonds, collected from the property by Dr. Fipke, exhibit pristine or near-pristine surfaces, suggesting a local source for the significant number of alluvial diamonds found on the claims.
More interesting is Dr. Fipke's discovery of group I eclogitic garnets, indicator minerals that grow with diamonds, in two of the initial heavy mineral samples he collected. Group I eclogitic garnets characterize some of the largest diamond mines in the world, such as De Beers's Orapa mine in Botswana, the Robert Victor and Bobbejaan mines in South Africa, the Zagadochnaya mine in Russia, and Diamond Works' Koidu mine in Sierra Leone.
C.F. Mineral Research Ltd., the laboratory Dr. Fipke founded in his pursuit of the Ekati diamond mine, has developed state-of-the-art proprietary technology, enabling it to accurately distinguish group I eclogitic garnets from other eclogitic garnets, such as megacrysts and group II eclogitic garnets, which do not grow with diamonds. This technology was unavailable to the companies previously working the area.
"We have the advantage of much more sophisticated technology than we used to find Ekati," says Dr. Fipke. "Not to mention the benefit of the data from the previous work that has been done -- this is a strong shortcut to an advanced project and the basis for a new investment. This is an area with very high potential for undiscovered primary diamond deposits."
Under the terms of the agreement, Iciena can acquire a 20-per-cent undivided working interest in the project, subject to a 2-per-cent carried interest, by paying Consolidated AGX Resources Corp. $600,000 to finance an advanced exploration program in 2002, after which Iciena will be responsible for 20 per cent of further expenditures. A cash payment of $300,000 has been advanced in trust, with the balance due within 21 days. This agreement is subject to TSX Venture Exchange approval.
Iciena further announces it has agreed to a $1.4-million private placement consisting of 4.0 million units at 35 cents each. Each unit will consist of one common share and one non-transferable share purchase warrant entitling the holder to purchase an additional common share at 45 cents for two years. The proceeds of the private placement shall be used to finance the acquisition of the Brazilian project and general working capital. A finder's fee in cash or shares shall be payable in connection with this transaction. This private placement replaces the financing previously announced in Stockwatch on May 10, 2002. The private placement and finder's fee are subject to TSX Venture Exchange acceptance for filing.
(c) Copyright 2002 Canjex Publishing Ltd. https://www.stockwatch.com
tk