DVV substancial news!!Dunsmuir Signs Option Agreements on
Significant Land Position at Lac de Gras
TSX VENTURE EXCHANGE: DVV
VANCOUVER, Feb 18, 2004 (Canada NewsWire via COMTEX) --
Dunsmuir Ventures Ltd. is pleased to announce it has entered into two option agreements
to acquire from 65%-100% interest in 56,076 hectares (138,563 acres) of lands
prospective for diamonds within the Lac de Gras diamond district. The properties
comprise 18 separate claim groups of which seven are under option from a private
prospecting syndicate. Dunsmuir has a right to earn an undivided 100% interest on the
syndicate held claims by making $10,000 in cash payments and by issuing 175,000
common shares over a two year period. The remaining 11 claim blocks are under option
from Thelon Ventures Ltd. (THV - TSX Venture Exchange). Dunsmuir has the option to
earn a 65% interest in these properties by spending $4.1 million on exploration and
underlying land payments over a 5 year period. Provisions under this agreement provide
for Dunsmuir to become fully vested in stages and allow for expenditures on either the
syndicate or Thelon properties to satisfy the option agreement with Thelon. The
properties have up to a 4% gross overriding royalty on diamonds with buyback provisions
for up to 2% of the GOR.
The properties have undergone variable levels of exploration during the early days of
discovery at Lac de Gras. A kimberlite (DI-02) was discovered by previous operators on
the claims held by Thelon that lie adjacent to the southern buffer claims of BHP Billiton
Diamonds Inc. and Archon Minerals Ltd. Thelon also completed a high resolution
airborne Mag-Em survey flown by Fugro Airborne Surveys this past summer covering
from 10-15% of the properties. Dunsmuir's geophysicist, Christopher Campbell, P. Geo.
of Intrepid Geophysics Ltd, has reviewed this data and identified multiple geophysical
targets for follow up work. These targets have never been drilled. It is the intention of
Dunsmuir to initiate exploration work on these properties early in 2004 by continuing the
airborne Mag-EM work and by prospecting and target specific till sampling next summer.
Concerning this new acquisition, Art Ettlinger, president of Dunsmuir states that "by
acquiring a major land position amongst the operating diamond mines of the world's third
largest diamond producer, Dunsmuir has added discovery potential from the premier
diamond exploration address in the world and is demonstrating an aggressiveness
towards exploration that with time, increases the chance of success and mitigates
exploration risk".
ON BEHALF OF DUNSMUIR VENTURES LTD.
"Art Ettlinger"
Art Ettlinger
President, CEO and Director
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy
of this release.