A.G.M.
Mandorin names Dugmore as exploration director
Mandorin Goldfields Inc MGD
Shares issued 55,130,899 Jun 23 close $0.055
Thu 24 Jun 2004 News Release
Mr. Malcolm Stevens reports
MANDORIN-ACTIVITY UPDATE
Mandorin Goldfields Inc. has released the following update:
Appointment of exploration director
At the company's annual general meeting on June 17, 2004, Mark Dugmore,
MSc, BSc, was appointed as exploration director.
Mr. Dugmore is a globally experienced explorationist having worked for BHP
Minerals for 17 years. Prior to leaving in 2001, Mr. Dugmore held the
position of manager global base metals for BHP Minerals Exploration and
exploration manager for Australia/Asia/Africa regions.
Project activity
Diamonds
Mandorin has an exclusive 20-year global licence to commercialize KDC
Endeavour, the diamond exploration technique developed by Ken Collerson
from the University of Queensland, and as a consequence, Mandorin possesses
diamond exploration target location details, for in excess of 10 target
locations globally.
To facilitate early and aggressive exploration of all of these target
areas, they have been divided into five broad geographic regions: Canada,
United States, Australia, Malaita Solomon Islands (option held) and Asia,
with separate financing arrangements being orchestrated for each region.
Australian exploration
As previously announced in Stockwatch, the first geographic region to be
explored will be Australia, where there are five target areas. To ensure
the extensive Australian exploration program is appropriately financed and
to maximize value for Mandorin shareholders, the board has completed its
selection process and is finalizing the appointment of an Australian-based
investment bank to conduct the preparation and execution of an initial
public offering, in Australia, of a new exploration company. A draft
prospectus has been completed and premarketing will commence in July, 2004.
It is the boards current intention to prioritize the financing and
exploration of the remaining geographic divisions as follows:
Malaita, Solomon Islands
Concurrent with the Australian financing transaction, a transaction,
involving a financing, is being advanced with a Toronto-based investment
firm to create a new Canadian-listed exploration company that has the
rights to explore for diamonds on the island of Malaita in the Solomon
Islands.
The decision to advance this activity has been based on a number of
significant factors such as: "the occurrence of diamonds, majorite and
other ultradeep sourced mantle minerals in volcanic diatremes in Malaita,
Solomon Islands, gives rise to a geochemical signature previously rarely
seen, and as always as inclusions in diamonds; and "if confirmed, this
would be a mechanism for deriving diamonds outside of the cratonic areas
identified in Clifford's rule."
KDC Endeavour "extract from a paper presented by Dr. John Gurney, in 2000,
to the Canadian Society of Exploration Geophysicists; "a number of pipes
were mapped when mantle xenoliths and garnet macrocryst samples from stream
gravels on Malaita were provided for analysis (600 analyses obtained) by
Mr. Collerson at University of Queensland Centre for Microscopy and
Microanalysis; "microdiamonds do occur in pyrope and majorite-bearing
Malaita garnet macrocrysts and majorite-bearing eclogite type garnetite
xenoliths; and "extract from Science Volume 288, May 19, 2000 -- Rocks from
the Mantle transition zone: majorite-bearing xenoliths from Malaita,
Southwest Pacific, pages 1,215 to 1,223 -- Collerson, Hapugoda, Kamber,
Williams."
Canadian, United States and Asia
For the target exploration locations within these geographic divisions
Mandorin continues to assess factors such as tenement availability and
geophysical data availability and quality. As the due diligence results are
received appropriate financing mechanisms that will lead to the
commencement of exploration will be instigated.
Gold, copper/gold, base metals
In addition to the review and identification of opportunities in China
(which have been significantly advanced since the last update news issued
in Stockwatch on March 25, 2004), the board have resolved that Mark Dugmore
instigate a global search (with a focus on Canada, South America and
Australasia) for advanced exploration projects. He has identified a number
of opportunities that are suitable for Mandorin to embark upon in the
immediate future. Negotiations to secure access are under way and will be
announced as appropriate.
In addition to the projects under review Mr. Dugmore will continue
accessing opportunities that present exploration upside and the possibility
of early cash flow.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
(c) Copyright 2004 Canjex Publishing Ltd. https://www.stockwatch.com
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