TORONTO, ONTARIO--(Marketwire - Feb. 1, 2010) - Vaaldiam Resources Ltd. (TSX:VAA) announced today that it has become aware, via a press release issued at approximately 12:00 p.m. today, that Michael Bailey and entities controlled by him have commenced a tender offer for all of the outstanding common shares of Vaaldiam at a price of US
.07 per share. Vaaldiam has not had any contact with Mr. Bailey with respect to his unsolicited offer or any entities controlled by him and has no prior knowledge of his proposed bid. Vaaldiam is therefore unable to make any determinations regarding the bid or its validity.
The board of directors of Vaaldiam will consider the unsolicited offer if and when it is formally made.
Vaaldiam advises its shareholders not to deposit any common shares of Vaaldiam to this offer if and when made and not to take any action in respect to such offer until Vaaldiam shareholders have received further communication from the Board of Directors of Vaaldiam.
Vaaldiam Resources Ltd. is a Canadian-based diamond mining and exploration company with two mines in Brazil and advanced-staged diamond exploration projects in Brazil and Canada. For additional information regarding Vaaldiam please visit www.vaaldiam.com.