Diagem Inc.
TSX VENTURE : DGE

Diagem Inc.

November 28, 2008 13:43 ET

Diagem Sells Brazilian Assets to Vantage

MONTREAL, QUEBEC--(Marketwire - Nov. 28, 2008) - Diagem Inc. ("Diagem" or "the Company") (TSX VENTURE:DGE), through its Brazilian subsidiaries, has successfully disposed of certain of its Brazilian assets to Vantage Gold Corp. Ltd. receiving cash consideration of R$1,200,000 (C$650,000). Included in the sale are a considerable portion of the Brazil-based properties, plants and equipment and three mineral properties known as Properties 213, 214, and 015.

The sale was preceded by the Company's decision to cease its Juina-based exploration and development activities after an embargo was placed on its Chapadao Project by the Brazilian Federal Environmental Agency ("IBAMA"). The Company and its legal counsel consider the embargo to be unjustified and excessive. The Company is pursuing discussions with various parties with a view to the disposition and/or optioning of its remaining mineral properties, properties and equipment.

Forward-looking statements

Except for statements of historical fact, all statements in this news release, without limitation, regarding new projects, acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE

Contact Information

  • Diagem Inc.
    Denis Francoeur
    CEO
    514-488-4961 (ext. 505)
    or
    Diagem Inc.
    Paul Einarson
    CFO
    514-488-4961 (ext. 502)
    www.diagem.com