Talmora Diamond Inc.
CNQ : TALM

January 07, 2008 12:31 ET

Talmora Diamond Completes $408,000 Non-Brokered Private Placement

TORONTO, ONTARIO--(Marketwire - Jan. 7, 2008) - Talmora Diamond Inc. (CNQ:TALM) is pleased to announce that it has completed a non-brokered private placement of 4,080,000 Units, comprised of 3,160,000 Hard Dollar Units and 920,000 Flow-Through Units, that were sold at $0.10 per Unit, for gross proceeds of $408,000 effective December 28, 2007. Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant ("Warrant") entitles the holder to acquire one common share for $0.20 until December 28, 2009. If during the term of the Warrants the common shares of Talmora trade at or above Can. $0.40 for a period of 20 consecutive trading days, the Company may notify the warrant holder to exercise the Warrants at a date no later than 30 calendar days after this notification date or forfeit any unexercised Warrants at that time. All securities issued pursuant to the financing are subject to a four month hold period which expires on April 29, 2008. Insiders acquired a total of 970,000 Units in the financing. The Company paid a finders fee of $3,450.

Talmora holds 12 contiguous prospecting permits or a total of 645,718 acres straddling the 68th parallel in the Horton River area south of Paulatuk in the Northwest Territories. An airborne magnetic survey of four of the company's permits was completed in June 2007 and anomalies with characteristics of kimberlite pipes were staked and some were ground-truthed. Tills were sampled for kimberlite indicator minerals (KIMs) down-ice of most of the staked anomalies.

The proceeds of the financing will be applied to fund exploration and for working capital. The 178 till samples collected in 2007 are currently at the De Beers Laboratory where they are in the process of concentration and analysis for KIMs. The analyses of fine fractions (-0.30 to +0.25mm) of 117 samples collected in 2004 but only sent for analysis in 2007 have now been received and additional KIMs recovered will better define anomalies from the previous analyses of coarse fractions (+0.30mm). The presence or absence of KIMs down-ice of magnetic anomalies will help prioritize drill targets.

Exploration in 2008 will focus on drilling some of the magnetic anomalies. The results of the Talmora till sampling in 2004 and the published results from the adjoining Sanatana Diamonds ground have been encouraging. The new permits acquired in 2007 must still be sampled and an airborne magnetic survey over the remaining Talmora ground is justified.

The technical information contained in this release was compiled by Alan W. Davies, P.Eng., P.G., who is the Vice-President of Exploration for Talmora. Alan W. Davies is a qualified person as defined by National Instrument 43-101.

CAUTIONARY STATEMENT

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Talmora, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially form those anticipated in such statements. Important factors that could cause actual results to differ materially from Talmora's expectations are exploration risks detailed herein and from time to time in the filings made by Talmora with securities regulators.

Contact Information

  • Talmora Diamond Inc.
    Raymond Davies
    President & CEO
    (416) 491-6771
    (416) 499-5187 (FAX)
    Website: www.talmoradiamond.com