Bannockburn Resources Limited

May 07, 2007 16:02 ET

Bannockburn Announces Proposed Share Split and Change of Name

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 7, 2007) - Bannockburn Resources Limited ("Bannockburn" or "the Company") (CNQ:BKNN) announces that it proposes to seek approval of its shareholders to a subdivision of its common shares on a five (new) for one (old) basis. Shareholder approval for the subdivision will be sought at a special meeting of the Company's shareholders, which is expected to be held in June 2007. The Company expects that the $5,000,000 private placement, announced April 30, 2007, will have closed prior to the share subdivision.

Concurrently with the share subdivision, the Company will change its name from Bannockburn Resources Limited to "Lucara Diamond Corp.". The name will be consistent with the Company's new focus, in the diamond exploration sector, as evidenced by its recent announcement concerning an acquisition of up to a 70% interest in the Mothae Diamond Project in Lesotho, Africa.

The Mothae Diamond Project is a 24.7 square kilometre concession located in one of the most prolific diamond producing regions in the world. The project hosts a large prospective kimberlite pipe with an estimated surface extent of 8.8 hectares and is located adjacent to and directly on trend with the world-famous Letseng diamond mine.

Management intends to aggressively explore and develop the highly prospective Mothae Diamond Project and continue to evaluate other opportunities in the diamond sector for possible acquisition.


Lukas Lundin, Director

Forward-looking statements: This press release contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management's capacity to execute and implement its future plans. Actual results may differ materially from those projected by management.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Bannockburn Resources Limited
    Sophia Shane
    Corporate Development
    (604) 689-7842
    (604) 689-4250 (FAX)