Big Red Diamond Corporation

Big Red Diamond Corporation


January 30, 2006 10:15 ET

Big Red Diamond Corporation and AntOro Resources Inc. Announces the Joint Acquisition of the Foleyet Property

MONTREAL, QUEBEC--(CCNMatthews - Jan. 30, 2006) - Big Red Diamond Corporation ("BRDC")(TSX VENTURE:DIA) and AntOro Resources Inc. (TSX VENTURE:ORE) are pleased to announce the acquisition of a portfolio of diamond prospect properties, called the "Foleyet" project, made up of 18 claim blocks covering a total approximate area of 1,152 hectares. The properties are located within the Carty, Foleyet, Horwood, Ivanhoe, Keith, Lemoine, Lincoln, Muskego, Paul, Raney, Evans and Warren Townships all within the Patricia Mining division of Ontario.

The properties were acquired from Robert Robitaille and associates against the issuance of 750,000 common treasury shares of BRDC, 750,000 common treasury shares of AntOro, a cash payment of $4,500 and assuming a total NSR (or the diamond equivalent) of 2.2%, one percent (1.0%) of which can be bought back against a total cash payment of $1,000,000.

Following the signature of the contract, both companies hold 50% of the project and Big Red Diamond is deemed the operating partner; furthermore, each company also share half of the NSR obligations of 1.2% and the 1% buyback.

These properties were staked based on the processing of data contained within the Natural Resources Canada 2001 "Kapuskasing Structure Geophysical Data Set, Kapuskasing-Chapleau Aeromagnetic Survey". This survey was flown with 200m flight line spacing and a preliminary interpretation of the Mag maps in the area of interest was made by Scott Hogg & Associates Ltd, Toronto, Ontario. They identified anomalies which could be related with small intrusive bodies such as kimberlites of dimensions in the hundreds of metres in diameter. The promising anomalies include two magnetic susceptibility lows that seem to suggest remnant magnetization and others that are well isolated and contrast well with their surrounding magnetic geological environment.

These geophysical anomalies are located directly up-ice and are coincident with the top two recommended areas, be it the Shawmere and Foleyet areas, mentioned in the 2001 Chapleau-Foleyet Treasure Hunt Kimberlite Indicator Study. These areas contain anomalous number of kimberlite indicator minerals such as G10 and G9 garnets, Mg-Ilmenites, Chromites, Cr-diopsides and olivines. One G10 garnet was found in the Lemoine Township and a second was found, down-ice, two townships away in the Chewett Township. The 1991 "Summary Report of Kimberlite Indicator Program (OP-91-94)" by William C. Kerr highlights the presence of numerous potential kimberlite indicator minerals from till sampling directly down-ice from the BRDC-ORE Foleyet project. The various properties have excellent year-round access through numerous logging roads.

Both companies will be following-up on these targets using reconnaissance overburden sampling surveys.

The project represents an important addition to an established strategic land position in this diamond-exploration area.

This press release has been reviewed by Mr. Benoit M. Violette, geo., a qualified person as per National Instrument 43-101. Mr. Violette is a director of both companies.

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

Contact Information

  • AntOro Resources Inc.
    Francois C. Desrosiers
    (514) 982-6044 ext. 225