Dianor Resources Inc.
TSX VENTURE : DOR
OTCQX : RSDNF

Dianor Resources Inc.

December 31, 2010 16:30 ET

Dianor Resources Inc./Leadbetter Diamond Project: Annual Surface Rights Payment Made

VAL-D'OR, CANADA--(Marketwire - Dec. 31, 2010) - Dianor Resources Inc. (TSX VENTURE:DOR)(OTCQX:RSDNF) announces that it has made its 2010 contractual payments totalling $1,075,000 to Mr. Joseph Leadbetter and persons associated with him under a previously-announced definitive agreement for the sale of surface rights to the Leadbetter Extension Property to Dianor and a related agreement for the immediate suspension and eventual termination of an Excavation Contract between Dianor and Mr. Leadbetter (press releases December 1st and 4th 2008). The next payment by Dianor under the agreements is due on November 30, 2011 and no other payments by Dianor to Mr. Leadbetter or persons associated with him are required with respect to the Leadbetter Diamond Project. The Leadbetter Diamond Project is the Company's flagship project and is located near Wawa, Ontario.

The definitive agreements for the sale of surface rights to the Leadbetter Extension Property to Dianor and immediate suspension and termination of the Excavation Contract were signed on November 28, 2008. They provide that Dianor is required to pay Mr. Leadbetter and persons associated with him a total of $5 million in cash under a payment schedule which started on January 31, 2009 and which runs until November 30, 2012. To date, Dianor has made payments totalling $2,525,000. The Excavation Contract will be automatically terminated when Dianor has completed the payments. The surface rights to the Leadbetter Extension Property are registered in Dianor's name and Dianor has granted a mortgage over the surface rights to Mr. Leadbetter and persons associated with him as security for payments due under the agreement.

About Dianor / Dianor is an innovative exploration company focused on advancing diamond exploration properties in the Superior Craton of Canada. The Leadbetter Diamond Project is its most advanced project and is geographically well situated and easily accessible, some 12 kilometres north east of Wawa in Northern Ontario. Substantial exploration work has been conducted on the project since 2005 and in May 2009 the Company received government approval to proceed with a 50,000 tonne bulk sampling programme of the 2.697 Ma old Archean Conglomerate. A preliminary tonnage estimate for this conglomerate is in the range of 549 million to 583 million tonnes (press release July 24th 2007). In addition to diamonds, the conglomerate contains gold, sapphires and rubies (press release January 18th 2007). In 2008, additional diamond discoveries, including rare purple diamonds, were made by the Company in rocks of similar type, age (Archean) and geological settings (press release March 3rd, April 10th, & May 13th 2008) in Quebec. The Quebec diamond properties have increased our portfolio of low-cost, accessible exploration targets. These diamond discoveries (Ontario and Quebec) are both unique and amongst the oldest diamond-bearing occurrences in the world.

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Contact Information

  • Dianor Resources Inc.
    Mr. John Ryder, P.Geo.
    President
    819-825-7090
    819-825-7545 (FAX)
    info@dianor.com
    or
    Dianor Resources Inc.
    Mr. Daniel Duval
    Chairman of the Board
    819-825-7090
    819-825-7545 (FAX)
    info@dianor.com
    or
    Resultz Media Group Corp.
    Mr. Tyler M. Troup, B.Comm
    Senior Associate / RMG IR
    877-301-9748
    519-979-7820 (FAX)
    Tyler@thinkRMG.com