Nordic Diamonds Ltd.

Nordic Diamonds Ltd.

April 26, 2007 09:41 ET

Nordic Acquires Two Gold Concessions in Mali

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 26, 2007) - Nordic Diamonds Ltd. (TSX VENTURE:NDL)(NDL)(the "Company" or "Nordic") wishes to announce that it has entered into two separate option agreements with Salamat International Investments Corp., Star Mining Corp., and Societe Camara et Fils (SOCAF) (collectively, the "Vendors") to acquire a 70% undivided interest in two exploration concessions in Mali, the Boutounguissi Sud (Nreilat) concession and the Aourou concession.

Pursuant to the Boutounguissi (Nreilat) option agreement, Nordic will acquire its interest by paying to the Vendors a total of US$1,250,000 in annual installments by March 15, 2011, of which $114,000 has already been paid. Pursuant to the Aourou option agreement, Nordic will acquire its interest by paying to the Vendors a total of US$520,000 in annual installments by March 15, 2011, of which $56,000 has already been paid.

Under both agreements, once Nordic has acquired its 70% undivided interests, the parties (other than SOCAF) will form a joint venture for the further exploration and development of the concessions, and any party (other than SOCAF) whose interest is diluted to less than 4% by failing to contribute towards its share of costs will be converted to a 1% net profits royalty. Nordic will have the right but is not obligated to acquire any 1% net profits royalty at any time by paying US$1.0 million. SOCAF will have a 5% carried interest to production in each of the projects. Nordic will be the operator of the projects.

The Boutounguissi Sud and Aourou claims are located in western Mali approximately 450km northwest of the capital Bamako. The Boutounguissi Sud claim consists of 4273 hectares and combined with the Aourou claim comprises 20,010 hectares.

The Boutounguissi Sud and Aourou claims are underlain by Proterozoic Birimian series greenstone belt rocks comprising volcanic and sedimentary rocks similar to those that host the Sadiola gold deposit and Yatela deposit, located 120 kilometers to the south and the Loulo deposit, located 190 kilometers to the south.

Historic exploration work on the property dates back to 1989 when regional geological mapping was undertaken followed by episodes of soil and litho-geochemical sampling, geophysics and trenching. The result of this work was the discovery of two large gold soil geochemical anomalies near the north boundary of the Boutounguissi Sud claim. The "West Anomaly" trends NNW and measures 800m x 800m and has values up to 875 ppb Au. The "East Anomaly" trends NNW and measures 660m x 600m and has Au signatures to 286 ppb.

A field visit was undertaken on Nordic's behalf by consulting geologist Jim Cuttle, P.Geo. The purpose of the field visit was to confirm the presence of anomalous gold values in soils, review historic exploration data in government archives and determine the extent of previous field activities. Reconnaissance geological mapping and soil geochemical soil sampling was undertaken in those areas that had reported historic high gold concentrations. A total of 55 soil samples were collected by Mr. Cuttle and these were processed in Bamako for gold. The results confirmed the presence of gold in soils as reported in the historic data base, with gold values ranging from background, 7ppb, to 582ppb.

"The optioning of these claims has presented Nordic with a unique opportunity to acquire a project in a highly prospective gold environment which hosts world-class gold deposits," stated Alvin Jackson, P.Geo, Chairman and CEO.

Nordic has also agreed to pay two arm's length finders, a finder's fee equal to the maximum permitted by the policies of the TSX Venture Exchange for the option agreements. The option agreements and finders' fees are subject to the acceptance for filing by the TSX Venture Exchange.


Alvin Jackson, P.Geo, Chairman & CEO

For complete details of this news release and other projects, please visit the Company's website at

Certain information presented in this release may constitute "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements.

Contact Information

  • Nordic Diamonds Ltd.
    Alvin Jackson, P.Geo
    Chairman & CEO
    (604) 718-5454
    (604) 646-2054 (FAX)