Talmora Diamond Inc.

April 25, 2007 11:17 ET

Talmora Diamond Announces Acquisition of Additional Ground in Horton River Area, Private Placement and Grant of Stock Options

TORONTO, ONTARIO--(CCNMatthews - April 25, 2007) - Talmora Diamond Inc. ("Talmora") is pleased to announce that it has been awarded 9 new exploration permits totaling 432,285 acres adjoining the south boundary of the company's property in the Horton River area south of Paulatuk in the Northwest Territories. Three of the permits (214,983 acres) cover crown land in the Inuvialuit settlement area north of 68 degrees N and are valid for five years starting February 1, 2007. Six permits (217,302 acres) south of 68 degrees N are on crown land in the Sartu settlement area and are valid for 3 years starting February 1, 2007. Talmora now holds 12 contiguous permits or a total of 645,718 acres.

Talmora intends to carry out the next phase of recommended exploration on the project. An airborne magnetic survey and analysis of fine fractions of 2004 samples is planned for early 2007 and, if results justify it, staking of possible kimberlite targets, within the existing permit areas, will follow in the summer and fall. The summer and fall field program will include reconnaissance sampling of the new permits for kimberlite indicator minerals.

Talmora announces that it has completed a private placement of 1,300,000 Units, comprised of 170,000 Hard Dollar Units and 1,130,000 Flow-Through Units, that were sold at $0.10 per Unit, for total proceeds of $130,000. Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant ("CDL Warrant") entitles the holder to acquire one common share for $0.16 until April 18, 2009. If during the term of the Warrants the Common Shares of Talmora are listed and trade at or above Can. $0.25 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 August 19, 2007. Insiders acquired a total of 350,000 Units in the financing. The proceeds of the financing will be applied to fund exploration and for working capital.

Talmora announces that it has granted management incentive options to directors, officers and consultants to acquire 1,600,000 shares at an exercise price of $0.10 per share which expire on April 25, 2012.

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