Vaaldiam Resources Ltd.

Vaaldiam Resources Ltd.

August 05, 2005 15:11 ET

Vaaldiam Appoints New Vice President-Exploration

TORONTO, ONTARIO--(CCNMatthews - Aug. 5, 2005) - Vaaldiam Resources Ltd. (TSX VENTURE:VAA) is pleased to announce the appointment of Jose Ricardo Pisani as Vice President, Exploration. Jose Ricardo will be responsible for the Company's diamond exploration and development projects in Brazil and will be based at the Company's offices in Brasilia.

Jose Ricardo holds a Bachelor of Science degree in geology from the Federal University of Mato Grosso State in Brazil and has 14 years of industry experience. Following graduation, he was employed by De Beers for 13 years, gaining experience in diamond exploration and development, on projects in Brazil, Venezuela, Canada and Zimbabwe. During the past year, Jose Ricardo has held the position of Project Manager with Vaaldiam on the Company's Pimenta Bueno project in the state of Rondonia, Brazil. During his career, he has been responsible for a number of kimberlite discoveries, including the diamondiferous Brauna kimberlite cluster in Bahia state, Brazil.

Subject to regulatory approval, Jose Ricardo has been granted 100,000 options to acquire common shares in Vaaldiam at an exercise price of $0.85 for a period of five years.

Vaaldiam is a Canadian based diamond exploration company primarily involved in the exploration and development of the 176,000 hectare Pimenta Bueno diamond property in the state of Rondonia, Brazil. To date, 33 kimberlite pipes have been discovered within the property area. Twenty-four of the 33 known pipes occur in one large cluster and 15 of the 33 pipes have been found to be diamond-bearing on the basis of macro and micro diamond analyses. Rio Tinto recently exercised an option to acquire a 51% interest in the Pimenta Bueno diamond property. Under the terms of the agreement, Rio Tinto can acquire a 51% interest in the southern two-thirds of the Pimenta Bueno diamond property by spending a total of US$5.0 million on exploration over a three year period. Rio Tinto can also earn a 51% interest in the northern one-third of the Pimenta Bueno property by spending a total of US$7.5 million on exploration over three years.

In addition, in an initiative aimed at generating early cash flow, Vaaldiam is completing a feasibility study of the Duas Barras alluvial diamond property in the state of Minas Gerais, which includes the processing of a bulk sample and drilling to confirm gravel resources.

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

Contact Information

  • Vaaldiam Resources Ltd.
    Ken Johnson
    President & CEO
    (416) 363-6927
    Vaaldiam Resources Ltd.
    Janet Reid
    Manager, Investor Relations
    (416) 363-6927