Vaaldiam Resources Ltd.
TSX : VAA

Vaaldiam Resources Ltd.

February 28, 2007 16:11 ET

Vaaldiam Resources Ltd.: Five New Kimberlites Discovered at Pimenta Bueno

TORONTO, ONTARIO--(CCNMatthews - Feb. 28, 2007) - Vaaldiam Resources Ltd. (TSX:VAA) reports that joint venture partner Rio Tinto Desenvolvimentos Minerais Ltda. ("Rio Tinto") has discovered another five kimberlite occurrences on the Company's Pimenta Bueno property in Rondonia, Brazil thereby increasing the total number of kimberlites discovered to date to 41.

Three of the kimberlite discoveries are interpreted to be pipes which range between 2 and 3 hectares in surface area. Two kimberlite dike systems were also discovered. Four of the kimberlites are situated southeast of the diamond bearing Cosmos kimberlite cluster, which was the focus of delineation drilling and mini-bulk sampling in 2006. A fifth kimberlite pipe, named Araras 3, was found on the joint venture's Western Claim Block, approximately 95 kilometres to the northwest of the Cosmos kimberlite cluster. A map showing the location of the new discoveries is available for viewing on Vaaldiam's website at www.vaaldiam.com/pagefind.php?id=6.



The following table presents a summary of the drill results from the new
kimberlite discoveries:

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Kimberlite Size (Ha) Hole # Inclination and Azimuth End of Hole (m)
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Tum-11 Dike PBDD39 60(degrees) 360(degrees) 222.1
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Tum-12 2 Ha PBDD42 90(degrees) 0 154.0
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Tum-13 3 Ha PBDD44 90(degrees) 0 199.6
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Pep-18 Sill PBDD38 90(degrees) 0 254.6
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Ara-03 2 Ha PBDD53 90(degrees) 0 134.1
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Kimberlite Vertical Depth Kimberlite Total
of Intersection (m) Intercept (m) Kimberlite (m)
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Tum-11 32.1 64.1 58.7
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Tum-12 52.4 52.4 101.7
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Tum-13 82.0 82.0 117.6
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Pep-18 252.9 252.9 1.4
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Ara-03 39.3 78.5 38.1
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Ken Johnson, President and Chief Executive Officer of Vaaldiam commented that "we are extremely pleased with the success that Rio Tinto has had in discovering new kimberlites on the Pimenta Bueno property. Since the start of their second year of exploration on the property in June of last year, Rio Tinto has discovered 7 new kimberlites consisting of five new pipes, and 2 new kimberlite dike systems. These kimberlites have been discovered during the drill-testing of 13 aeromagnetic and/or electromagnetic anomalies, some with coincident kimberlite indicator mineral anomalies and diamond occurrences."

Approximately 985 kilograms of kimberlite have been collected from the five new kimberlite bodies and have been submitted to Rio Tinto's laboratory in Brasilia for total diamond analysis. In addition, kimberlite indicator mineral and age dating analysis for all seven of the new kimberlites discovered since June 2006 is expected to be completed by the end of March 2007. Rio Tinto, which is the operator of the joint venture, has been using the current rainy season in the State of Rondonia to compile all of the exploration results generated during their 2005-2006 exploration program to determine the exploration program for Pimenta Bueno for 2007.

This release has been reviewed by Jose Ricardo Pisani, Vice President, Exploration who is a qualified person under National Instrument 43-101.

This press release contains certain forward-looking statements. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to international operations; risks related to joint venture operations; actual results of current exploration activities; changes in project parameters as plans continue to be refined, future prices of resources; possible variations in reserves, grade or recovery rates, accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Contact Information

  • Vaaldiam Resources Ltd.
    Ken Johnson
    President and CEO
    (416) 363-6927
    or
    Vaaldiam Resources Ltd.
    Robert Yeoman
    Chief Financial Officer
    (416) 363-6927
    or
    Vaaldiam Resources Ltd.
    Janet Reid
    Manager, Investor Relations
    (416) 363-6927
    Website: www.vaaldiam.com