« Back | Main | Printer-Friendly Version

October 05, 2004

Big Red Diamond Corporation Announces the Signature of a Purchase Option for the Nordica Property

Montreal, October 5, 2004 - Big Red Diamond Corporation (“BRDC”) is pleased to announce the signature of an option to purchase the "Nordica” property, located in Nordica Township in the Matheson area of Northern Ontario. This property comprises 25 units and covers an area of 405 hectares.

The property is located approximately 35 kilometres south of Matheson, Ontario. The property was selected for its copper, nickel and platinum group element potential. The property hosts a large mafic intrusive body. Limited exploration by Band-Ore Resources in the late nineties included diamond drilling. Chromite, nickel, copper and platinum group elements were all found to be anomalous in bore holes at a showing near the presumed basal contact of the intrusive. Over 4 kilometers of this basal contact remain untested. The company plans grid cutting, magnetometer and electro-magnetic geophysical surveys followed by diamond drilling later in the year.

The property currently belongs to Garry Windsor, Dean Windsor and Jeff Edwards of Timmins, Ontario, and Garry Edwards, of Matheson, Ontario. The one year option involves an immediate work commitment of $10,000. Should BRDC decide to keep the property, year two would involve a cash payment to the vendors of $10,000 and the issuance of 50,000 BRDC shares and year three, a final cash payment of $20,000 and the issuance of a further 100,000 BRDC shares. BRDC has also agreed to pay a 2% NSR to the vendors, of which 1% can be bought back against a cash payment of $1 million.

BRDC also announces the conclusion of the third phase of an agreement signed December 24, 2003 whereby AntOro Resources Inc. has acquired 293,400 BRDC shares from Moose Mining Corporation in exchange for 140,650 AntOro shares.

Posted by Webmaster | Filed as Press Release

Related Documents