« Back | Main | Print this page

December 09, 2003

AntOro Resources And Big Red Diamond Corporation Announce The Filing Of Big Red's Prospectus in Alberta, British Columbia, Ontario & Quebec

Montreal, December 9, 2003 - AntOro Resources Inc. ("AntOro" ) and Big Red Diamond Corporation ("BRDC") are pleased to report that BRDC has filed a Preliminary Prospectus for its Initial Public Offering with the Securities Commissions of Alberta, British Columbia, Ontario and Quebec. In addition, it has filed an application for listing its shares with the TSX–Ventures Exchange. AntOro holds 7,332,012 shares in BRDC. Canaccord Capital Corporation has been engaged by BRDC to act as agent for the IPO.

BRDC is the 20% partner in a Joint Venture with Kel-Ex Development Ltd.(80%) in the Attawapiskat region of Northern Ontario. The Kel-Ex/BRDC JV is currently exploring an area of 10,000 square kilometres in the vicinity of De Beers’ Victor kimberlite pipe. The Victor deposit is scheduled to commence commercial production of diamonds in 2007. BRDC also owns five other diamond and base metals exploration properties in Northern Ontario, in addition to strategic gravel and gypsum deposits.

The net proceeds from the issue will be used to meet BRDC's obligations under the Kel-Ex/BRDC joint JV, and to continue funding the exploration of its various other mineral properties. The balance of the issue will be used for the company's working capital.

Kel-Ex has assigned its 80% interest in the JV to other parties: a 60% working interest in the JV is held by Metalex Ventures Ltd. (TSXV: “MTX.T”), and Arctic Star Diamond Corp. (TSXV: “ADD”) holds the remaining 20%. Kel-Ex retains a 10% carried interest distributed prorata between Metalex and Arctic Star. Kel-Ex and Metalex are companies of which Charles Fipke is Chairman, Director and a principal shareholder. Dr. Fipke is the geologist who made large diamond discoveries in Canada’s Northwest Territories, namely the Ekati diamond mine.

BDRC, in partnership with Kel-Ex, and indirectly with Metalex and Artic Star, is searching for diamond containing kimberlite deposits, similar to the Victor pipe in the Attawapiskat area. Metalex has recently announced the discovery of at least two (2) occurrences of kimberlite in this area.

« Back | Main | Print this page

Posted by Webmaster | Press Release | Site Design & Maintenance by lucidmatter.com