china diamond corp

[jakob2210]

isin CA16938A1003

 

china diamond corp

 

"china Diamond Corp. is a junior resource company engaged in the mining, exploration and advancement of diamond and gold prospects.

 

The company's principal operation is the 701 Changma Diamond Mine. This project is a low cost, lower risk asset that has produced 1.16 million carats (at a bottom size cutoff of 0.2mm) from 1.51 million tonnes of processed ore during open pit mining from 1970 to the end of June 2002. Underground mining commenced in July 2002, and to the end of 2004 has produced 154,000 carats (at a bottom size cutoff of 1.0mm) from 219,000 tonnes of processed ore."

 

der kurs der aktie hat in toronto 0.085last +0.030 +54.55 % 6,565,729volumen geendet.

 

in berlin bremen lag der kurs bei 0,034 .

 

es wurde folgende nachricht veröffentlicht:

 

2006-01-16, At the Request of the TSX Venture Exchange, China Diamond Corp. Clarifies Certain Disclosure Information on Its Exploration Projects in China

 

London, Ontario, January 16, 2006 China Diamond Corp., (TSX-V: CDC) has amended the disclosure in its January 3, 2006 news release, which relates to the Company's exploration and mine expansion programs for 2005 and its corporate development plans for 2006, in order to clarify and expand on the disclosure that was contained within.

 

The 701 Changma Diamond Mine Expansion Plan

 

In December 2004 the Company initiated a major underground capital development program at the Mine by deepening the main decline to the -40 metre level (the bottom-most development horizon for mining Indicated Mineral Resources). The Company is pleased to announce that this program has now been completed. Tonnes processed at the Mine have steadily increased since August 2005, and are now at normal production levels of approximately 10,000 tonnes per month. It is anticipated that 2006 mine throughput will be approximately 118,000 tonnes producing close to 82,000 carats.

 

Since new management took over the helm of the Company in late 2003, it believes that the value of the diamonds produced at the Mine is not realized to its full potential until the existing processing plant facilities are improved. To this end, the Company commissioned an engineering study to evaluate a processing plant improvement and at the same time, assess a mine expansion scenario to improve the economics of the Mine. The study was completed in December 2005 by the Beijing General Research Institute of Mining and Metallurgy ("BGRIMM"), a First Class Engineering certificate holder in China. The study recommends that annual throughput be increased to 168,300 tonnes, which would result in the recovery of approximately 120,000 carats of diamonds per annum. Additionally, a dense medium separator ("DMS") and x-ray circuit has been recommended for installation in the processing plant. This circuit will update the plant with state-of-the-art technology, resulting in increased recovery of diamonds and better control over security aspects. The installation of inertia cone crushers to replace the existing ball mills is expected to reduce fragmentation of diamonds, and reduce electricity consumption and mine operating costs.

 

Total capital investment over the life of the Mine is estimated at US$2.9 million, with US$1.5 million required in the next two years. Funds after the next two years are required for continued underground mine development and sustaining capital, which will be financed from after-tax profits. The Company is planning to have an independent 43-101 technical report completed on the property during the first quarter of 2006.

 

Exploration Projects

 

Diamond Portfolio

 

702 Diamond Project

 

During 2005, the Company and its joint venture partner have been actively pursuing the necessary permits and licenses to complete a bulk sampling program and future mining of the 702 deposit. Although an independent engineering study was completed by a Chinese engineering firm during 2005 that indicated the positive aspects of this project, the Company considers that it is prudent to collect a relatively large bulk sample to ascertain the valuation of the diamonds prior to any mine production decision. This will not only provide the necessary confidence in the diamond value but will also provide the necessary information for detailing the optimal mining and processing scenarios for future mine operations. The Company is currently assessing the optimal way to proceed with the bulk sample and once the method and costs are determined, may require additional financing.

 

703 Diamond Project

 

Exploration on the 703 project throughout 2005 identified a number of circular magnetic anomalies thought to represent the possible kimberlite source of the diamonds and kimberlite indicator minerals previously recovered from surface soil and stream sediment sampling. In addition, the Company initiated a detailed soil sampling survey and resistivity survey immediately over top of and down slope of the Dajingtou (A1) anomaly. The detailed soil sampling recovered 6 diamonds and over 1,200 kimberlite indicator minerals. To date, six holes have been drilled into this area that have so far recovered a number of pyrope garnets, chrome diopside and chromite grains, all of which are indicative of a kimberlite source rock (October 12 news release). However, due the complex nature of the geology, which hosts a number of cross-cutting faults that may have caused displacement of the original kimberlite rock, core drilling has yet to intersect the kimberlite source rock for the diamonds. However, given the extensive soil sampling and the obvious cluster of diamonds in a relatively small area of less than 2km 2 , the Company remains confident in the potential of this area hosting a diamondiferous kimberlite, and as such, continues to aggressively explore this area with soil sampling, geophysics and core drilling, which is currently ongoing.

 

The Company expects to receive 4 other exploration licenses early in 2006 that are in the proximity of the Dajingtou License where exploration work is currently ongoing. The exploration program for 2006, for the Dajingtou license as well as the remaining four licenses (once received) is currently funded in entirety.

 

Gold Portfolio

 

Huixian Gold-Copper Project

 

During 2005, the Company successfully discovered four gold-copper mineralized zones on the Huixian Project with associated alteration and sulfide mineralization, similar to that of the Huixian Mine (September 19, 2005 news release).

 

The Company is continuing detailed surface exploration on the newly discovered zones, consisting of trenching and ground geophysics to better define the geometry of the mineralized zones beneath the surface to target mineralized zones for future core drilling. In addition, the Company is planning to commence drilling on the Huixian Mine mineralization in order to collect additional information of the gold-copper mineralization at depth prior to updating the estimate of Mineral Resources. The surface work for the project is funded and ongoing, while the core drilling program expected to commence later in 2006 will require additional financing, the amount of which will be determined upon completion of the surface exploration.

 

In the past two months, a total of 40 surface muck pile samples were collected from the area of the past producing Huixian Mine. The assays (see following Table 1) provide an indication of the high grade gold-copper values within the deposit that correlate well with the known average grade of the deposit.

 

Table 1: Surface Rock Grab Samples from the Huixian Gold-Copper Mine

 

The samples were analysed at a Chinese laboratory in Jinan, Shandong Province following a strict quality control program designed by the Company that includes a number of commercially prepared sample standards (known grades that are assayed to assess the accuracy of the laboratory) and duplicate samples (re-assayed samples to verify precision of the laboratory). The ongoing Company's quality control program and the results of the analysis of the sample standards and duplicate samples was previously reviewed as part of the requirements of the recently completed independent technical report (Independent Technical Report on the Huixian Gold-Copper Property, China, prepared by Jim Misener of Paterson, Grant & Watson, August, 2005).

 

SPEI Gold (801, 802 and 803) Projects

 

Detailed geologic mapping and ground magnetic surveying on the 802 project in 2005 has identified over 20 distinct alteration zones, consisting of silicification and seritization with associated quartz veining. These alteration zones correlate with NE trending fault zones that have been interpreted from the recent geologic mapping and detailed ground magnetic surveying (see September 13, 2005 news release and Independent Technical Report on the 801, 802 and 803 "SPEI" Gold Properties, China, prepared by Jim Misener of Paterson, Grant & Watson, September, 2005). The geology underlying the 802 project, the style of alteration and presence of quartz veining is similar in character to the known geology and host to gold mineralization in the region, in particular to that of the geology hosting the Xie Jia Gou gold mine that is located approximately 7km along strike and to the north of the 802 project. Preliminary rock sampling completed by the Company on the 802 project has returned numerous anomalous values in gold, as well as silver and other base metals (September 13, 2005 news release). The Company is currently completing geological mapping and magnetic surveying over the remaining two licenses, namely 801 and 803 projects and is expected to be completed in early, 2006. Once completed, the Company will initiate a detailed Induced Polarization ("IP") survey over the known alteration/mineralized zones to locate potential gold and/or base metal mineralization both along strike and at depth on these zones. Subsequently, a program of surface trenching and/or core drilling will be required to assess these targets. The current program of surface exploration is funded; however, core drilling financing will be required later in 2006.

 

Dacheng Gold (804) Project

 

During 2005, the Company initiated an aggressive surface exploration program, consisting of detailed geologic mapping, soil sampling and ground magnetic surveying, that identified 5 distinct north and northeast trending alteration zones, consisting of silicification and seritization with associated quartz veining. These alteration zones correlate with NE trending fault zones that have been interpreted from the recent geologic mapping and detailed ground magnetic surveying (see September 20, 2005 news release and Independent Technical Report on the 804 "Dacheng" Gold Property, China , prepared by Jim Misener of Paterson , Grant & Watson, September, 2005). Preliminary rock sampling results have returned numerous anomalous values in gold, as well as silver and other base metals. The geology underlying the 804 project, the style of alteration and presence of quartz veining is similar in character to the known geology and host to gold mineralization in the region, in particular to that of the geology hosting the gold mineralization at the Xiadian and Yin Que Shan gold deposits, both located within approximately 5km from the 804 project. The Company has designed and plans to initiate a more detailed program of structural geology mapping, as well as a detailed IP survey to identify sulphide mineralization in the alteration/mineralized zones as defined by the geology and magnetic surveys.

 

Dacheng 11 Gold Projects

 

In addition, the Company and its joint venture partner are actively exploring five P rojects, namely 805, 824, 825, 832 and 833 (see November 24, 2005 news release) of the recently acquired eleven gold projects (totalling 200km 2 ) in the Jiaodong Peninsula. The first stage of the exploration program consists of geological mapping and ground geophysical surveying, primarily IP survey, to identify targets for future surface trenching and/or drilling. This stage, expected to complete in March-April of 2006 is currently funded and proceeding on schedule.

 

"We are very pleased with the progress and the results from our exploration on all of the Company's gold and diamond projects during 2005" states Michael Michaud, President and CEO of China Diamond Corp. "The Company continues to actively explore these projects and looks forward to securing financing for further exploration and to commence the next stage of capital improvements at the 701 Changma Diamond Mine''.

 

The mine development program and exploration programs are being completed under the direct supervision of Andrew Bradfield, P.Eng. and Michael Michaud, P.Geo., the Company's qualified persons for the projects as defined by NI 43-101 regulations, whom also have reviewed and approved the technical information contained in this press release.

 

Financing Plans

 

Given the aggressive corporate development plans for fiscal 2006 as outlined above, the Company is actively pursuing a financing of US$3 to US$5 million from the international and domestic capital markets that will be most beneficial to the Company.

 

The Board of Directors of China Diamond Corp. also wishes to announce that the Company has entered into a C$1,000,000 secured non-revolving credit loan arrangement with Mr. Sam Halbouni, Chairman of China Diamond Corp., whereby the Company has access to funds for up to a maximum amount of C$1 million for exploration programs and for general corporate needs. This secured loan is payable one-year after the date of each draw down and bears an annual interest rate of 12% payable upon maturity. The credit arrangement is secured by way of a general security agreement.

 

As of December 31, 2005, the Company has received C$0.5 million from this credit facility and the funds were used to advance the Company's gold exploration projects, to finance the capital expansion of the 701 Changma Diamond Mine, and to fund corporate expenses.

 

"I am encouraged by our achievement in 2005 that helped to diversify the Company into a diamond and gold company with a portfolio of prospective projects" noted Mr. Sam Halbouni, Chairman of the Board of Directors, "I have personally committed C$1 million of my personal wealth to China Diamond Corp. and I am confident that the Company will succeed in all its endeavours".

 

Forward-Looking Statement

 

Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in China Diamond Corp.'s periodic filings with Canadian Securities Regulators. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. China Diamond Corp. does not assume the obligation to update any forward-looking statement .

 

About China Diamond Corp.:

Headquartered in London, Ontario, China Diamond Corp. is a junior resource company engaged in mining for diamonds and the exploration and advancement of diamond and gold prospects in China. To find out more about China Diamond Corp. (TSX-V: CDC), visit our website at www.chinadiamondcorp.com .

 

 

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