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Share Name | Share Symbol | Market | Type |
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Dianor Resources Inc. | TSXV:DOR | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. Dianor Resources Inc. (TSX VENTURE:DOR) announces that it is selecting a supplier for its sampling plant for its Leadbetter Diamond Project, located near Wawa, Ontario. The Company is also making an early repayment of $1million to Third Eye Capital Corporation as this prepayment will allow Dianor to avoid incurring interest charges on the $1 million that was earmarked for site preparation previously scheduled to commence in early fall. This work is now planned for the Spring of 2011. Dianor's project group and their consultant HATCH have been reviewing proposals for the design/supply of a sample plant required for the bulk sampling project. The plant will have a minimum 10tph dry feed rate and a DMS feed rate of 20tph. The plant will be supplied in modules suitable for relocation after the sampling program is complete. The review of these proposals is near completion. A supplier will be selected and orders placed within the next three weeks utilizing the funds advanced by Third Eye Capital on its first drawdown. Dianor's initial budget and work schedule envisaged on-site preparation of infrastructure including a number of containment ponds, site clearance for buildings before the onset of winter. In light of the various delays encountered by Dianor it has been decided to postpone these on-site activities until the Spring of 2011. Cost of construction and pond liner installation would have escalated without any benefit to the project schedule. This delay in onsite work will not have an undue impact on the bulk sampling programme. Installation of the DMS plant is still scheduled for the Spring of 2011. On October 7th 2010 Dianor made an initial draw of $2 million instead of the budgeted $1 million under its Credit Agreement dated August 28, 2010 with Third Eye Capital Corporation, as administrative agent, and a syndicate of lenders, pursuant to which the lenders have committed to provide up to $10 million in a term-credit facility to Dianor, subject to various terms and conditions. (Press release October 7th 2010). As previously announced, (Press release August 30th 2010) the credit facility is a senior, secured, term-credit facility in the amount of up to $10 million, made available to Dianor in minimum advances of $1 million each, from time to time, until August 31, 2011. About Dianor Dianor is an innovative exploration company focused on advancing diamond exploration properties in the Superior Craton of Canada. The Leadbetter Diamond Project is its most advanced project and is geographically well situated and easily accessible, some 12 kilometres north east of Wawa in Northern Ontario. Substantial exploration work has been conducted on the project since 2005 and in May 2009, the Company received government approval to proceed with a 50,000 tonne bulk sampling programme of the 2.697 Ma old Archean Conglomerate. A preliminary tonnage estimate for this conglomerate is in the range of 549 million to 583 million tonnes (press release July 24th 2007). In addition to diamonds, the conglomerate contains gold, sapphires and rubies (press release January 18th 2007). In 2008, additional diamond discoveries, including rare purple diamonds, were made by the Company in rocks of similar type, age (Archean) and geological settings (press release March 3rd, April 10th, & May 13th 2008) in Quebec. The Quebec diamond properties have increased our portfolio of low cost, accessible exploration targets. These diamond discoveries (Ontario and Quebec) are both unique and amongst the oldest diamond-bearing occurrences in the world. You can also visit our Web Site: www.dianor.com Forward-Looking Statements This news release contains statements that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable securities legislation. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of Dianor Resources Inc. ("Dianor"). Actual results or achievements may differ materially from those expressed in, or implied by, this forward-looking information. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that Dianor will derive therefrom. Forward-looking information is based on the estimates and opinions of Dianor's management at the time the information is released and Dianor does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
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