Vancouver, British Columbia (FSCwire) - Margaret Lake Diamonds Inc. (TSXV:DIA) (“MLD” or the “Company”) is pleased to announce the closing of the acquisition of the remaining 40% interest in the Company’s Margaret Lake Diamond Property in the Northwest Territories, Canada (the “Property”). The Company earned the initial 60% undivided interest in the Property on December 2, 2014. The remaining 40% interest in the Property was acquired pursuant to a Mineral Property Transfer Agreement dated July 6, 2015 (the “Agreement”) between the Company and Margaret Lake Diamonds Ltd. (“MLDL”), pursuant to which the Company now holds a 100% undivided interest in and to the Property.
In consideration of the remaining 40% interest in the Property, the Company agreed to issue common shares of the Company (“Common Shares”) to MLDL as follows:
- 4,500,000 Common Shares on closing of the acquisition (issued);
- 1,500,000 Common Shares on December 22, 2016; and
- 1,000,000 Common Shares when the Company completes a bulk sample that allows a statistically meaningful independent evaluation of the diamond population contained in a deposit on any part of the Property,
(collectively, the “Issuances”).
Paul Brockington, MLD’s President and CEO, commented: “We are pleased to complete the acquisition of a 100% interest in the Margaret Lake Property. We will now focus on the next stage of exploration, consisting of a winter drilling campaign on several targets previously identified through our HeliFalcon survey and till sampling processes.”
The Property is comprised of nineteen mineral claims totaling 48,720.2 acres or 19,716.37 hectares (“ha”) contiguous to the north and west of Kennady Diamonds Inc.’s Kennady North Project. The Property is located 300 kilometers east-northeast of Yellowknife in the District of Mackenzie, Northwest Territories. The Property lies just 78 km north of the East Arm of Great Slave Lake and are bounded to the south by both the Kennady Diamonds and De Beers/Mountain Province Diamonds joint venture ground packages. The larger portion of the Property spans an area roughly 20 km in an east-west direction by 9 km in a north-south direction. A western extension covers an area 13.5 km in a north-south direction and 2.25 km in an east-west direction.
Further information on the Property and the Company’s acquisition thereof is available in the Company’s news releases on SEDAR dated December 2, 2014 and July 13, 2015.
About Margaret Lake Diamonds Inc.
Margaret Lake Diamonds Inc. is a diamond exploration company focused on the Northwest Territories in proximity to Gahcho Kué, the newest Canadian diamond mine owned by De Beers and Mountain Province Diamonds, and adjacent to the ongoing advanced exploration by Kennady Diamonds. The Board of MLD is comprised of persons with combined involvement of over 50 years in the Canadian diamond sector.
ON BEHALF OF THE BOARD OF DIRECTORS
“Paul Brockington”
Paul Brockington, President and Chief Executive Officer
For further information, please contact:
Margaret Lake Diamonds Inc.
Paul Brockington
President and CEO
Phone: 604-630-2810
Website: www.margaretlake.com
Forward-looking Information
This news release contains forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
