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$412,500 NON BROKERED PRIVATE PLACEMENT WO PROJECT UPDATE
January 25, 2007: Kettle River Resources Ltd.(TSX-V: KRR) (the “Company”) announces that it has entered into a non-brokered private placement raising up to $412,500 CDN at $0.15 issuing up to 2,750,000 units. Each unit will consist of one common share and one non-transferable share purchase warrant. Each warrant will entitle the holder to purchase one additional share of the Company for a period of one year from closing at an exercise price of $0.25 per share.
Allowable commission may be payable in cash or securities, or a combination of both, in compliance with the guidelines of the TSX Venture Exchange policies.
The share price at the close of trading on January 25, 2007 was $0.15.
Proceeds from the placement will be used for meeting DHK Diamonds Inc. cash call contributions where required to the WO Diamond Project Joint Venture located in the Northwest Territories and for general corporate funds. The private placement proposed herein is subject to all necessary regulatory approvals.
PEREGRINE DIAMONDS LTD. report on the WO DIAMOND PROJECT “AMEC TO COMPLETE A PRELIMINARY TECHNICAL ASSESSMENT: Peregrine Diamonds Ltd. has awarded the contract to complete an internal preliminary technical assessment on its WO diamond project, Northwest Territories, Canada, to Amec.” “Amec is an international project management and services company that employs more than 20,000 people worldwide. From managing exploration and testwork through to providing comprehensive EPCM services, Amec has played integral roles in most of the diamond projects under development in Canada, including BHP Billiton's Ekati diamond mine as well as De Beers's Snap Lake and Victor diamond projects.”
“The preliminary technical assessment will include a conceptual model of a potential diamond mine and will examine several operating scenarios and development concepts, focusing on kimberlite processing, waste rock disposal, water management and overall project footprint. The PTA is scheduled to be completed during the summer of 2007 and will be used by Peregrine for internal planning purposes and for assistance with any future environmental studies.”
“The large-diameter bulk sample drilling program currently under way on the DO-27 kimberlite has, to date, completed five large-diameter holes, totalling approximately 601 metres, on the land-based portion of the northeast lobe. Using an average specific gravity of 2.0 grams per cubic centimetre, this equates to a total of approximately 322 wet tonnes of kimberlite. A second large-diameter drill rig has been set up on its first drill hole location and is expected to begin drilling on Jan. 26, 2007.”
“It is currently unknown whether this pace of production will be maintained during the upcoming ice-based drilling phase. Ice building activities on the DO-27 lake have been successful in creating approximately 70 inches of ice, with a minimum of 80 inches required to safely support the weight of all the drilling equipment. With the continued cold weather, it is anticipated that this minimum will be reached in early February, 2007.”
“Peregrine has been advised that BHP Billiton will process this year's bulk sample at the bulk sample test facility at BHP Billiton's Ekati diamond mine. This is important as the proximity of Ekati should allow Peregrine to drill and ship samples later in the season than if the samples had to be transported via the main Tibbitt to Contwoyto ice road to Yellowknife, and onward for processing.”
ON BEHALF OF THE BOARD
Ellen Clements, Director
For further information contact Ellen Clements at 1 800 856- 3966 or Larry Widmer 250 878 5099 The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
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