THE DIAMOND PAGE — Canadian junior increases stake in South

Vancouver-listed junior Diamond Fields Resources will assume total ownership of the Loxton Dal and Frank Smith mines in South Africa.

Chairman Jean-Raymond Boulle has announced plans to acquire an outstanding 33.33% interest in the two producing mines. Completion of this transaction will increase the cost of the full 100% interest to $2.3 million, payable to the original vendors, as well as 1.1 million of the company’s common shares. The company, which is also involved in marine diamond concessions along the Namibian coast, has already begun upgrading the mines in an effort to increase production.

A $12.5-14.5-million financing is planned.

Meanwhile, Diamond Fields is involved in discussions with several companies interested in a joint venture on its Luderitz Sea diamond concession. Elsewhere Overseas

* Two other Vancouver-based juniors have increased their exposure to diamond projects in Africa. Bakertalc (ME) and Pure Gold Resources (TSE) acquired licences for seven concessions in Tanzania and some of the ground is known to contain kimberlites. The associated companies now have exposure to more than 70% of the known kimberlite provinces in the East African country. Bakertalc also hopes to acquire the mineral interests of Tanzania Diamond Mines, one of Pure Gold’s partners in the joint venture. The other partners are Toronto-based Serengeti Diamonds (VSE) and Rosequartz Minerals of Australia. Pure Gold has rights to a 20% interest in the project. Donald Sheldon, president of both Bakertalc and Pure Gold, says the project represents one of the world’s largest diamond exploration acreages held by a Canadian junior.

* Initial work has been completed on Sikaman Gold Resources’ (TSE) 50%-owned diamond concession in the Central African Republic. Satellite photography has enabled the company to target several areas for ground followup. Northwest Territories

* Ashton Mining of Canada (TSE) intends to resume field work on its joint-venture properties near Humpy Lake, west of Lac de Gras. Drilling is expected to be under way soon

The company is pleased with progress on its KWG joint-venture properties in Ontario and Quebec and is following up some geophysical and geochemical anomalies on the Great Lakes joint venture in the U.S. A new kimberlite body was recently discovered at the latter property.

* A winter program is under way on ground held by Lytton Minerals (TSE). A rig is being moved onto the Ice claims and drilling on selected targets will begin shortly.

A camp is being established 150 km north of the company’s Ice claims, on the 3.7-million-hectare property held jointly with New Indigo Resources (VSE). Lytton says results from heavy mineral samples collected during the summer “justify the intensification of geological work.”

The company plans to raise $20 million by issuing 4.6 million units at $4.35 per unit. A unit will consist of one share, and half a warrant to buy a further share at $5.75 by March 15, 1999.

* Drilling will begin in mid-March on the Amad claims near Lac de Gras. Calco Resources (VSE) reports that geophysical work is under way in preparation for the program.

Manitoba

* An airborne magnetic survey has been completed on the 40,000-hectare Wimapedi property, 40 km northeast of Snow Lake. Several circular anomalies, believed to be kimberlites, were delineated.

Operator Savanna Resources (ASE) is funding 85% of the expenditures and Island-Arc Resources (VSE), the balance. A third party is being carried by Savanna for a 15% interest to feasibility.

Ontario and Quebec

* Societe Miniere Garde (ME) can earn a half interest in the Bryson-Lynch property, 70 km west of Maniwaki, Que. Last year, Societe Miniere Ecudor (ME), which has an 80% stake in the property, performed prospecting and alluvial sampling.

* Consolidated Cline Development (VSE) has acquired a significant land position in the Michipicoten River watershed, near Wawa, Ont. The company succeeded in reserving 40 of 41 1-sq.-km grid blocks, under licence agreements with Algoma Central Properties. It also acquired 19 blocks (comprising 217 claims) as a result of staking. (The company holds an interest in 212 other claims in the Wawa area, which were acquired for their gold potential.)

United States

Continental Precious Minerals (ME) has sold 1 million shares of Texas Star Resources (VSE) for $3 million. The company acquired the shares when it converted its interests in Texas Star’s Arkansas diamond projects (including the Crater of Diamonds) and Northwest Territories projects into either a 3% or 2% net profits interest in said properties.