DIAMOND PAGE — Dia Met expands its efforts in western Greenland

Dia Met Minerals (dmm-t) has agreed to buy Australian-based Quadrant Resources’ 49% interest in a joint venture with Monopros.

The announcement follows a due diligence review that detected kimberlite indicator minerals on a 100-sq.-km portion of a 1,972-sq.-km property in western Greenland.

Dia Met states that repeat heavy mineral sampling by company founder and Chairman Charles Fipke have confirmed the analytical results reported by Monopros.

Dia Met is required to pay 49% of Monopros’ 1997 exploration program, which will consist of helicopter-supported airborne geophysics, follow-up heavy mineral sampling and, if results warrant, drill-testing of prospective targets.

Monopros, the Canadian subsidiary of De Beers Consolidated Mines, remains operator of the project, with a 51% interest.

Quadrant retains the right to receive 20% of the proceeds from the sale of production from the property if it reimburses Dia Met for 20% of the cost of the 1997 program by May 5, 1998, and pays 20% of all further costs incurred by the joint venture.

If Quadrant elects not to participate, it will retain a 1% royalty of Dia Met’s interest.

In a separate agreement with Quadrant, Dia Met and partner Canadian Mountain Minerals (cym-a) can acquire a combined 51% interest in 15,530 sq. km of exploration licences, 7,058 sq. km of which completely surround the Monopros-Dia Met joint-ventured ground. Dia Met will have the right to acquire a 31% interest, whereas Canadian Mountain can acquire a 20% interest.

In return, the companies must spend a total of $1.9 million in 1997 and and $1.9 million in 1998.

The 1997 exploration program, already under way, involves a

helicopter-supported airborne geophysics survey in the area surrounding the Monopros-Dia Met claim. Regional and detailed heavy mineral sampling is in progress.