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CMKM Diamonds Inc. Acquires Additional Interests in Saskatchewan
Monday July 26, 7:57 pm ET
LAS VEGAS--(BUSINESS WIRE)--July 26, 2004--CMKM Diamonds Inc. (Pink Sheets: CMKX - News) announced today that it has agreed to acquire a 60%, undivided interest in 500,000 acres of potential Kimberlite mineral property in Saskatchewan, Canada. The property is currently owned by Nevada Minerals Inc., a private company unrelated to CMKM. The property is being developed by a joint venture between Nevada Minerals Inc. and U.S. Canadian Minerals Inc. CMKM will acquire the interest in the property in exchange for 75 billion shares of restricted Rule 144 stock of CMKM. In order to reduce the dilution to CMKM's shareholders as a result of this transaction, Urban Casavant, CMKM's CEO, has agreed to contribute 40 billion shares owned by himself in exchange for an agreement from CMKM stating that Casavant will be paid only if the acquired property actually yields a profit. According to the agreement, Casavant will be paid one-half of the net proceeds from any mining on the property, after paying all associated expenses, up to a maximum aggregate total of US$62 million. CMKM will issue 35 billion new shares of the company to Nevada Minerals Inc. to complete the transaction.
As announced earlier, U.S. Canadian Minerals Inc. recently issued 7.5 million shares of the company's stock to CMKM in exchange for certain mineral rights. Those shares have been issued to CMKM and will be distributed to shareholders of record of CMKM on Aug. 20, 2004. Due to Casavant's share contribution to the property acquisition by CMKM occurring prior to the Aug. 20, 2004, date, Casavant will not receive this or any subsequent dividend.
Casavant stated, "We are delighted to make the acquisition of this property, which is covered by our proprietary Goldak Airbourne surveys. We will be traveling to Saskatchewan in August with executives from U.S. Canadian Minerals Inc. to view the property owned by CMKM with the intent of planning a drilling schedule." The drilling will be performed with Rick Walker and United Carina Resources Corp. (CDNX: UCA - News), Consolidated Pine Channel Gold Corp. (CDNX: KPG - News) and Shane Resources Ltd. (CDNX: SEI - News).
D. Roger Glenn, CMKM's counsel, stated, "I will be traveling to Saskatchewan with the company's management to expand my knowledge of the company and its business in order to facilitate the company becoming fully reporting."
www.casavantmining.com
There is no guarantee that further exploration or drilling will produce any economic benefit to the company or the shareholders of the company.
This press release contains "forward-looking" statements as that term is defined by Section 27A of the Securities Act of 1933 (the "Securities Act"), as amended, and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"), as amended. All statements that are included in this press release other than statements of historical fact are "forward-looking" statements. Although management believes that the expectations reflecting in these forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors could cause actual results to differ materially from the expectations as disclosed herein, including without limitation, in conjunction with these forward-looking statements contained in this press release.
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Contact:
CMKM Diamonds Inc.
877-752-3755
Diamonds Hotline: Melvin O'Neil
306-752-3755 or 877-752-3755
Fax: 306-752-3754
