DIAMET MINERALS LTD.

DIAMET MINERALS LTD.

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Company Overview
The company is an Canada based enterprise engaged in mining and quarrying of nonmetallic minerals. The company was incorporated in the year 1983. Its registered business office is based in Kelowna, Canada.
The company comprises its business activities in mining, quarrying, milling, or otherwise preparing nonmetallic minerals. It is involved in shaping of natural abrasive stones at the quarry. It is also involved in the production of blast, grinding, or polishing sand.
The company operates under the supervision and management of James Eliot Eccott, who is the company’s president.
Business Summary
Diamet Minerals was founded in 1983 by Charles e. Fipke. The Company provided necessary funding to carry out a systematic sampling program for diamond indicator minerals in Canada’s Northwest Territories.
Description and history
Diamet Minerals was founded in 1983 by Charles e. Fipke. The Company provided necessary funding to carry out a systematic sampling program for diamond indicator minerals in Canada’s Northwest Territories.
HISTORY:
1981 Chuck Fipke finds diamond indicator minerals while prospecting near the MacKenzie Range
at the Yukon/Northwest Territories border.
1983 Dia Met Minerals Ltd. is founded by its current chairman, Charles E. Fipke. Dia Met Minerals Ltd. pioneers the search for diamonds in the Canadian Arctic. The Company provided the necessary funding to carry out a systematic sampling program for diamond indicator minerals in Canada’s Northwest Territories. Early exploration, on a very limited budget, relied on float planes and careful selection of sample sites.
1984 Dia Met Minerals Ltd. is listed as a public company on the Vancouver Stock Exchange
1989 September Exploration efforts intensify in the Northwest Territories diamond project. Extremely high levels of diamond indicator minerals are found in the Lac de Gras area of the Northwest Territories. This suggested the location of a diamondiferous kimberlite pipe.
1990 August Initial staking of 450,000 acres north of Lac de Gras. September The Blackwater Agreement is signed between the ‘Blackwater Group’ (consisting of Dia Met Minerals Ltd., Charles Fipke and Stewart Blusson) and Broken Hill Proprietary (BHP). Thisagreement called for BHP to fund all exploration in order to earn a 51% interest in the project and to finance mine construction costs up to US $500 million.
1991 November Diamonds are discovered at Point Lake. 81 diamondsare recovered from a 130 pound core sample of kimberlite. This precipitates the largest staking rush in Canadian mining history.
1992 More than 90 carats of diamonds are recovered from a 160 tonne bulk sample, about 25% of
the diamonds are classified as gem quality. September Nine more kimberlite pipes are identified.
October Dia Met Minerals Ltd. is called for trading on the Toronto Stock Exchange December Micro diamond results for the nine new kimberlites are announced, the joint venture plans to bulk sample at least two of the newly discovered pipes.
1993 June The preliminary results from the 1993 winter program are released . More than 62 carats are recovered from the 50 tonne bulk sample at the Koala pipe. Dia Met Minerals Ltd. stock hits a high of CDN $66 September The Joint Venture announces the valuation of diamonds recovered from the Fox, Leslie and Koala samples. Diamond valuations range from US $81 to US $112 per carat. An additional 16 kimberlites are announced bringing the total to 26. The extraordinary microdiamond results for Misery pipe are also reported. December Construction of an onsite facility is completed. This includes a fully winterized 180 person camp, a 10 tonne per hour dense media separation (DMS) plant. A landing strip is also constructed that can be utilized by Boeing 727 and 737 aircraft as well as Hercules freighters. The underground program at Fox is announced.
1994 April A total of 270 carats of diamonds of high quality are recovered from 230 tonnes of kimberlite at Panda. May BHP formally notifies Dia Met Minerals of their intention to prepare a bankable feasibility study for the first diamond mine. BHP is vested with a 51% interest in the project. July A progress report filed by the joint venture announces the diamond recovery results and valuations for the Koala, Panda, Misery and Falcon kimberlites. Overall US $ per tonne ranges from $82 at Koala to $150 per tonne at Panda. December An updated Project Description is provided to the Canadian Government by BHP. The Federal Environment Review process is initiated and the Environmental Assessment and Review Panel (EARP) is formed. The proposed development plan is enlarged from three to five diamondiferous pipes. (Panda, Misery, Koala, Fox and Leslie) and the proposed life of the mine is extended to twenty-five years. The joint venture also announces the discovery of 13 additional diamondiferous kimberlite pipes bringing the total to 39 confirmed pipes. Underground sampling at the Fox pipe is completed with a total of 1,766 carats of diamonds recovered from 6,915 tonnes of kimberlite. A total of 2,557 carats are recovered from 2, 835 tonnes of kimberlite at the Panda pipe.
1995 February Diamond valuations for Fox, Panda and Misery pipes are released and range from US $ 44 per carat to US $ 132 per carat May The final Environmental Impact Statement (EIS) guidelines are received from the Environmental Assessment and Review Panel. June Results from the 1995 winter program are released. July Dia Met Minerals Ltd. is called for trading on the American Stock Exchange. The Environment Impact Statement (EIS) summary is submitted to the Federal Environmental Review Panel on July 24. The EIS covers the development of five kimberlite pipes and details a comprehensive and integrated Environmental Management Plan for the project.
September Complete commercial evaluations for Panda, Misery, Koala, Fox and Pigeon kimberlites are released. Average diamond values ranges from US $26 at Misery to US $ 130 per carat at Panda. The 1995 summer program reveals an additional 18 pipes, bringing the total to 57 known kimberlites in the joint venture claim block.
1996 February The public hearings on the Environmental Impact Statement are completed on February 23. The EARP panel has 120 days to submit recommendations to the Federal Cabinet. This
completes the Federal Review Process. April The core drilling program continues with 9 new kimberlite pipes being discovered. This raises the total to 66. May The 1996 Winter Bulk Sampling Program Results are issued. Bulk samples were taken from five previously untested diamond bearing pipes. The commercial evaluations from the Sable pipe are made in Antwerp.
A gem quality stone weighing 9 carats is found. The Financial Report for Fiscal 1996 is issued to the shareholders. June On June 21, the Minister of Environment and the Minister of Indian Affairs and Northern Development release the report of the Environmental Assessment Panel recommending the approval for the development of the NWT Diamonds Project. November NWT Diamonds Project receives approval subject to the finalization of the water license and the land leases.
1997 February Water license and the Land leases are issued. New projects are announced for Venuzuela and Canada. March A progress report on the Finland Project is made public. The signing of a letter of intent pertaining to hard rock mineral rights with the Cooperativa La
Salvacion is released. The Company presents the NWT Diamonds Project Feasibility Study to the Joint Venture partners. The directors have approved the filing of a preliminary prospectus for a proposed underwritten public offering of Class A Subordinate Voting Shares. April A Public Offering of 1,800,000 Class A Subordinate Voting Shares is made. August New Projects In Enland are announced. September BHP and Dia Met name ‘Ekati Diamond Mine’ November Marketing Agreement Signed
1998 October Ekati Diamond Mine goes into production

Business Line
Engaged in mining and quarrying of nonmetallic minerals
Subsidiary

Advisor
KPMG PEAT MARWICK THORNE
IPO date

US SIC Code
1499
Company Address
1695, Powick Road

City province or state postal code
V1X 4L1, KELOWNA, BC
Phone: +1 250 861 8660
Fax: +1 250 861 3649
Country address: CANADA
Website url: www.diamet.com