Business
UME to Purchase Diamond Exploration Database
UME to Purchase Diamond Exploration Database.
About this update from Orosur Mining Inc.
[{"type":"text","content":"\n\n\n\nLONDON, March 19 /CNW/ - Uruguay Mineral Exploration Inc. ("UME" or "the\nCompany") today announces that it has signed an agreement with SouthernEra\nDiamonds Inc. ("SouthernEra") (TSX: SDM) to purchase its Uruguayan diamond\nexploration database. Under the terms of the agreement, SouthernEra will\nreceive a cash payment of US$20,000 and an additional 0.8% royalty on any net\ndiamond sales from any diamond deposit discovered by the Company in Uruguay. A\nfurther 0.2% royalty will be paid to Mr. N.R Baker, who has an interest in the\ndatabase.\n\n\nThe database, which relates to exploration completed by SouthernEra and\njoint venture partners in Uruguay between 1993 and 2001, includes airborne\ngeophysical survey data, heavy mineral results from reconnaissance and\nfollow-up stream sample programmes, electron microprobe analysis of selected\nkimberlite indicator minerals, and results of a diamond drill programme.\n\n\nThe geophysical data includes 3,275 line kilometres of airborne magnetic\nand electromagnetic data from surveys of four areas of northern Uruguay, all\nof which were completed during 1994 at a line spacing of 200 metres. UME\nintends to process and interpret this aeromagnetic data for kimberlite\npipe-like targets.\n\n\nDavid Fowler, Chief Executive of Uruguay Mineral Exploration, commented:\n"The database we have purchased comprises more than 500 sample points, and\nmore than 800 electron microprobe analyses. During the current quarter, we\nwill incorporate this database, together with the processed geophysical data,\ninto our diamond exploration programme. We expect this to reduce the need for\nsampling in some areas and accelerate our exploration programme for the Cinco\nRios project. During February 2007, we carried out a 50 metre line-spaced\nground magnetic survey for a total of 200 line kilometers at Cinco Rios and\nidentified targets, some of which have reported pyrope garnet and chrome\nspinel, that will be trenched during the current quarter. These recent results\nand the purchase of the database support our plan to continue to build value\nin the project prior to a farm out or initial public offering."\n\n\nQualified Person Statement\n\n\nThe information presented in this press release has been reviewed and\nverified by Mr Martin Jackson, Exploration Manager...