Debut Signs Option To Acquire 70% Interest In 33 Diamond Exploration Targets Near Nakina29 Aug 2011
Toronto, Ontario, Canada – August 29, 2011 – Debut Diamonds Inc. (“Debut”) is pleased to announce that it has signed an agreement to acquire a 70% interest in 33 diamond exploration targets near Nakina, Ontario. The new targets are contained in a group of 28 claim blocks which each contain potential kimberlite pipe targets as determined by analysis of airborne magnetic data north of Nakina generated in 2010 by the Ontario Geological Survey. As per the agreement the vendors received $30,000 in cash, 1.5 million shares of Debut, and 1.7 million shares of KWG Resources Inc. for Debut to acquire the option.
Debut must now incur a total of $750,000 in exploration expenditures within the first 12 months of the agreement and must also pay the vendors an additional $25,000 and issue 600,000 Debut shares in each of the following two years to exercise the option and acquire the 70% interest.
“We are very pleased to have executed this agreement and planning is well underway for a fall program to recover at least one drill core sample from each of these 33 high priority targets to determine if they are kimberlites and diamondiferous” said Chris Meraw, President of Debut. “The company also looks forward to concluding its early consultation obligations with affected First Nations in the Nakina region and commencing the upcoming drill program as soon as possible”.
Debut is a development stage company with joint venture and wholly owned properties and projects in northern Ontario which include the previously discovered MacFadyen Kimberlites and the Uniform Surround, Pele Mountain and Victor West claim blocks adjoining the De Beers’ Victor Mine. The Diagnos Initiative and Kyle Kimberlites are within and adjacent to the Ring of Fire. The company’s exploration initiatives also include the Wawa Project and Nakina Project.
This Press Release contains forward-looking statements regarding development of Debut projects that may involve a number of risks and uncertainties, including market conditions. Actual events or results could differ materially from Debut’s forward-looking statements and expectations herein.
For further information, please contact:
Debut Diamonds Inc.
Tel: (416) 642-3575 ext 104
Tel: (416) 642-3575 ext 101