Stock Symbol: DIAM: TSX
SASKATOON, SK, Aug. 1, 2024
/CNW/ - Star Diamond Corporation ("Star Diamond" or the "Company")
is pleased to announce that further to its press release dated
July 15, 2024, it has completed the
acquisition of Canterra Minerals Corporation's ("Canterra")
interest in the Buffalo Hills Diamond Project (the "Project").
Star Diamond now owns 100% of the
Project.
Star Diamond acquired Canterra's
50% interest in the Project, a land package consisting of 21
mineral leases covering approximately 4,800 hectares located 400
kilometres northwest of Edmonton,
Alberta, Canada, in exchange for the issuance of 17,500,000
common shares of the Company (the "Consideration Shares"). One half
of the Consideration Shares are subject to a 12-month lock-up
arrangement. In addition to the Consideration Shares, Canterra was
granted a 1% royalty interest in the Project. All of the
Consideration Shares are subject to a customary four month hold
period.
About Buffalo Hills Diamond Project
Located
approximately 400 kilometres northwest of Edmonton, Alberta, Canada, the Buffalo Hills
Diamond Project includes 21 mineral leases covering 4,800
hectares and is a significant and accessible field of diamond
bearing kimberlites, with similarities to the Fort á la Corne
kimberlites in Saskatchewan,
Canada. The Project is located in the Buffalo Hills
Kimberlite District, which contains at least 38 individual
kimberlite bodies, of which 26 kimberlites are diamond bearing and
a number of which outcrop at surface. Exploration on these
kimberlites started in 1996, and small parcels of diamonds have
been collected from various exploration programs on many of those
considered most prospective.
About Star Diamond Corporation
Star Diamond is a Canadian-based corporation
engaged in the acquisition, exploration and development of mineral
properties. Shares of Star Diamond
trade on the Toronto Stock Exchange under the trading symbol
"DIAM". Star Diamond's
most significant asset is its 100% interest in the Fort à la Corne
Project in central Saskatchewan. These kimberlites are
located in close proximity to established infrastructure, including
paved highways and the electrical power grid, which provide
significant advantages for future mine development.
Stay Connected with Us:
X (Twitter) -
https://twitter.com/StarDiamondCorp
LinkedIn - https://www.linkedin.com/company/star-diamond-corp/
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Caution Regarding Forward-looking
Statements
This press release contains "forward-looking
statements" and/or "forward-looking information" (collectively,
"forward-looking statements") within the meaning of applicable
securities legislation. All statements, other than statements of
historical fact, are forward-looking statements. Forward-looking
statements in this press release include, but are not limited to,
Star Diamond's exploration of the
Project, Star Diamond's assessment
of its cost and management structure going forward.
These forward-looking statements are based on Star Diamond's current beliefs as well as
assumptions made by and information currently available to
Star Diamond and involve inherent
risks and uncertainties, both general and specific. Risks exist
that forward-looking statements will not be achieved due to a
number of factors including, but not limited to, developments in
world diamond markets, changes in diamond prices, risks relating to
fluctuations in the Canadian dollar and other currencies relative
to the US dollar, changes in exploration, development or mining
plans due to exploration results and changing budget priorities of
Star Diamond, the impact of changes
in the laws and regulations regulating mining exploration,
development, closure, judicial or regulatory judgments and legal
proceedings, operational and infrastructure risks and the
additional risks described in Star
Diamond's most recently filed Annual Information Form,
annual and interim Management Discussion and Analysis.
For further information:
stardiamondcorp@stardiamondcorp.com or (306) 664-2202
www.stardiamondcorp.com
SOURCE Star Diamond Corporation
