TSX: DIAM
SASKATOON, SK, Jan. 9, 2025
/CNW/ - Star Diamond Corporation ("Star Diamond" or the "Company")
is pleased to announce that management was informed on January 6, 2025 that the entire 70.7 million
share block of Star Diamond held by a former Fort à la Corne
project partner has now been sold. The 61.12 million block of Star
Diamond shares that traded on the TSX on January 6, 2025 was purchased by an international
investor with interests in diamonds. This removes a
substantial overhang in the market for the Company's shares.
Subsequent discussions with this investor have revealed that
they may have an interest in assisting Star in moving forward with
our Fort à la Corne diamond project in Saskatchewan and discussions with this group
will continue.
The Company is also pleased to announce that it has reached an
agreement with Ritchie Bros.
Auctioneers Ltd., including their subsidiary IronPlanet
("Ritchie Bros."), for the sale of
the Bauer Trench Cutter drilling rig and its associated equipment
and spares. This very specialized and purpose built drilling and
sampling equipment had an original purchase price in excess of
$10 million. When Ritchie Bros. post this equipment on their
website a link will be made available on the Star Diamond
website.
All technical information in this press release has been
prepared under the supervision of George
Read, Senior Vice President Corporate Development, a
registered Professional Geoscientist in the Provinces of
Saskatchewan and British Columbia and Mark Shimell, Vice President Exploration, a
registered Professional Geoscientist in the Provinces of
Saskatchewan and Alberta, who are Star Diamond's QP's under the
definition of NI 43-101.
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 interest in the Fort à la Corne property 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.
Website: www.stardiamondcorp.com
CAUTION REGARDING
FORWARD-LOOKING INFORMATION
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. The use of any of
the words "anticipate", "plan", "aim", "target", "contemplate",
"continue", "estimate", "expect", "intend", "propose", "might",
"may", "will", "shall", "project", "should", "could", "would",
"believe", "predict", "forecast", "pursue", "potential",
"possible", "capable" and similar expressions are intended to
identify "forward-looking statements. Forward-looking statements in
this press release include, but are not limited to, expectations
regarding the completion of the Offering and the prospective nature
of the Company's property interests.
These forward-looking statements are based on
Star Diamond's current beliefs as well as assumptions made by and
information currently available to it 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, the receipt of applicable
regulatory approvals, availability of financing, the impact of
changes in the laws and regulations regulating mining exploration,
development, closure, judicial or regulatory judgments and legal
proceedings and the additional risks described in Star Diamond's
most recently filed Annual Information Form, and annual and interim
MD&A.
Although management of Star Diamond considers the
assumptions contained in forward-looking statements to be
reasonable based on information currently available to Star
Diamond, those assumptions may prove to be incorrect. When making
decisions with respect to Star Diamond, investors and others should
not place undue reliance on these statements and should carefully
consider the foregoing factors and other uncertainties and
potential events.
Star Diamond does not undertake any obligation to
release publicly revisions to any forward-looking statement to
reflect events or circumstances after the date of this release, or
to reflect the occurrence of unanticipated events, except as may be
required under applicable securities laws. Investors should not
assume that any lack of update to a previously issued
forward-looking statement constitutes a reaffirmation of that
statement. Continued reliance on forward-looking statements is at
investors' own risk.
SOURCE Star Diamond Corporation
