GGL Diamond starts exploring Providence
posted on
May 01, 2008 05:34AM
GGL Diamond starts exploring Providence
GGL Diamond Corp (C:GGL)
Shares Issued 139,362,197
Last Close 4/30/2008 $0.20
Thursday May 01 2008 - News Release
Ms. Susan de Stein reports
GGL REPORTS ON ACTIVITIES FOR THE FIRST QUARTER ENDED FEB. 29, 2008
GGL Diamond Corp. has provided information on the activities of the Company for the first quarter ended Feb. 29, 2008 and on events taking place subsequently, up to and including April 25, 2008.
Below are highlights from the quarterly report, available in full on the new GGL website (www.ggldiamond.ca) and on SEDAR:
* - In December 2007, the Company raised over $4 million for ongoing exploration activities through a non-brokered private placement of flow-through shares.
* - On Feb. 25, 2008 the Company announced it had acquired, by staking, an additional 76,020 acres of new mineral claims which adjoin and extend the Providence Greenstone Belt (PGB) land first acquired in 2007. This brings the total PGB claim area to 426,104.88 acres.
* - 2008 exploration work on the Providence Greenstone Belt (PGB) in the Northwest Territories (NT) began in March with a 3D airborne geophysical survey on previously unsurveyed sections of the belt. Based out of our Zip exploration camp in the central portion of the property, the work was approximately 70% complete at the time of this writing. The survey system is designed not only to locate drill targets, but also to satisfy assessment work requirements in order to maintain the claims for at least several years.
* - Exploration field work is set to begin in mid-June, weather permitting, with drilling on priority targets expected by the end of August.
* - At GGL's McConnell Creek copper-gold prospect in north central British Columbia, planning for an aggressive exploration season and permitting are underway. Up to $1,162,500 of the proceeds from the December 2007 flow-through financing will be spent this year on an induced polarization survey to be followed by drilling.
* - The Company continues to explore how to proceed on its promising diamond properties in the NT for the benefit of shareholders.
? 2008 Canjex Publishing Ltd.