TORONTO – Shareholders of Sudbury Contact Mines have approved the name change to CONTACT DIAMOND CORP. and the refocusing of the corporate strategy. The company was to start trading today on the TSX under its new symbol, CO. The new website at www.ContactDiamond.com will be functional soon.
The company has sold its North American gold and precious metals exploration properties to AGNICO-EAGLE MINES of Toronto. Agnico-Eagle holds 44.2% of Contact Diamonds.
Contact Diamond’s energy will now be directed toward its 100%-owned Timiskaming diamond project near Cobalt, Ont., and the year-long, $4-million regional exploration program in the area. Airborne magnetic surveying and till sampling programs were slated to begin during the first week in October. Follow-up ground geophysics, road-building and target drilling will take place continuously through to the summer of 2005. The company estimates that three dozen targets will be tested with this program. This should allow for decisions on advanced exploration programs during 2005, including mini-bulk and bulk samples on several kimberlite pipes such as Kimberlite 95-2. Presently, 12 high-priority targets are ready to drill when the diamond drill rigs become available after the delineation program.