ATTAWAPISKAT, Ont. DUMONT NICKEL and KEL-EX DEVELOPMENT have created a joint venture to explore and develop Dumont's diamond property in the James Bay Lowlands of Ontario. Kel-Ex is a private corporation under the direction and control of Charles Fipke, Canada's foremost diamond hunter.
The agreement outlines how Kel-Ex can earn up to a 90% interest in the property by spending $1.5 million over three years and producing a positive feasibility study. It must then bring the deposit into production at its expense. Dumont will retain a 10% participating interest and a 5% interest in certain surrounding areas if Kel-Ex acquires them.
Project maps may be viewed at www.dumontnickel.com.