Majescor Makes Canadian Deal with De Beers

October 27, 2004

Majescor Makes Canadian Deal with De Beers

Majescor Resources said it signed a deal October 26 to acquire a diamond project from De Beers Canada in the Northwest Territories.

The project, named Upper Carp Lake, is 100 km north of Yellowknife and just north of Majescor's Nicholas Lake property. Under the deal, Majescor can purchase a 100% interest in the property by spending $5 million over the next five years. De Beers will retain the right to buy back in to the property at any time up to a decision to mine.

Earlier this month, Majescor and De Beers formed a joint venture to explore for diamonds in northern and central Madagascar.

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