MONTREAL, QUEBEC, Aug 04, 2010– Diadem Resources Ltd. announces today that drilling contractor Northtech Drilling Ltd. of Yellowknife has been engaged and is presently mobilizing a drilling crew to the Parry Peninsula area to explore potential diamond targets. The drilling is expected to commence in the next few days and will be conducted under the supervision of Lou Covello, geologist with Aurora Geosciences Ltd.
The drilling targets have been identified with the cooperation of Lee Barker, Lou Covello, Edward Schiller, Stephen Reford and Tom Skimming.
Progress reports on the drilling will be announced as they become available.
About Diadem Resources Ltd.
Management of Diadem is focused on acquiring near-production mining opportunities in North America, especially those related to diamonds and gold. Its principal current activity is diamond exploration in the Franklin Bay area of the Northwest Territories. On that project Diadem operates a joint venture with its fifty percent (50%) partner Darnley Bay. Twenty-eight (28) potential drill targets have been identified on the Parry Peninsula, which currently constitutes the Franklin Bay joint venture project area. A ground magnetic survey has been completed and the results are being analyzed and interpreted in order to focus on the most promising targets. When this analysis is completed, Diadem will finalize its drilling program for the current drilling season. All permits regarding the joint venture are in place and a proper campsite is being investigated in order to benefit both joint venture partners. Diadem recently entered into a joint venture arrangement with Darnley Bay Resources Limited, details of which can be found in Diadem’s press release of July 9, 2010 (found under the Company’s profile on SEDAR).
Additional information about Diadem Resources Ltd. may be found on its web page (www.diademresources.com) and under Diadem’s profile on www.sedar.com.
This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in forward-looking statements. These include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review registered filings at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.