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TIM Joint Venture, Nunavut

TIM Joint Venture Map
click to enlarge

Location:

The TIM project is located about 115 km southeast of Kugaaruk in Nunavut and contiguous to the IC property.

Size:

The land package currently comprises 24 claims covering approximately 61,980 acres.

Ownership:

During the year ended December 31, 2004, Trigon entered into an agreement with Committee Bay Resources Ltd. ("CBR"), who also made a separate agreement with Indicator Minerals Ltd. Trigon was granted a 51% interest in respect of diamond interests. The project lies within an area of mutual interest of the IC JV and Stornoway holds an option to participate in the TIM program. Diamondex is the operator of the IC JV and has 51% of the project. Therefore, Diamondex has 23.8% and Stornoway has 27.2% with respect to diamond interests in the property. The companies are jointly funding exploration.

Overview:

Initial work consisted of property-wide reconnaissance till sampling, which identified kimberlite indicator minerals in several of the samples. A follow-up programme of till sampling and prospecting in conjunction with work on the IC property, was carried out in 2006.

Forecast 2007:

A budget has been approved to process more of the 2006 collected samples to increase the sample density. The results of these samples will form the basis for the planning of further work on the property.