Northern Empire Minerals Ltd. is pleased to announce its joint venture partners (Stornoway Ventures, SWV:TSXV, Navigator Minerals, NVR:TSXV) in the Coronation Gulf Diamond District, Nunavut, have identified more than 168 priority diamond exploration targets using airborne magnetic surveys on the Princess, Marquis, Jewel and Crown and Bear Properties.
The summer field program has now commenced. The program will include ground checking the airborne geophysical anomalies and collection of over 1,000 till samples in the region. All till samples collected during the summer will be processed for diamond indicator minerals in a laboratory funded by and dedicated to Stornoway Ventures and its partners, including Northern Empire.
This brings to a total of more than 200 priority diamond exploration targets that Northern Empire's joint venture partners will be testing this summer, all at no cost to the Company as these partners earn their interest in the properties.
Together, the five properties comprise approximately 643,000 acres of prospective diamond claims centered around the diamondiferous Artemisia, Potentilla and Stellaria kimberlites. Northern Empire holds a 30% interest in the Kikerk Lake property that hosts the Potentilla and Stellaria kimberlites.
Under the terms of an option agreement between Stornoway and Northern Empire, Stornoway can acquire a 70% interest in the Princess, Marquis, Jewel and Crown properties (formerly known as the Coronation Diamond Project), by incurring exploration expenditures of $1 million. Upon Stornoway vesting its interest Northern Empire will retain a 30% working interest in the project and is carried through the following $4 million in total property expenditures. In a subsequent agreement between Navigator and Stornoway whereby Navigator may earn a 35% in the Jewel property from Stornoway by spending $2.3 million.
On the Bear property Navigator can earn a 70% interest from Northern Empire by incurring exploration expenditures of $1 million. In a subsequent agreement Stornoway may acquire a 35% interest in the Bear Property from Navigator by spending $2.3 million.
In other news, the TSX Venture Exchange has accepted for closing the Aviat Joint Venture previously announced on May 14, 2002. The Company has issued shares as a finder's fee in connection with the transaction with hold periods expiring November 17, 2002.
Northern Empire Minerals Ltd. is a well-funded diamond exploration company with an aggressive acquisition and development philosophy. The Company holds one of the most prospective diamond exploration property portfolios in Canada, totaling more than 3.5 million acres. The Company has 16 diamond properties in the Coronation Diamond District, the Melville Peninsula, and Rankin Inlet areas of Nunavut and 2 diamond properties in the Otish Mountain region of Quebec.
On behalf of the Board,
NORTHERN EMPIRE MINERALS LTD.
"John E. Robins"
John E. Robins, P. Geo.
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.