Northern Empire Minerals Ltd. ("Northern Empire") and Diamondex Resources Ltd. ("Diamondex") are pleased to announce that a total of 24 high priority magnetic targets have been selected for detailed ground follow-up from the recently completed 8,324 line-kilometre airborne Mag/EM survey (Fugro/DIGHEM) over the Peregrine property in the Coronation Diamond District, Nunavut.
An exploration program of ground geophysics, prospecting and geological mapping as well as detailed till sampling will be conducted over the property this year. A budget of $1.2 million has been allocated for exploration on this property for 2002 which also includes a contingency for drilling.
The Peregrine property is located approximately 520 kilometres north of Yellowknife, Northwest Territories and adjoins immediately to the west of the Vic and Kim claims of Ashton Mining of Canada Inc. who have reported a number of kimberlite discoveries including the Artmesia, Potentilla and most recently the Thrift pipes. The Peregrine property is comprised of 61 mineral claims covering 154,424 contiguous acres. Diamondex can acquire a 70% interest in this property, with Northern Empire Minerals Ltd. holding the remaining 30% by spending $1 million in exploration costs before December 1, 2004. Diamondex has incurred approximately $500,000 in exploration expenditures during 2002.
Northern Empire Minerals is a well funded diamond exploration company with an aggressive acquisition and development philosophy. The Company has established itself as the premiere diamond explorer in Nunavut. The Company's property interests now total more than 2.9 million acres. The Company has properties in the Coronation Gulf Diamond District, on the Melville Peninsula and in the Otish mountain region of Quebec.
On behalf of the Board,
NORTHERN EMPIRE MINERALS LTD.
"John E. Robins"
John Robins, P. Geo.
President
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