NEW YORK, April 27, 2004 (PRIMEZONE) -- Otish Mountain Diamond Company, Inc. (OTCBB:OMDC), an American diamond exploration company with rights to 75,000 acres of mining claims for diamond exploration activities located in Northern Quebec, Canada, announces today that, with diamond mining and production activities in Canada experiencing dramatic growth, the Company foresees strong economic potential in its 75,000 acres of diamond exploration claims.
Northern Quebec diamond exploration remains at a very early stage, with the potential for the discovery of world class deposits remaining high when compared to producing countries such as South Africa and Botswana. The relatively unexplored nature of large areas of Canada, along with continuing evolution of geological models for North America, ensures that diamond occurrences will continue to be identified. Quebec has recently experienced a significant number of important diamondiferous kimberlites discoveries.
In June 2003, Ashton Mining recovered the largest diamond ever discovered in the province of Quebec, a stone estimated at greater than four carats. The Foxtrot property in the Otish Mountain region of Quebec has consistently provided the most significant achievements for Ashton Mining and is considered one of the most promising diamond projects worldwide. In less than three years it has discovered 10 kimberlitic bodies and identified several exciting new areas for target drilling. Ashton Mining of Canada and SOQUEM Inc. are investing in a feasibility study for a potential diamond mine on their Foxtrot property. This property is located 25 miles west of Otish Mountain Diamond Company's Lac Leran JV project.
Otish Mountain Diamond Company, founded in August 2003, is an exploration company conducting diamond exploration activities in the Northern part of Quebec. The Company's claims encompass a total of 75,000 acres among 8 different properties in the Otish Mountains region and are located in under-explored areas next to significant diamond discoveries. Geologists believe that there is good potential for the discovery of diamond bearing kimberlites at these sites due to their geological settings and close proximity to valuable explorations sites of industry leaders Ashton Mining, Majescor and Dios (in partnership with DeBeers of South Africa).
Safe-Harbor Statement
The statements contained in this news release that are not historical facts may be statements regarding the Company's future that involve risks and uncertainties which could cause actual results to differ materially from those currently anticipated. For example, statements that describe the Company's hopes, plans, objectives, goals, intentions or expectations are all forward-looking statements. Any such statements made herein about the Company's future are only made as of the date of this news release. Numerous factors, many of which are beyond the Company's control, may affect actual results. The Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.