CALGARY, Alberta, Aug. 15, 2005 (PRIMEZONE) -- Karrington Holdings Corp. (Pink Sheets:KGHC) announced today that the founder and CEO of the Corp., R. Revell Murphy, has successfully completed a Letter of Intent to purchase a controlling interest in Brazilian diamond assets secured by Braz Diamond Mining, Inc. (Pink Sheets:BZDM). No further details were announced.
The Company (Braz Diamond Mining, Inc.) has identified four kimberlite pipes in the area. One of the pipes (Redondao kimberlite pipe) was proven to be diamondiferous in an independent study (Svisero 1977). There are indications of the presence of other kimberlite pipes in the area.
Braz Diamond Mining has secured over 450,000 acres of land favorable for diamond exploration and development including the land covering the four identified kimberlite pipes as well as land covering favorable placer deposits. Independent geological reports and technical data produced to date provide strong evidence of the presence of one or more diamond bearing kimberlites within the land currently controlled by Braz Mining.
Delineation and evaluation of the diamond content and value of these kimberlitic bodies is planned in conjunction with the alluvial bulk sampling program. Discovery of a kimberlitic body with diamond values sufficient for commercial mining is the most direct way of adding value to the company.
Braz Diamond Mining (www.brazdiamond.com), a junior diamond exploration and mining company, together with its subsidiary, Braz Mining do Brazil, Ltds. Holds ownership interest in various mineral properties in the country of the Brazil, including a favorable diamond exploration project in the state of Piaui. Exploration and development work to date has confirmed the existence of high-grade alluvial diamond deposits and the existence of several kimberlites.
Forward-looking statements
Certain statements contained in this press release are forward-looking statements that involve risks and uncertainties. The statements contained herein that are not purely historical are forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements deal with the Company's current plans, intentions, beliefs and expectations and statements of future economic performance. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to differ materially from what is currently anticipated. Factors that could cause or contribute to such differences include those discussed from time to time in reports filed by the Company with the Securities and Exchange Commission. The Company cannot guarantee its future results, levels of activity, performance or achievements.