NEW YORK, June 25, 2004 (PRIMEZONE) -- Otish Mountain Diamond Company, Inc. (OTCBB:OMDC), a diamond exploration company conducting exploration activities in the Otish Mountains region of northern Quebec, announced today results from the Company's Lac Leran JV project. The Lac Leran JV diamond claims are jointly owned by Otish Mountain Diamond Company and Miranda Gold Corporation.
Last fall, 30 ground samples were collected by Roscoe Postle Associates, Inc. from the Lac Leran JV site and analyzed for indicator mineral content. The Company is pleased to report that one of the samples returned positive indicator minerals, revealing 2 grains of chromite and 1 grain of ilmenite. Otish Diamond is currently conducting further probing and laboratory analysis on this particular sample in order to establish the possibility of kimberlitic origins. A kimberlite is an intrusive rock that is the primary source of diamonds and the majority of diamond deposits worldwide are hosted within these kimberlitic rocks.
Upon positive reports the Company plans to conduct additional ground sampling up-ice to validate and verify the potential of the Lac Leran property. Otish Mountain Diamond Company's Lac Leran JV project is located just 25 miles from Ashton Mining and SOQUEM's Foxtrot property. Two samples of kimberlitic boulders were recently collected from Ashton's property returning an astonishing total of 883 micro diamonds.
According to Max Pozzoni, CEO and Director, "We are very enthusiastic with the presence of indicator minerals most recently found at our Lac Leran JV. Given these new results and positive survey history, we feel strongly that our summer exploration program has the potential to pinpoint the most viable kimberlite targets."
About Otish Mountain Diamond Company
Otish Mountain Diamond Company, Inc., 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 underexplored 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 exploration 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.