VANCOUVER, British Columbia, April 13, 2004 (PRIMEZONE) -- Diamond Discoveries International Corp. (OTCBB:DMDD) is pleased to announce that it has received the first two installments of the Refundable Tax Credit from the Quebec Government. The cheques totaling approximately $246,000 Canadian are the first tranche of a total credit of approximately $470,000 Canadian. The company is expecting the other tranches in the near future. These funds will be applied to further exploration and working capital.
ABOUT THE REFUNDABLE TAX CREDIT
The Quebec Refundable Tax Credit is a grant given by the Province of Quebec to encourage mineral exploration in the province. This fiscal incentive corresponds to:
-- 40% of eligible exploration expenses incurred by an exploration
company within Quebec or 45% if expenses are incurred in Quebec's
near north and far north.
-- Eligible Expenses include exploration expenses within Quebec that
have not been foregone under the flow through share system.
Exploration expenses that trigger entitlement to the refundable
tax credit under the Taxation Act also enable a company to claim
the credit on duties refundable for losses under the Mining
Duties Act. However, the expenses claimed must have been paid
out at the time the tax return is prepared.
On behalf of the Board,
John Kowalchuk B.Sc. P.Geo., President and CEO
ABOUT DIAMOND DISCOVERIES INTERNATIONAL CORP:
Diamond Discoveries International Corp. (OTCBB:DMDD) is an US exploration company with executive offices in Vancouver, B.C. Through its wholly owned subsidiary Diamond Discoveries (Canada) Inc. it controls certain mineral permits in the Torngat Mountains Peninsula, north-eastern Quebec. The Company is focused on exploring for diamonds. The Company has located more than 50 kimberlite dykes and several kimberlite pipes. This summer, they plan on actively sampling the targeted areas for diamonds both by bulk sampling and core drilling.
Forward-Looking Statement
This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products and competitive pressures. These factors and others are more fully discussed in Company filings with U.S. securities regulatory authorities.