|High:||$0.03||Change:||unch||TSX-V CTM CDN$ 0.03||Low:||$0.03||Volume:||9000|
August 13, 2014
Canterra Minerals Commences Diamond Exploration Program, Northwest Territories
Vancouver, BC -- Canterra Minerals Corporation (CTM-TSX.V) (the "Company") is pleased to announce that it has commenced a diamond exploration program on its property portfolio in the Northwest Territories. These properties are located in the Southern Slave region, approximately 220 kilometres (km) northwest of Yellowknife in an area that continues to deliver significant diamond discoveries and development. The properties are strategically located between the Snap Lake Diamond Mine owned by De Beers and the Gahcho Kue Project owned by De Beers and Mountain Province Diamonds.
The Company recently staked 13 additional claims at its Marlin Property (contiguous to the Kennady North Diamond Project) increasing the size of the property to approximately 25,838 hectares ("ha") and 3 additional claims at the Hilltop Property for a total of approximately 11,064 ha. The Company's aggregate claim and lease holdings in the Southern Slave now total 74,673 ha. For additional information please visit the Company's website: www.canterraminerals.com.
Exploration crews have been mobilized to undertake a detailed basal till sampling program on the Hilltop, King, Marlin, Prism and Gwen properties -- each of which hosts indicator mineral trains that comprise chromites, ilmenites and numerous G10 garnets, sourced from within the diamond stability field and which are potentially associated with diamond-bearing kimberlite sources. Till samples will target areas of interest within these known kimberlite indicator mineral trains as well as geophysical anomalies. It is anticipated that the compilation of this data will identify and prioritize potential drill targets for future programs. This exploration strategy has been designed using a systematic study of the Company's proprietary kimberlite indicator mineral database, as well as detailed geophysical data sets which were compiled over a 15 year time period.
Mr. Randy Turner, President & CEO comments, "This exploration season will give the Company an opportunity to combine results from previous exploration with the more recently advanced techniques that improve interpretative accuracy and precision. As one of only a few explorers with a proven track record of mine discovery and development, we are dedicated to continuing our long history of diamond exploration success and with a recently closed Private Placement of $2,000,000 we are well positioned to achieve our objectives."
Subject to Exchange acceptance and as a result of his subscription to the Offering, Mr. Jim Pattison acquired 14,000,000 common shares, representing 18.72% of the total issued and outstanding common shares of the Company. Mr. Pattison has the right to acquire an additional 3,000,000 common shares if all Warrants are fully exercised resulting in an ownership of 16.84% of the total issued and outstanding common shares.
Canterra Minerals is a Canadian resource company specializing in diamond exploration with a focus on the Northwest Territories. As leaders of exploration in the junior diamond sector for over 25 years, our team has been involved in the discovery of two of Canada's four diamond mines including the Snap Lake Diamond Mine in the Southern Slave and the Ekati Mine in Lac de Gras.
CANTERRA MINERALS CORPORATION
"Randy C. Turner"
Randy Turner, President & CEO
For Further Information:
President & CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined
in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
You can view the Next News Releases item: Thu Aug 14, 2014, Canterra Minerals Provides Corporate Update
You can view the Previous News Releases item: Tue Jul 29, 2014, Canterra Closes $2 Million Financing
You can return to the main News Releases page, or press the Back button on your browser.