KWG to Become Debuts Diamonds
MONTREAL, CANADA–(June 28, 2007) – KWG Resources Inc. (TSX VENTURE:KWG) (the “Company”) announces that its shareholders approved a special resolution to change the Company’s name to Debuts Diamonds Inc./Debuts Diamants Inc. at the meeting of shareholders held in Montreal last week. Dr. Mousseau Tremblay was re-elected Chairman of the Company’s Board of Directors following the meeting at which Messrs. Michel Cote, Paul Einarson, Douglas Flett, Michael Harrington and Frank Smeenk were also re-elected as directors. Messrs. Harrington and Smeenk were re-appointed Vice-chairman and President, respectively. Luce Saint-Pierre was re-appointed as Secretary and Martin Nicoletti as CFO. A further release will advise on the name change effective date which will accompany the stock symbol’s change to DDI.Further preliminary results of the diamond recovery and analysis now underway at SGS Lakefield Research Laboratory, are expected to be available for publication sometime next week. One half of approximately ten tonnes of kimberlite recovered this past winter from the Company’s MacFadyen Project (adjacent to De Beers’ Victor Mine) is being first processed by scrubbing and Dense Media Separation, followed by passage through the Sortex and over the grease table. Diamond picking from all the concentrates caps the whole process and is now being done in earnest. As previously reported, a gem-quality 0.23 carat stone was recovered recently, from a portion of the Good Friday sample while Dr. Tremblay was inspecting the processing facilities.
This past winter, the Company was finally able to recover bulk samples adequate to carry out a reasonably reliable preliminary statistical analyses of the diamond populations of the Good Friday and MacFadyen 1, 2 and 2 South kimberlite pipes. Thawing conditions terminated the field program at the end of April. At that time some 3 tonnes of kimberlite core had been recovered from Good Friday; just less than 3 tonnes from MacFadyen 1; approximately 1.5 tonnes from MacFadyen 2; and, some 2.5 tonnes from MacFadyen 2 South. The whole core was split and logged in Val d’Or and the half-sample of each occurrence was delivered to SGS Lakefield for processing.
Two years ago, De Beers made the decision to construct at the contiguous Victor Pipe property, Ontario’s first diamond mine at a cost exceeding $850 million. The mine contains some of the highest quality diamonds ever discovered, within a kimberlite pipe, so that it is economic at a grade of only one-quarter carat per tonne. When a waterline for the Victor Mine required an easement over the KWG claims in which the KWG kimberlites occur, the Company was able to obtain the right to use the De Beers airstrip and winter road to access its property. An exploration agreement with the Attawapiskat First Nation indigenous community quickly followed and a nearby camp was rented from Chuck Fipke’s Kelex Resources.
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KWG Resources Inc.
Frank C. Smeenk
President and CEO
KWG Resources Inc.
514-866-6001 – Ext. 266