announcment more exploration, page-3

SUITE 4 213 BALCATTA ROAD BALCATTA 6021 WESTERN AUSTRALIA PO BOX 572 BALCATTA WESTERN AUSTRALIA 6914
TEL (08) 9240 4111 FAX (08) 9240 4054 EMAIL [email protected] WWW www.conquestmining.com.au
ASX ANNOUNCEMENT
Thursday 19th August 2004
Bow River Exploration Tenement Granted
Conquest Mining Limited [Conquest] is pleased to advise that the Department of
Industry and Resources has granted the Company’s exploration license E80/3226
surrounding the “M&M Gravels” prospect. E80/3226 includes gravel terraces
potentially sourced from the Argyle diamond deposit. Native Title restrictions have
prevented physical exploration of the area since the discovery of diamonds at Smoke
Creek in 1978. Conquest intends to explore new areas immediately with excavation
and mapping to commence in September 2004.
Figure 1. Conquest’s Tenements shown in yellow adjoin the Argyle
Diamond Mine leases shown in green. Arrows indicate
downstream transport of diamonds from the Argyle deposit.
Conquest is the second largest landholder in the East Kimberleys, surrounding Rio
Tinto’s Argyle Diamond Mine. Conquest controls an exploration area of 1,252 square
kilometres. The company’s focus is on re-establishing alluvial diamond operations
downstream from Argyle and exploring for primary diamond sources.
In March 2004, Conquest finalised its purchase of the ex-Normandy Bow River
Diamond Mine from Astro Mining Ltd for $200,000. The Bow River Mine produced
7.5 million carats of diamonds from 27 million tonnes of alluvial ore between 1988
Argyle Mine M&M Gravels
Argyle Alluvial Mine
(Upperr Smoke Crreek))
E80/3226
Lower Smoke Creek
Lake Argyle
Former Bow River Mine
Argyle Diamond Mine
and 1996. Production from Bow River included rare pink diamonds sourced from
Argyle’s AK1 pipe.
Higher world diamond prices may now allow for the mining of lower grade gravels
which were not economic at the time of the mine’s closure. Conquest controls an
inferred gravel resource at Bow River of 1.5Mt @ 20 cpht for 300,000 carats.
Additional resources at the M&M gravel location would greatly improve the likelihood
of renewed development of the alluvial diamond deposits at Bow River.
Conquest believes that the emerging supply /demand shortfall in the world supply of
diamonds is driving growing international and domestic investor interest in Australian
diamond companies. The company has committed to fully investigating the diamond
potential of its Ellendale 17 lamproite in the West Kimberleys during the remainder of
the 2004 field season and intends to mount a significant alluvial exploration
campaign involving bulk sampling at Bow River and Ellendale from mid-2005.
About Conquest Mining Limited
Conquest Mining Limited is an ASX-listed multi-commodity explorer. Conquest’s
exploration projects include the North Ellendale lamproite field in West Kimberley, the
Napier Range Ag-Pb-Zn project, the Bow River and Smoke Creek alluvial diamond
deposits adjacent to the Argyle Diamond Mine, the Crush Creek Gold JV with
Goldfields Australasia, the Mt Carlton Au-Ag-Cu project near Charters Towers and
the Collinsville Cu-Au exploration project.
J TERPU D BURTON
Managing Director Technical Director
For Further Information Please Contact:
Mr. David Burton ph: 08-9240-4111
Technical Director fax: 08-9240-4054
email: [email protected]
Our NEW website details are: www.conquestmining.com.au