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
CQT Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held