Doug Ashbury
Northern News Services

NNSL (July 14/99) - Glenmore Highlands, which has a stake in the AK diamond property northeast of Yellowknife, has released the first bulk sample numbers associated with a kimberlite pipe on the property.

The results are "very encouraging, particularly given the recovery of large diamonds, the presence of which was not unexpected," Vancouver-based Glenmore said Monday. Glenmore stock closed up 40 cents at a 52-week high of $3.40.

Some 980 carats were recovered from a 573-tonne bulk sample of the 5034 kimberlite pipe on the AK property located 275 kilometres northeast of Yellowknife.

The sample graded 1.71 carats per tonne, up from an earlier estimate of 1.6 carats per tonne.

The three largest stones were 10.0, 4.90 and 4.85 carats. In total, seven diamonds were over three carats and 42 diamonds were over one carat.

In last year's test sample, the largest stone was 1.90 carats and in the 1996 104-tonne mini-bulk sample, the largest stone was 2.88 carats.

Diamonds taken from the bulk sample will now be evaluated. Results will give a more accurate estimate of pipe 5034's per carat worth.

De Beers valued diamonds from last year's test sample at $51 US a carat.

AK property operator Monopros conducted the bulk sampling program over three months earlier this year.

The kimberlite, extracted with reverse circulation drills, was initially processed at Monopros' plant in Grande Prairie, Alta. Concentrates were then shipped to South Africa where diamonds were recovered.

Monopros drilled 13 holes into the 5034 pipe up to 300 metres, recovering 614 tonnes of kimberlite. The first 573 tonnes yielded 980 carats. Results from the remaining 41 tonnes of kimberlite are pending. Last year's 56-tonne sample yielded 1.6 carats per tonne.

As well as 5034, the AK property includes Hearne, Tuzo and Tesla pipes. Results from sampling at the latter three pipes are pending.

The AK and CJ properties are 90 per cent owned by Mountain Province Mining. Glenmore, through its 38 per cent stake in Mountain Province, has an indirect interest in the AK and CJ properties. De Beers' subsidiary Monopros can earn a 60 per cent interest in the properties.