KUGAARUK/PELLY BAY - Diamonds North Resources Ltd. now has an opportunity to earn 60 per cent of the rights to diamonds in the Barrow property in the Pelly Bay diamond region near Kugaaruk.

Diamonds North has entered into a joint venture with Indicator Minerals Inc. and will serve as operator of the property, in close proximity to the company's Amaruk property near Pelly Bay, during the period Diamonds North must spend $2 million over five years.

"This transaction provides access to a larger, prospective geological area to test a new generation of kimberlite targets," says Mark Kolebaba, president and CEO of Diamonds North.

A total of 25 kimberlites have been discovered on the Amaruk property and 90 per cent of the kimberlites processed for diamonds are proven to contain diamonds.

Hundreds of untested anomalies and numerous kimberlite indicator mineral trains remain unresolved, offering high potential for additional kimberlite discoveries on the properties.

Diamonds North may earn up to 60 per cent interest in any diamond discovery on the Barrow Property by incurring $2,000,000 in expenditures on the Property over five years.

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