February 2, 2005
Dunsmuir Ventures Ltd. (“Dunsmuir”) and Peregrine Diamonds Ltd.
(“Peregrine”) are pleased to provide an update on the continuing
implementation of their new integrated relationship first announced on
December 20, 2004.
Effective immediately, Dr. Alan Carter, in addition to his duties as
Chief Operating Officer of Peregrine, will become acting President of
Dunsmuir and will join Dunsmuir’s Board of Directors. Dr. Art Ettlinger
has resigned as President and Chief Executive Officer of Dunsmuir and
will remain as a Director and consultant to the Company where he will
continue to assist the Company in business development opportunities.
Dr. Jennifer Pell, in addition to her duties as Vice President of
Exploration for Dunsmuir, will become Vice President of
Exploration-Diamonds for Peregrine. Mr. Derrick Strickland, Geologic
Consultant to Dunsmuir, will also become Project Geologist for
Peregrine. Mr. Gordon Keep, Director of Dunsmuir, will also join the
Board of Peregrine. This restructuring of the relationship will
significantly reduce Dunsmuir’s overhead costs.
Dr. Carter has a B.Sc. Degree in Geology from the University of
Nottingham, U.K. and a Ph.D. from the University of Southampton, U.K.
and has 20 years of experience in the minerals exploration industry.
Dr. Carter spent seven years working for Rio Tinto Corp. in South
America and the U.K. before resigning in 1996 to join Balaclava Mines as
President and CEO. He joined Billiton plc in 1998 and moved from Peru
to Vancouver in 2000 where he was instrumental in the development of an
aggressive strategy aimed at developing partnerships with junior
exploration companies. Following Billiton’s merger with BHP, Dr. Carter
assumed the role of Manager Business Development for BHP Billiton
Diamonds where he was responsible for the commercial aspects of BHP
Billiton’s global portfolio of nickel and diamond exploration
properties. In 2004, Dr. Carter joined Peregrine Diamonds Ltd. as that
company’s Chief Operating Officer.
In conjunction with these changes the Company has granted 1,500,000
options to directors, employees and consultants @ $.20 per share
expiring on February 2, 2010 (subject to regulatory approval) and
493,500 options have been cancelled, effectively immediately.
Negotiations on various uranium projects for Dunsmuir continue. An
update will be provided when and if definitive agreements are reached.
BY ORDER OF THE BOARD OF DIRECTORS OF
DUNSMUIR VENTURES LTD.
Per: “Gordon Keep”
For further information about both companies please contact Eric
Friedland or Alan Carter at 604-408-8880 or visit each company’s web
site at: www.dunsmuirventures.com
The TSX Venture Exchange has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved the
contents of this press release.
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