Vaaldiam: 5 kimberlite discoveries at Pimenta Bueno

Thursday, March 1, 2007

The Brazilian subsidiary of Anglo-Australian miner Rio Tinto (NYSE: RTP, LSE: RIO) has discovered five kimberlite occurrences at the Pimenta Bueno diamond property in Brazil, project JV partner Vaaldiam Resources said in a statement.

To date, a total of 41 kimberlites have been identified at Pimenta Bueno.

Some 985kg of kimberlite collected from the five new kimberlite bodies is undergoing analysis, Vaaldiam said. Furthermore, kimberlite indicator mineral studies and age dating analysis for seven new discoveries since June 2006 is slated for completion this month.

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Rio Tinto has been using the current rainy season in Rondônia state to compile exploration results from the 2005-06 exploration programs "to determine the exploration program for Pimenta Bueno for this year," the statement read.

Toronto-based Vaaldiam (TSX: VAA) is also focused on the development of its Duas Barras alluvial diamond property in Minas Gerais state, scheduled to receive its operating license in March.