Northern Empire Minerals Ltd. ("Northern Empire") is pleased to announce that Diamondex Resources Ltd. (DSP-TSX) ("Diamondex") has now acquired a 70% interest in the Peregrine property from Northern Empire. The Peregrine property, comprised of 61 mineral claims covering 154,425 contiguous acres is located approximately 520 kilometers north of Yellowknife, Northwest Territories. This property adjoins immediately to the west of the Vic and Kim claims held by Ashton Mining of Canada Inc., which hosts several diamond bearing kimberlite occurrences.
Under the terms of the Option / Joint Venture Agreement, Diamondex has incurred $1 million in exploration expenditures. A 70:30 joint venture has now been formed with Diamondex as Operator of the Project.
During 2002, a detailed airborne Mag/EM survey (Fugro/DIGHEM), totaling 8,324 line-kilometers delineated 24 high priority magnetic targets. In addition, a total of 509 till samples were collected. Preliminary picking results are revealing the presence of anomalous concentrations of kimberlite indicator minerals.
The joint venture partners are currently planning an aggressive follow-up exploration program for the 2003 field season. During the first quarter, up to 15 airborne geophysical anomalies will be further investigated with detailed ground surveys. Diamond drill tests will be undertaken on selected targets. Exploration expenditures during the upcoming year are currently estimated at approximately $700,000.
This news release contains forward-looking statements regarding the ongoing and upcoming exploration work and expected geometry and geological formations and structures. Actual results may differ materially from those currently anticipated in such statements.
David Clarke, P.Geol., M.Sc., Vice President of Exploration for Diamondex Resources Ltd. is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by Diamondex Resources Ltd.
Northern Empire is a diamond exploration company with an aggressive acquisition and development philosophy. The Company has established itself as one of the leading diamond explorers in Nunavut. The Company's property interests now total more than 3.5 million acres. The Company has 16 properties in the Coronation Diamond District, Melville Peninsula, Rankin Inlet area, and Otish Mountains Region of Quebec.
On behalf of the Board,
NORTHERN EMPIRE MINERALS LTD.
"John E. Robins"
John E. Robins, P. Geo.
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.