NEW YORK, May 5, 2004 (PRIMEZONE) -- Otish Mountain Diamond Company, Inc. (OTCBB:OMDC) an American diamond exploration company with rights to 75,000 acres of mining claims for diamond exploration activities located in Northern Quebec, Canada, announces the details of its claims in the Otish Mountains region of north central Quebec.
The Otish Mountains are a prominent north easterly trending linear range of mountains that rise above the otherwise low lying shield in north central Quebec. The region rising in elevations from 1500 feet in the Timiscamie River Valley to 3000 feet in the Otish Mountains is virtually unpopulated except for the seasonal hunting and trapping periods. The properties acquired by OMDC are all located approximately 220 miles northeast of the town of Chibougamau and 530 miles north of Montreal.
The region receives annual precipitation of approximately 30 inches, with snow accumulations extending from late October to early April with temperatures regularly dropping to -40 degrees F. Summers are characteristically mild, with daytime temperatures averaging 59 degrees F. The following table describes the main characteristics of each property of OMDC's claims located in the Otish Mountains:
Property Number of Number of Location
Claims Acres
Lac Leran No. 2 1 129
Ruisseau River 6 312 Surrounded by Dios/DeBeers
exploration projects
Lac Joubert 34 4,341 Adjoins Majescor Portage
Project
Lac Orillat 39 4,978 22 miles NE of Ashton
Renard Discoveries
Lac Taffnell 60 7,615 Adjoins on the SW of
Majescor's Portage
Extension Project
Lac Square Rock 75 9,488 Adjoins Majescor's Portage
Extension project on the NE
Lac Leran JV 116 15,361 Surrounded by Dios/DeBeers,
Ashton and Majescor
exploration projects.
Lac Herve 277 34,382 Located in proximity to
Ashton's Talga project and
adjoins Majescor's
Fontanges project on the NE.
Total 608 76,608
The diamond exploration properties of the company are located in a craton that is under-explored and has the potential to host a major discovery of Canadian diamonds. All of them are in close proximity to the diamond discovery properties of Ashton Mining, and the exploration properties of Majescor and Dios Exploration (in partnership with DeBeers of South Africa), with similar geologic settings. This proximity to already proven findings of diamondiferous kimberlites makes these properties very attractive for diamond exploration purposes.
About Otish Mountain Diamond Company
Otish Mountain Diamond Company, founded in August 2003, is an exploration company conducting diamond exploration activities in the Northern part of Quebec. The Company's claims encompass approximately 75,000 acres among 8 different properties in the Otish Mountains region and are located in under-explored areas next to significant diamond discoveries. Geologists believe that there is good potential for the discovery of diamond bearing kimberlites at these sites due to their geological settings and close proximity to the industry leaders valuable diamond discovery sites of Ashton Mining, and the exploration sites of Majescor and Dios (in partnership with DeBeers of South Africa).
Safe Harbor Statement
The statements contained in this news release that are not historical facts may be statements regarding the Company's future that involve risks and uncertainties which could cause actual results to differ materially from those currently anticipated. For example, statements that describe the Company's hopes, plans, objectives, goals, intentions or expectations are all forward-looking statements. Any such statements made herein about the Company's future are only made as of the date of this news release. Numerous factors, many of which are beyond the Company's control, may affect actual results. The Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.