LAS VEGAS, Nov. 4, 2004 (PRIMEZONE) -- Madison Exploration (Pink Sheets:MDEX), believes they could follow in the footsteps of other diamond exploration companies who have already found diamond reserves in Canada with tremendous value. The Ekati mine (Canada's first diamond mine) has US$7.2Billion in estimated reserves. The Diavik mine (Canada's second diamond mine) has US$6.9Billion in estimated reserves, while the Snap Lake diamond project owned by De Beers has US$4.2Billion in estimated reserves. Visit: www.madisonexploration.com.
Canada diamonds have gained a worldwide reputation for quality. They are also "clean" in that they are not used to finance terror, war and weapons as they are in parts of the world such as Sierra Leone and Angola. For this reason, Canadian diamonds often sell at a premium over diamonds from other parts of the World.
While many analysts think oil and tech stocks are overvalued, the value in diamond stocks may see a very strong upward trend in the near future. Canada currently supplies approximately 15% of the annual value of the world's diamond production and many analysts believe that it will become the number one producer in the world within the next 20 years. The Canadian diamond boom is just beginning.
Canadian diamond production in 2002 was almost 5 million carats and in 2003 was 11.3 million carats. Diavik diamond mine began production in Jan. of 2003. During its projected 20-year life, average diamond production from this mine is expected to peak at six to eight million carats a year-about five percent of the world's supply. Ekati's average production over its projected 20-year life is expected to peak at three to five million carats a year---four percent of the world production by volume.
Visit: www.madisonexploration.com.
Madison Exploration intends to take advantage of the great track record of its geologist, Dr. J.H. Montgomery. Dr. Montgomery has more than 10 years of experience in the Company's area of interest and has developed a strong understanding on the mineral potential for the area. Madison is currently working on three promising exploration properties in its quest to find the next Canadian diamond mine.