February 5, 2002______________________________________
BARD ACQUIRES 100,000 ACRE PROPERTY
CORONATION GULF DIAMOND DISTRICT - NUNAVUT
Bard Ventures is pleased to announce the acquisition of a minimum 100,000 acre property in the newly developing Coronation Gulf diamond district of the north Slave Craton region of Nunavut. Numerous diamond bearing kimberlites have recently been discovered in this region, the most prominent of which are the Artemisia, Potentilla and Anuri. This large property provides Bard the opportunity to participate in diamond exploration in this highly prospective district. The Asiak Lake property is located 30 kilometres southeast of Kugluktuk (Coppermine) and approximately 60 kilometres west of the recently discovered Artemisia kimberlite.
Several prominent structural features, evident from airborne magnetic surveys and Landsat imagery, are located throughout the Asiak Lake property. The property is underlain by Archean to paleoProterozoic age sediments of the Asiak Thrust Belt. It is this rock package that hosts the large cluster of diamond bearing kimberlites discovered to date in the Coronation Gulf diamond district. Bard Ventures intends to aggressively explore the Asiak River property to fully assess the diamond bearing kimberlite potential of the area.
Bard earns a right to acquire 70% of the Asiak River property from Hunter Exploration Group by repaying staking costs at an estimated $0.75 per acre, issuing 400,000 shares over two years and conducting $1 million of exploration on the property over the next four years. An additional 10% interest in the property may be acquired by expending a further $2 million on exploration. The claims are subject to a 2% net smelter royalty on base and precious metal production and a 2% gross over riding royalty on diamond production, as well as a $25,000 annual advanced royalty payment.
The above is subject to regulatory approval.
On behalf of:
Bard Ventures Ltd.