Between 2002 and 2005, Diamonds North aggressively acquired 27 million acres of land prospective for diamonds in Northern Canada. After review of exploration data and historical data, Diamonds North determined approximately four million acres of this land had a strong potential for uranium. By proposing to transfer the uranium assets into a new company, management strongly believed shareholders would capture additional value without dilution to Diamonds North, and without diverting Diamonds North's determination of discovering Canada's next diamond mine.

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