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RAPAPORT... Kennady Diamonds Inc. announced a non-brokered private placement to raise approximately $1.5 million. Proceeds from this private placement, along with current cash reserves, will be sufficient to fund the company's 2013 summer exploration program. Kennady Diamonds' major shareholder, Bottin International Investments Ltd., which is controlled by Dermot Desmond, has indicated support for the private placement and its interest in participating to maintain their current shareholding, according to the explorer. Meanwhile, preparations for the summer exploration program at the Kennady North diamond project in Canada's Northwest Territories are at an advanced stage, with drilling scheduled to commence this week. The 2,500-meter drill program will focus both on land-based infill drilling at the northwest lobe of the Kelvin kimberlite as well as targeting approximately 10 geophysical targets identified to the northwest, west and east of the Kelvin-Faraday kimberlite corridor. The exploration program is expected to be completed by the end of the quarter. Bathymetric surveys will also be completed over small lakes in 11 areas within the Kennady North project area. This will substantially complete bathymetric surveys over the most prospective areas at Kennady North. Kimberlite recovered from a 5,000-meter winter drilling program is being processed at the Saskatchewan Research Council Geoanalytical Laboratories for the recovery of diamonds by caustic fusion. Results of the analysis are expected to be available shortly, according to Kennady Diamonds.
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