Diamond Tenements in South Africa  

FEBRUARY 17, 2003

Argosy has an agreement to acquire tenements in an area of known high grade alluvial diamond deposits in South Africa.  

For several months Argosy, through its consulting diamond geologist, has been investigating and conducting due diligence on worthwhile diamond opportunities in several countries. Argosy's strategy is focused on acquiring advanced alluvial diamond deposits suitable for large scale development. Such opportunities are rare and Argosy has entered into an agreement for the acquisition of several contiguous tenements, totalling 125 square kilometres in the well known diamond fields of the Northern Cape Province of South Africa.  

With this announcement Argosy returns to its roots as a diamond exploration company, focussed on known alluvial deposits rather than targeting exploration for diamondiferous kimberlite.