Diamonds North Signs Letter of Intent with MMG on Amaruk Nickel

Diamonds North Resources Ltd. (TSX-V: DDN) reported that the company has signed a Letter of Intent with Minerals and Metals Group whereby MMG may earn 75% of the Nickel and other base metals on the Amaruk Property in Nunavut, Canada, by spending C$6,000,000 and completing a pre-feasibility study on any base metal deposit that might be identified on Amaruk.

The press release is quoted as saying:

The projected budget for 2010 is estimated between C$2 to $2.5 million. MMG and Diamonds North plan to mobilize crews into the Amaruk camp mid-March, 2010.

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