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For those not aware of Cambridge Gulf.

Courtesy of
Pierponts Dubious Distinction Awards of 1995


* Explorer of the Year. The Burke and Wills Trophy to Cambridge Gulf Exploration for its discovery of underwater diamonds in the Joseph Bonaparte Gulf. The diamonds were discovered in December 1993, but it was not until May this year that the investing public discovered that the diamonds had in fact not been on Cambridge's leases. They were on a neighbouring lease held by Zephyr Minerals and Australian Kimberley Diamonds, at least a mile away from Cambridge's boundary.

It was just as well that the error was not discovered until last May because otherwise Cambridge might have had a tad of difficulty with its $20 million placement at $2 a share in March 1994. Cambridge shares today are only 33c.