MineGem Inc. — Capital/Financing Update 2000

Mar 16, 2000

FORM 27

THE SECURITIES ACT

MATERIAL CHANGE REPORT UNDER SECTION (75) 2

Item 1. Reporting Issuer

MESSINA DIAMOND CORPORATION, 4th Floor, 56 Temperance Street, Toronto, Ontario, M5H 3V5.

Item 2. Date of Material Change

March 15[th] , 2000.

Item 3. Press Release The Press Release was sent on March 15[th] , 2000 to BCE Emergis -- Toronto, Ontario.

Item 4. Summary of Material Change

For further information, attached hereto as Schedule “A” is a copy of the Press Release.

Item 5 . Full Description of Material Change No information other than that provided in Item 4 above is presently available.

Item 6. Item 7. Item 8.	Reliance on Section 75(3) of the Act Confidentiality is not requested. Omitted Information No information has been omitted in respect to the material change. Senior Officer Mr. David Jones, Chairman, [416] 214-4884.

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Item 9. Statement of Senior Officer

The foregoing accurately discloses the material changes referred to herein.

DATED at Toronto, this 15[th] day of March, 2000.

MESSINA DIAMOND CORPORATION

Signed: “David Jones”

Per:

David Jones, Chairman

E:\messina\F27mr002.doc

MESSINA DIAMOND CORPORATION

PRESS RELEASE

DATED: March 15, 2000 FOR IMMEDIATE RELEASE Toronto, Ontario

• CDN$ 1.46 MILLION PRIVATE PLACEMENT • COMENCEMENT OF FINAL FEASIBILITY

Messina Diamond Corporation (“MDC”) is pleased to announce that the Corporation has undertaken a non-brokered private placement of up to 7,300,000 shares at a price of $0.20 per share for a total of CDN $1,460,000. The financing will close on March 21[st] 2000. The proceeds of the financing will be used for working capital purposes.

The company is also pleased to announce that it has signed contracts with Bateman Minerals and Industrial Limited and SRK Consulting, who have commenced the final Feasibility Study on the Liqhobong Satellite Pipe mine. The Industrial Development Corporation (“IDC”) a major South African bank has agreed to fund the completion of the Feasibility Study on the Satellite Pipe mine and, in the event of a positive result, provide production financing. It is anticipated that this study will be completed in July 2000. Mine construction would take approximately seven months with anticipated commencement of commercial production in the first quarter of 2001.

Issued and Outstanding – 30,068,406 shares

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For further information, please contact:

David Jones: Chairman

Telephone: +1 416 214 4884