🕐22.03.11 - 08:27 Uhr
Botswana Diamonds: Diamond Licence Obtained
22nd March 2011
Botswana Diamonds plc
("Botswana Diamonds" or "BOD")
Diamond Licence Obtained
v BOD awarded 8,087 square kilometre diamond exploration reconnaissance
licence in Cameroon
v Joint venture with local interests (85% BOD, 15% local)
v Ground adjacent to the Mobilong diamond discovery which is currently
being developed
v Immediate prospecting programme being implemented to determine the
extent of diamond bearing host rock
Botswana Diamonds (AIM: BOD) has obtained an 8,087 square kilometre
diamond reconnaissance exploration licence in the eastern area of
Cameroon.
The concession is held 85% by BOD and 15% by local Cameroon
partners.
The reconnaissance licence is for an initial period of twelve months,
after which we have an automatic right to a one year extension on
performance of the agreed work programme (including sampling,
geochemical work and geological mapping).
Following completion of the
agreed work, we can apply for one or more multi-year exploration
licences of up to 1,000 square kilometres each.
Our reconnaissance licence lies immediately to the south and west of the
Mobilong licence area held by C&K Mining, where recent reports suggest
that a very significant reserve of diamonds has been discovered and
where a one million carat a year mine is reportedly coming on stream by
2012.
Current information suggests that the Cameroon discovery could be
a close analogy to the Paleo-Placer deposit being mined in the Marange
area of Zimbabwe.
An immediate early stage prospecting programme is being implemented
involving detailed satellite imagery and review of existing information
to identify the extent and distribution of the diamond bearing host
rock.
This will be followed by site visits to identify prospecting
targets.
This work will focus on selecting the most promising 1,000
square kilometres of ground to be maintained as a three year exploration
licence.
John Teeling, the Chairman of Botswana Diamonds commented:
"This is an exciting opportunity and gives us early mover advantage in
what is an emerging diamond province.
The Mobilong discovery being
developed by a Korean company is intriguing the industry.
Little
information is available and the value per carat is unknown.
Few have
seen the diamonds but the deposit appears to be a big ancient alluvial
paleo placer.
Our licence area is very big, 8,087 square kilometres.
Over the coming year, we will work to reduce this to 1,000 square
kilometres by identifying specific areas likely to contain diamonds."
Enquiries:
Botswana Diamonds PLC
John Teeling, Chairman
+353 1 833 2833
Andre Fourie
+27 (83) 463 2455
finnCap - Nominated Adviser & Broker
Matthew Robinson
+44 (0) 20 7600 1658
Henrik Persson
College Hill
Nick Elwes
+44(0) 20 7457 2020
www.botswanadiamonds.co.uk
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