🕐03.12.08 - 01:40 Uhr

Conclusion of Joint Venture Agreement with Diamond Fields International Ltd



 
 
 
 
 
 
ACN 078 606 434 
Level 3, 46 Ord Street West Perth WA 6005, PO Box 1153 West Perth WA 6872
Tel +61 (08) 9483 3500 Fax +61 (08) 9483 3599 Website www.bonaparte.com.au
ASX AND MEDIA RELEASE

Wednesday 3 December 2008

CONCLUSION OF JOINT VENTURE AGREEMENT WITH DIAMOND FIELDS INTERNATIONAL LTD

Bonaparte Diamond Mines NL ("Bonaparte" or "the Company") (ASX:BON) advises that the Joint Venture with Diamond Fields International Ltd ("DFI") has now been terminated.

As part of the final settlement, Bonaparte has relinquished its minority interests in DFI"s ML111 and ML139 Namibian Diamond concessions and made payment of US$275,000 for its proportionate share of all costs exceeding mining revenue during 2007 and 2008, including release from all exploration expenditure obligations in the projects.

Managing Director Mike Woodborne said: "Bonaparte"s marine resources are now fully focussed on development of its phosphate projects in Namibia.

We are therefore pleased to have concluded our arrangements with DFI and we have enjoyed working with Wayne Malouf and the very dedicated marine team at DFI.

We wish them success in their continuing operations in Namibia"
For further Information please contact:

Michael W Woodborne
Managing Director
+ 61 8 9483 3500

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Michael W Woodborne (M.Sc, AusIMM, AIG, Pr.Sci.Nat), who is an employee of the Company.

Mr Woodborne has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Mineral Resources and Ore Reserves".

Mr Woodborne consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

"The target of quantity and grade is made on the basis of the known lateral and horizontal extent of the mineralisation based upon previous explorers work and recent work carried out by the company.

The potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource"

 




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