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Teeling firm's shares jump on bling find

Wednesday, September 12 10:18:29

Shares in Irish mining entrepreneur, John Teeling's Botswana Diamonds surged 15pc on the London AIM market this morning after it found two big diamonds at its African dig.

The firm said it has recovered two additional diamonds from the on-going sampling programme on the Libongo palaeoplacer project in Cameroon.

One of the diamonds, a 0.25 carat near gem quality stone, was recovered from a stream flowing through the sample area. The second, a 1.3 carat industrial quality diamond, was recovered from the crushed sample. The programme is expected to be completed within weeks.

"This is further evidence that our Libongo licence ground contains diamond bearing rock similar to that being mined close by, and that this project has the potential to deliver value to our shareholders. The next steps are to undertake a bulk sample to identify grade per tonne and value per carat and to run a scoping study on the feasibility of the project," John Teeling, Chairman, said.