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Teeling says ready for Botswana dig

Thursday, January 24 15:00:53

John Teeling, Chairman of Irish AIM listed diamond exploration company, Botswana Diamonds, announced at the company's AGM in London today that drilling will begin in February on its PL170 licence in the Orapa region of Botswana.

Botswana Diamonds has applied for ground adjacent to the PL170 licence and the legal details of a joint venture between the company and a major diamond producer are being finalised.

"In the past year Botswana Diamonds has made significant progress, both in the development of our prospective asset portfolio and in terms of taking big steps to becoming a stronger company," said Mr Teeling.

"Our cooperation with a major international diamond producer reached an exciting stage when the producer's applied analysis resulted in the identification of new exploration targets in the north east of Botswana. The successful deployment of this technology has the potential to write a new chapter in diamond exploration in Africa. 12 exploration licences have been applied for following this analysis and once licences are obtained detailed ground prospecting will commence."

"New and prospective targets have been yielded through our partnership with a major diamond international, with which we hope to formalise a joint development agreement. Such an agreement would establish Botswana Diamonds as a major player in the diamond market."

Based on analysis of work carried out to date by the joint venture partners, twelve licence applications have been lodged for ground in North East Botswana. Once licences have been obtained detailed ground prospecting will commence, the AGM heard.