Tuesday, February 05 10:15:35
Botswana Diamonds, the John Teeling led Irish AIM listed diamond exploration company has entered into an agreement with a South African company to review 13 licences held southwest of the Orapa region in Botswana.
The South African company holds an 85 per cent interest in the 13 prospecting licences which are located in the same region as the Ghaghoo Diamond mine being developed by Gem Diamonds Limited and the X-36 diamond discovery made by Petra Diamonds Limited, as well as 21 known kimberlites. The license area covers a total of 6,518.40 sq km.
The agreement stipulates a three-month exclusivity period during which Botswana Diamonds will review the available data on the licences. Should the analysis prove positive Botswana Diamonds will negotiate an equity interest in the licences.
"This agreement represents another step forward in the development of our interests and gives us access to a prospective area of Botswana, which is new to the Company. Our geologists will review all the available data, and given the right results, Botswana Diamonds will agree an earn-in arrangement on specific ground. This agreement gives exclusivity to Botswana Diamonds and is in addition to the joint venture to the north/northeast of Orapa, which has applied for 12 exploration licences," said Mr Teeling.