9th Oct 2015 08:03
LONDON (Alliance News) - Botswana Diamonds PLC Friday said it has been awarded a new prospecting licence in its name-sake country through its joint venture with Alrosa, and said the licence area is now its "highest priority".
Sunland Minerals, the 50/50 joint venture between Botswana Diamonds and OJSC Alrosa, a Russian diamond miner, was awarded prospecting licence PL260/2015 by the government. Botswana Diamonds said the licence covers an area which is "the highest priority" for the joint venture.
The licence contains three previously discovered kimberlite bodies and the joint venture has began work immediately as it was already working on its other joint venture licences which are nearby in the Orapa region.
The partners are currently identifying drill targets and new anomalies over the new licence area and the three known discoveries are being evaluated to see if they warrant further evaluation.
The licence will last for three years and will expire on September 30, 2018.
On Wednesday, Botswana saw its shares plummet after it said it had intersected an older type of rock that was not consistent with other kimberlite intersected in the Orapa region. That was also part of its joint venture with Alrosa.
Botswana Diamond shares were up 19% to 0.860 pence per share on Friday morning.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
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