Botswana Diamonds signs agreement for 13 new prospects

5th Feb 2013 11:26

Botswana Diamonds has secured an agreement with a private South African company to review 13 licences in the southwest of the Orapa region of Botswana.As part of a three-month deal with the private group - which holds an 85% stake in the licences - Botswana will evaluate the region before potentially making a bid to buy equity interest. The region contains the Ghaghoo Diamond mine, being developed by Gem Diamonds, and the X-36 diamond discovery made by Petra Diamonds. It also has 21 known kimberlites in the license area which covers a total of 6,518.40 sq km.John Teeling, Chairman, said: "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."RD