Business
Vutomi Option & Earn-In Agreement
Vutomi Option & Earn-In Agreement.
About this update from Botswana Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 0444W Botswana Diamonds PLC 06 February 2017 \n\n6th February 2017\n \nBotswana Diamonds PLC \n(\"Botswana Diamonds\" or the \"Company\")\n \nVutomi Option & Earn-In Agreement\n \nBotswana Diamonds plc, the AIM listed diamond explorer (AIM: BOD) is pleased to announce that it has entered into an Option and Earn In Agreement (the \"Agreement\") with Vutomi Mining Pty Ltd and Razorbill Properties 12 Pty Ltd (collectively known as 'Vutomi'), a private diamond exploration and development firm in South Africa.\n \nHighlights: \n \n· A new strategic development for Botswana Diamonds; \n· Advanced projects in South Africa to be developed in tandem with the ongoing Botswana-based exploration programme; and\n· Potential for commercial diamond mining in the short to medium-term.\n\n\n\n\n\nVutomi has a portfolio of over twenty high interest kimberlites, many of which are diamondiferous spanning the Limpopo, North-West and Free State Provinces of South Africa. These kimberlites are housed in ten prospecting rights encompassing over 50,000 hectares of ground. The flagship project, Frischgewaagt, is in the Limpopo Province 300km north of Johannesburg and is immediately adjacent to the Marsfontein Mine which was previously operated by De Beers. This mine operated for only two years in the 1990's but the diamond grade and quality was such that the entire capital cost was repaid in four days. \n \nThe Frischgewaagt project consists of a minimum 4km long kimberlite dyke/blow system and Vutomi have already undertaken detailed ground geophysics and sampling and are currently in the process of a core and percussion drilling programme which will give both BOD and Vutomi a better indication of size and grade. The sampling programme, which was undertaken in 2016, yielded a raw diamond value of US$180/ct from 247 carats and kimberlite intersections in the dyke/blow system have been between 1-17m.\n \nAs at 30 November 2016 Vutomi's net assets were valued at £221k.\n \nBotswana Diamonds was introduced to Vutomi by James Campbell, the Company's recently appointed Managing Director. James Campbell is a minority shareholder of Vutomi and is therefore precluded from voting on any matter relating to the...