Business
Joint Operations Agreement for Resource Development in ML111
Joint Operations Agreement for Resource Development in ML111.
About this update from Dfr Gold Inc
[{"type":"text","content":"\n\n\n\n\nCAPE TOWN, SOUTH AFRICA, Aug. 18 /CNW/ - Diamond Fields International\nLtd. (DFI:TSX) (\"DFI\" or the \"Company\") is pleased to announce an expansion of\nits Joint Operations with Bonaparte Diamond Mines NL (ASX:BON) (\"BDM\"), an\nAustralian listed marine diamond company, to include an agreement for\ndevelopment of marine diamond resources within DFI's ML111 in Luderitz Bay,\nNamibia.\nBy issuing 1.5M BDM shares to DFI (with an additional 0.5M shares to be\nissued at BDM's option) and completing a NAM$3.0M (US$0.45M) sampling program\nwithin six months in the 1,600,000 m(2) seabed area designated under this\nagreement, BDM can earn a 30% interest in any indicated category marine\ndiamond resources (JORC and NI 43-101 code compliant) defined by their\nprogramme. All shares issued under this agreement are subject to a 6 (six)\nmonth hold period. The at-sea work is anticipated to occur over a one month\nperiod beginning in early September, utilizing a combination of Bonaparte's\npatented BoSS seabed sampling tool and DeBeers patented mega drill technology\ndeployed from the chartered DeBeers vessel MV Douglas Bay. This at-sea\nprogramme replaces a previously announced Joint Operation planned for EPL1607B\nwhich has been placed on hold pending renewal of that license by Namibian\nauthorities.\nThe agreement between the respective companies' wholly owned Namibian\noperating subsidiaries allows BDM's subsidiary access to Diaz Prospect 1\n(DP1), and at BDM's option Diaz Prospect 2 (DP2) within the Reef Edge marine\ndiamond deposit for the purposes of sampling to define indicated category\nmarine diamond resources. DFI's reconnaissance work has identified diamonds in\nthe 1,600,000m(2) area, but sampling density is not sufficient to complete a\nresource calculation to the indicated category. DFI will retain a portion of\nthe diamonds recovered by the BoSS sampling programme in DP1 and 2 based on\ntotal stones recovered and stone size. Indicated resources defined under this\nagreement that are of sufficient grade will be included in DFI's mine plans\nfor the mv DF Discoverer with agreed mining expenses and diamonds recovered to\nbe shared on the basis of 70% DFI; 30% BDM. Should DFI opt not to mine any\nindicated resource identified under this agreement BDM will have the option to\nmine for its own account and pay DFI a 14% r...