Business
Co-operation Agreement
Co-operation Agreement.
About this update from Gem Diamonds Limited
[{"type":"text","content":"\n Gem Diamonds Limited\n20 March 2007\n\n\n\nNews Release\n\n20 March 2007\n\n\nGEM DIAMONDS CONFIRMS CO-OPERATION AGREEMENT ON ANGOLAN CHIRI CONCESSION\n\n\n\nOn 10 January 2007, Gem Diamonds Limited ('Gem Diamonds' or 'the Company'),\nwhich joined the Main Board of the London Stock Exchange on 14 February 2007\n(LSE: GEMD) entered into a conditional Co-Operation Agreement and an Option\nAgreement with Avantis Angola Limited ('Avantis') (collectively 'the Parties').\nIn terms of these agreements the Company has an option to acquire an interest of\nup to 11.25% in the Chiri Concession in Angola by way of an investment in\nAvantis which currently holds a 25% interest in this concession.\n\n\nGem Diamonds today announces that all conditions precedent, including the\ncompletion of a due diligence by the Company over the Chiri Concession and of\nAvantis over the Company have been met and the Co-operation Agreement is now\nunconditional.\n\n\nENDS\n\n\nFor further information:\n\n\nGem Diamonds Limited\nGraham Wheelock\nTel: +44 77 99 831 912\n\n\n\nMerlin\nBridget Fury\nTel: +44 79 41 085 506\n\n\n\n\n\nAbout Gem Diamonds Limited (Gem Diamonds)\n\nGem Diamonds is a specialist diamond mining group with assets concentrated in\nAfrica. The Group was founded in July 2005 by Clifford Elphick, a highly\nexperienced diamond mining executive, who was previously Managing Director of E\nOppenheimer & Son. Gem Diamonds has a balanced portfolio of assets, including\nearly stage exploration projects right through to a producing diamond mine with\nstrong, positive cash flow. It is the operator and owner of a majority stake in\nthe successful Letseng diamond mine in Lesotho, with the remainder being held by\nthe Government of Lesotho. It also has interests in exploration projects in the\nLongatshimo and Tshumbe-Lubembe regions of the Democratic Republic of Congo and\nthe Mambere River region in the Central African.\n\n\nThe directorate comprises Clifford Elphick as Chairman and Chief Executive\nOfficer, Kevin Burford as Chief Financial Officer and Graham Wheelock as Mineral\nResources Manager. Senior management includes Terry Stewart as Chief Operating\nOfficer and Glenn Turner as Chief Commercial and Legal Officer.\n\n\nGem Diamonds is listed on the Main Market of the London Stock Exchange and\ntrades under the code GEMD. At the time of this...