Business
Exploration update: promising
Exploration update: promising.
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n RNS Number : 6625Z Petra Diamonds Ld 23 July 2008 \n \n\n\n\n\n\n\n\n23 July 2008\n\n\nAIM: PDL\n\n\n\n\n\n\nPetra Diamonds Limited\n\nExploration update: promising developments in Angola and Botswana\n\n\nPetra Diamonds, ('Petra' or 'the Company'), the international diamond mining group, today announces promising developments with regards to the Company's exploration activities in Angola and Botswana.\n\nHighlights\n \n· Alto Cuilo, Angola – bulk sampling and narrow diameter drilling (“NDD”) are delivering exciting results, following the Company taking full control of the exploration data and operational activities\n\n· Luangue, Angola – early drilling campaign success with kimberlite confirmation\n \n· Botswana – discovery of kimberlite BK 1 (south), bordering on Debswana’s Damtshaamining licence area\n\n\nJohan Dippenaar, Chief Executive Officer, commented 'These promising results from our programmes in Angola and Botswana, where we have some of the world's most prospective diamond exploration ground, are highly encouraging and firmly underpin Petra's growth prospects. Our exploration projects, combined with our rapidly growing production in South Africa, support Petra's fast growing status as a leading diamond company.'\n\n\nAngola - Alto Cuilo and Luangue\n\nOn 13 May 2008 Petra announced the transfer of BHP Billiton's interests in the Alto Cuilo Joint Venture and the Luangue Joint Venture to Petra, with the Company taking control of both projects with effect from 1 April 2008 and 1 May 2008 respectively. The following is an update of the development at each project, which Petra is now operating and funding. \n\nAlto Cuilo\nPetra has embarked on an intensive and focused programme to test the near-surface crater rim resedimented volcaniclastic kimberlite ('RVK') deposits of the kimberlites prioritised from Petra's review of the Alto Cuilo exploration data received from BHP Billiton. Petra believes that the crater rims have the potential to contain substantial deposits of economic diamond-bearing material, as is the case at other diamond mines with similar mineralisation, such as Catoca in Angola and Williamson in Tanzania.\n \n(i) AC16 - bulk sample ...