EnergyGuy62
15 years ago
Motapa Shareholders Approve Plan of Arrangement With Lucara
3:00 PM ET, June 26, 2009
VANCOUVER, BRITISH COLUMBIA, Jun 26, 2009 (Marketwire via COMTEX) --
Motapa Diamonds Inc. (MTP) ('Motapa') is pleased to report that the previously announced acquisition of all of the outstanding shares in Motapa by Lucara Diamond Corp. ('Lucara') pursuant to a plan of arrangement under the Business Corporations Act (B.C.) has been overwhelmingly approved by Motapa shareholders. The transaction was approved by a vote of 99.7% in favour at a special meeting of Motapa shareholders held today.
Under the plan of arrangement, each Motapa share will be exchanged for 0.9055 shares of Lucara. The convertible securities of Motapa will be acquired based on the same exchange ratio.
The completion of the transaction remains subject to the final hearing of the British Columbia Supreme Court, currently expected to take place on July 2, 2009, with the closing of the transaction to occur shortly thereafter.
On behalf of the Board
MOTAPA DIAMONDS INC.
Dr. Larry Ott, Chief Executive Officer
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control that may cause actual results or performance to differ materially from those currently anticipated in such statements.
SOURCE: Motapa Diamonds Inc.
Motapa Diamonds Inc.
Dr. Larry Ott
Chief Executive Officer
+1 604 980 6770
contact@motapadiamonds.com
EnergyGuy62
15 years ago
Motapa Mails Meeting Documents, Files Annual Financials
5:45 PM ET, June 4, 2009
VANCOUVER, BRITISH COLUMBIA, Jun 4, 2009 (Marketwire via COMTEX) --
Motapa Diamonds Inc. (MTP)
("Motapa") is pleased to announce that the management information circular, the form of proxy and letter of transmittal have been mailed to the Motapa shareholders in connection with a special meeting of the shareholders of Motapa that will be held on Friday, June 26, 2009 at 10:00 a.m. (Vancouver time) to consider and vote on the proposed acquisition by Lucara Diamond Corp. ("Lucara") of all of the issued and outstanding common shares of Motapa pursuant to a plan of arrangement under the Business Corporations Act (British Columbia).
The special meeting of the shareholders of Motapa will be held at the Terminal City Club, 837 West Hastings Street, Vancouver, British Columbia.
On completion of the plan of arrangement, each Motapa common share will be exchanged for 0.9055 common shares of Lucara. The outstanding stock options of Motapa will be terminated and replaced by stock options of Lucara based on the same exchange ratio.
The plan of arrangement is subject to receipt of the approval of Motapa shareholders by a vote of at least 66 2/3% of the votes cast at the special meeting of Motapa shareholders. The plan of arrangement is also subject to receipt of all requisite court and regulatory approvals. Assuming receipt of all approvals, the transaction is expected to close on or about July 3, 2009.
The management information circular, which includes details of the arrangement transaction, the plan of arrangement and of the business of each of Motapa and Lucara, has been filed with each of the applicable securities commissions and the TSX Venture Exchange.
Motapa's board of directors believes that the transaction will bring significant benefits to Motapa shareholders and unanimously recommends that shareholders vote in favor of the transaction.
Audited Financial Statements
Motapa has filed its annual audited financial statements and its Management Discussion and Analysis for the year ended February 28, 2009 with the applicable regulatory authorities through SEDAR.
Highlights of Motapa's exploration activities during the year are:
- Mothae, Lesotho - Processing of a 30,000 tonne bulk sample planned for Phase 1 of the Mothae kimberlite evaluation was completed in June 2008 and an audit of recovery tailings completed in August 2008. Sample processing recovered diamonds greater than 2 mm in size. Total diamond recovery of 1,206.51 carats from 25,049.81 dry tonnes resulted in a sample grade of 4.82 cpht and demonstrated a coarse stone size distribution. These results provided sufficient motivation to complete the 100,000 tonne bulk sample required for initial evaluation of the Mothae kimberlite.
- Mothae, Lesotho - Phase 2 of the sample program was initiated in September 2008 and as of the end of the fiscal year, a total of 6,905 diamonds weighing 3,047.06 carats had been recovered. The sampling program was completed in mid-April 2009, yielding 8,886 diamonds weighing 3,867.04 carats and an overall sample grade of 4.70 cpht.
- Mothae, Lesotho - Diamonds recovered from the bulk sample have a coarse stone size distribution and contain a subpopulation of Type IIa diamonds. The five largest diamonds recovered weigh 24.60, 23.39, 22.71, 22.62 and 20.04 carats.
- Mothae, Lesotho - A preliminary valuation of 1,673 carats recovered from Mothae was conducted by Galaxy Diamond Expertise SA ('Galaxy') in December 2008 and updated in March 2009. Galaxy determined a value of $441 per carat based on July 2008 prices and $308 per carat based on March 2009 prices. A diamond value modeling exercise by Galaxy predicted a run of mine diamond value of $822 per carat using July 2008 prices and $574 per carat using March 2009 prices.
Exploration expenditure for the year ended February 28, 2009 totaled $2,078,191 up from $982,654 in the prior year, largely due to $2,554,101 (2008: $82,162) expenditures on the Mothae kimberlite evaluation in Lesotho.
As at February 28, 2009, Lucara had funded $8 million on the Mothae project, in addition to those costs incurred by Motapa, and had earned a 65% interest in the Mothae project.
Motapa had derived 6,905 rough diamonds weighing 3,047.06 carats from its Mothae exploration program during the year. Under terms of the agreement with Lucara, 100% of these diamonds belong to Motapa, and Motapa had accordingly allocated $797,720 (2008: nil) from exploration expenditures to rough diamond inventory.
The Kavango Namibia diamond project and the Gabon uranium project were all advanced during the year with 100% of exploration expenditures being incurred by third parties earning interests in these projects. Motapa also incurred $218,496 (2008: nil) in the Democratic Republic of Congo conducting geochemical sampling programs over a known kimberlite.
Corporate expenditure (excluding stock option expenses) for the year ended February 28, 2009 decreased marginally to $767,487 from $773,430 in the prior year with an increase in wages and consulting fees of $59,969 being offset by decreases in audit and accounting services of $20,253, travel and subsistence expenses of $22,448 and advertising and promotions of $25,354. Motapa recognized an incentive stock option expense of $33,818 compared to $290,692 in FY'08.
On behalf of the Board
MOTAPA DIAMONDS INC.
Dr. Larry Ott, Chief Executive Officer
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control that may cause actual results or performance to differ materially from those currently anticipated in such statements.
SOURCE: Motapa Diamonds Inc.
Motapa Diamonds Inc.
Dr. Larry Ott
Chief Executive Officer
+1 604 980 6770
contact@motapadiamonds.com
www.motapadiamonds.com
EnergyGuy62
15 years ago
Lucara Signs Definitive Agreement to Acquire Motapa
9:20 AM ET, May 1, 2009
VANCOUVER, BRITISH COLUMBIA, May 1, 2009 (Marketwire via COMTEX) -- Lucara Diamond Corp. (LUC) ("Lucara") and Motapa Diamonds Inc. (MTP) ("Motapa") are pleased to announce that the companies have signed a definitive agreement with respect to the acquisition, by Lucara, of all of the outstanding shares of Motapa pursuant to a plan of arrangement under the Business Corporations Act (B.C.). Each Motapa share will be exchanged for 0.9055 shares of Lucara. The convertible securities of Motapa will be acquired on the same exchange ratio.
The transaction is subject to receipt of Motapa shareholder approval and all requisite court and regulatory approvals.
Motapa plans to hold a special meeting of shareholders to consider and vote on the transaction and related matters on June 26 2009. A vote in favour of the transaction by not less than 66 2/3% of the votes cast at the special shareholders' meeting is required. Assuming receipt of all approvals, the transaction is expected to close by the end of June 2009.
Highlights of the Transaction
The transaction will bring significant benefits to each of Lucara and Motapa and their respective shareholders. In particular, the transaction will provide the combined company with:
- A platform for the combined company to become a leading mid-tier diamond exploration and development company in Africa via organic growth and acquisition opportunities.
- Ownership consolidation of the highly prospective Mothae diamond development project located in Lesotho.
- Additional exploration assets in Namibia, Gabon and the Democratic Republic of Congo.
- Strengthened management team with extensive specialized diamond experience in both diamond exploration, project development and operations.
Lucara has engaged Haywood Securities Inc. as its financial adviser and McCullough O'Connor Irwin LLP as its legal adviser in respect of this transaction.
Motapa has engaged Raymond James Ltd. as its financial adviser and Lawson Lundell LLP as its legal adviser in respect of this transaction.
About Lucara
Lucara Diamond Corp. is an African focused diamond exploration and development company. The Company is building a portfolio of advanced staged diamond assets with a view to become a leading mid-tier African producer. Lucara is a member of the Lundin Group of Companies and is listed on the TSX Venture Exchange under the symbol "LUC". Lucara continues to evaluate projects throughout Africa for possible earn-in or acquisition.
About Motapa
Motapa holds a broad portfolio of wholly-owned or joint ventured projects and option agreements in Lesotho, DRC, Gabon, and Namibia. Among these, the Mothae Project in Lesotho is the flagship.
About the Mothae Project
The Mothae Diamond Project in Lesotho is a joint venture between Lucara (65%) and Motapa (35%) which will enter a trial mining stage following the recent completion of a highly successful bulk sampling program.
The Mothae kimberlite is an 8.8 hectare pipe located 6.5 kilometers northwest of the Letseng diamond mine.
Motapa identified Mothae as a large, low-grade kimberlite with potential to contain a population of large Type IIa diamonds and secured a 24.7 square kilometer prospecting license in 2006.
Type IIa diamonds provide a high proportion of the world's highest value stones on account of their exceptional color clarity which is ascribed to having no detectable nitrogen within the diamond crystal structure.
Type IIa diamonds also typically have a coarse size distribution and can be present as very large stones. The presence of a population of Type IIa diamonds in any kimberlite greatly enhances its economic potential.
The partners have recently completed a 100,000 tonne bulk sample of the Mothae kimberlite and diamond recovery results to date confirm the presence of a coarse stone size distribution and the presence of a significant population of Type IIa diamonds.
To date, 5 diamonds greater than 20 carats, 13 diamonds greater than 10 carats and 63 diamonds greater than 5 carats have been recovered. A total of 8,886 diamonds were recovered during the two phase bulk sampling program, returning 3,867 carats, an average stone size of 0.44 carats and a grade of 4.70 carats per hundred dry tonnes of material mined to date.
The sampling program is being carried out under the supervision of Dr. Tom Nowicki of Mineral Services Canada, a Qualified Person in terms of NI 43-101.
On Behalf of the Board of Directors
Lukas H. Lundin, President and CEO, Lucara Diamond Corp.
Dr. Larry Ott, Chief Executive Officer, Motapa Diamonds Inc.
Forward-looking statements: This press release contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management's capacity to execute and implement its future plans. Actual results may differ materially from those projected by management.
SOURCE: Lucara Diamond Corp.
Lucara Diamond Corp.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
lucara@namdo.com
www.lucaradiamond.com
Motapa Diamonds Inc.
Dr. Larry Ott
Chief Executive Officer
(604) 980-6770
(604) 980-6746 (FAX)
www.motapadiamonds.com
EnergyGuy62
15 years ago
Motapa Reports Bulk Sample and Drilling Results, Mothae Project, Lesotho
9:00 AM ET, April 27, 2009
VANCOUVER, BRITISH COLUMBIA, Apr 27, 2009 (Marketwire via COMTEX) -- Motapa Diamonds Inc (MTP) and partner Lucara Diamond Corp. (LUC) are pleased to report completion of diamond recovery work on the 100,000 tonne bulk sample program at the Mothae sample project in Lesotho. Processing of 15,390 dry tonnes of sample F1C, together with an audit of recovery tailings from this sample and samples C2C, G1C and E1A was completed in mid-April.
Sample F1C has yielded 1,519 stones for a total of 715.79 carats for a sample grade of 4.65 carats per hundred dry tonnes (cpht). F1C produced 48 stones greater than than 2 carats, 13 stones greater than 5 carats and 1 stone greater than 20 carats. The average size of stones recovered from the sample is 0.47 carats per stone and the largest three diamonds recovered are 24.60, 14.39 and 14.24 carats.
Complete results for the bulk sampling program are shown in the following table. These results reflect the recovered grade of kimberlite material sampled and not necessarily an overall grade of the Mothae pipe. The relative volume of each kimberlite domain within the Mothae pipe and the extent to which the domains are represented by their respective samples is poorly constrained and further geologic interpretation will be required to develop a grade model for the pipe.
-----------------------------------------------------------
Kimberlite               Wet     Dry    # of     Total   Carats/   Dry
Domain      Sample    Tonnes  Tonnes  Stones    Carats    Stone  Grade
-----------------------------------------------------------
AÂ Â Â Â Â Â Â Â Â Â Â A1AÂ Â Â Â Â Â Â Â 5,341Â Â Â 4,565Â Â Â Â Â 372Â Â Â Â 129.83Â Â Â Â Â 0.35Â Â Â 2.84
            -----------------------------------
            Subtotal   5,341   4,565     372    129.83     0.35   2.84
-----------------------------------------------------------
-----------------------------------------------------------
  C1A  2,035   1,837  90  27.86  0.31   1.52
            C2A        5,023   4,164     310    117.11     0.38   2.81
CÂ Â Â Â Â Â Â Â Â Â Â C2BÂ Â Â Â Â Â Â Â 1,936Â Â Â 1,617Â Â Â Â Â 211Â Â Â Â Â 75.47Â Â Â Â Â 0.36Â Â Â 4.67
            C2C        9,965   8,192     681    380.85     0.56   4.67
            C3A        9,569   7,781     750    301.22     0.40   3.87
            -----------------------------------
            Subtotal  28,529  23,592   2,042    902.51     0.44   3.83
-----------------------------------------------------------
-----------------------------------------------------------
EÂ Â Â Â Â Â Â Â Â Â Â E1AÂ Â Â Â Â Â Â Â 5,363Â Â Â 4,338Â Â Â Â Â 255Â Â Â Â Â 99.61Â Â Â Â Â 0.39Â Â Â 2.30
            -----------------------------------
            Subtotal   5,363   4,338     255     99.61     0.39   2.30
-----------------------------------------------------------
-----------------------------------------------------------
            F1         7,470   6,274   1,162    444.26     0.38   7.08
FÂ Â Â Â Â Â Â Â Â Â Â F1CÂ Â Â Â Â Â Â 18,753Â Â 15,390Â Â Â 1,519Â Â Â Â 715.79Â Â Â Â Â 0.47Â Â Â 4.65
            -----------------------------------
            Subtotal  26,223  21,664   2,681  1,160.05     0.43   5.35
-----------------------------------------------------------
-----------------------------------------------------------
            G1         7,341   6,199   1,007    408.07     0.41   6.58
GÂ Â Â Â Â Â Â Â Â Â Â G1CÂ Â Â Â Â Â Â 27,162Â Â 21,970Â Â Â 2,529Â Â 1,166.97Â Â Â Â Â 0.46Â Â Â 5.31
            -----------------------------------
            Subtotal  34,503  28,169   3,536  1,575.04     0.45   5.59
-----------------------------------------------------------
-----------------------------------------------------------
ALL SAMPLESÂ Â Â Â Â Â Â Â Â Â Â 99,959Â Â 82,328Â Â Â 8,886Â Â 3,867.04Â Â Â Â Â 0.44Â Â Â 4.70
-----------------------------------------------------------
Â
Diamonds recovered from the bulk sample include 217 stones greater than 2 carats, 63 stones greater than 5 carats, 13 stones greater that 10 carats, and 5 stones greater than 20 carats. The five largest diamonds weigh 24.60, 23.39, 22.71, 22.62 and 20.04 carats.
All samples were processed through a dense media separation (DMS) plant designed to recover diamonds in various size fractions ranging from 2 mm to 18 mm. Heavy mineral concentrate produced by the DMS plant was processed over a continuous grease belt for primary diamond recovery, with the exception of the very coarse fraction (+16 mm) which was hand sorted in a secure glove box. All grease belt tailings material was processed through an EVE X-ray diamond recovery unit.
A formal valuation of recovered diamonds is planned for June.
Delineation Drilling Results:
The results of a fifteen hole, 2,452 meter core drilling program completed in early February have been used as a basis for geological modelling of the Mothae kimberlite.
Results of this work, in combination with kimberlite bulk density estimates derived from drill core measurements, provide a global tonnage estimate to a depth of 200 meters below the base of overburden of 38.62 million tonnes.
Of this tonnage, the southern lobe of the Mothae pipe, which shows the greatest potential in terms of diamond grade, contains an estimated 23.56 million tonnes.
At this stage of the evaluation, these tonnage figures indicate the geologic potential of the Mothae kimberlite and are not intended to imply a resource tonnage.
Modeled tonnage and diamond grade data will be used in conjunction with diamond value information and a recently completed conceptual mining study to support the submission of a mining license application to the Lesotho Government.
The sampling program is being carried out under the supervision of Dr. Tom Nowicki of Mineral Services Canada, a Qualified Person in terms of NI43-101.
On behalf of the Board
MOTAPA DIAMONDS INC.
Dr. Larry Ott, Chief Executive Officer
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control that may cause actual results or performance to differ materially from those currently anticipated in such statements.
SOURCE: Motapa Diamonds Inc.
Motapa Diamonds Inc.
Dr. Larry Ott
Chief Executive Officer
+1 604 980 6770
Email: contact@motapadiamonds.com
Web: www.motapadiamonds.com
EnergyGuy62
15 years ago
Lucara to Acquire Motapa Diamonds
9:47 AM ET, March 17, 2009
VANCOUVER, BRITISH COLUMBIA, Mar 17, 2009 (Marketwire via COMTEX) -- Lucara Diamond Corp. ("Lucara") (LUC) and Motapa Diamonds Inc. ("Motapa") (MTP) are pleased to announce that the companies have signed a letter of intent which contemplates Lucara acquiring all of the outstanding shares of Motapa pursuant to a plan of arrangement under the Business Corporations Act (B.C.).
Each Motapa share will be exchanged for 0.9055 shares of Lucara representing a 104 percent premium to Motapa's trailing 20 day volume weighted average price on the TSX Venture Exchange.
The exchange ratio is based on the number of Motapa shares presently outstanding. Upon exercise of any or all of Motapa warrants or incentive stock options, the exchange ratio will be adjusted accordingly such that upon completion of the transaction, Motapa shareholders will hold 35% of the combined company.
The boards of directors of Lucara and Motapa have overwhelmingly approved the terms of the transaction.
Highlights of the Transaction
The transaction will bring significant benefits to each of Lucara and Motapa and their respective shareholders. In particular, the transaction will provide the combined company with:
- A platform for the combined company to become the leading diamond exploration and development company in Africa via organic growth and acquisition opportunities.
- Ownership consolidation of the highly prospective Mothae diamond development project located adjacent to and on trend with the world-famous Letseng diamond mine in Lesotho.
- Additional exploration assets in Namibia, Gabon and the Democratic Republic of Congo.
- Strengthened management team with extensive specialized diamond experience both inside and outside of Africa.
- Upon completion of the transaction, the combined company will have approximately 98.44 million shares outstanding.
Motapa and Lucara have undertaken to finalize a definitive agreement on or before April 23, 2009 to define the implementation of the plan of arrangement. The definitive agreement will set out the board and management structure of the consolidated company and other details customary to a transaction of this nature.
The transaction is subject to due diligence, signing of a definitive agreement, certain customary conditions, all requisite regulatory approvals as well as Motapa shareholder approval. Upon finalization of a definitive agreement, Motapa will schedule a Special Shareholders' Meeting to consider and vote on the transaction. To approve the transaction, a vote in favour by Motapa shareholders of not less than 66 2/3 percent of the votes cast at the Special Shareholders' Meeting is required.
William Lamb, General Manager of Lucara, commented, "This business combination is an excellent opportunity to create added value for both companies and establish a focused, strategic platform for further expansion in Africa. This is an opportune time to consolidate Mothae and create a larger, more robust company while strategically assessing future growth opportunities."
About Lucara
Lucara Diamond Corp. is an African focused diamond exploration and development company. The Company is building a portfolio of advanced staged diamond assets with a view to become a leading mid-tier African producer. A number of projects throughout Africa are currently under evaluation for possible acquisition. Lucara is a member of the Lundin Group of Companies and is listed on the TSX Venture Exchange under the symbol "LUC".
About Motapa
Motapa holds a broad portfolio of wholly-owned or joint ventured projects and option agreements in Lesotho, DRC, Gabon, and Namibia. Among these, the Mothae Project in Lesotho is the flagship.
About the Mothae Project
The Mothae Diamond Project in Lesotho is a joint venture between Lucara (65%) and Motapa (35%) that is at the bulk sampling stage.
The Mothae kimberlite is an 8.8 hectare pipe located 6.5 kilometers northwest of the world-famous Letseng diamond mine which has produced some of the largest and most valuable diamonds in the world.
Motapa identified Mothae as a large, low-grade kimberlite with potential to contain a population of large Type IIa diamonds, similar to the Letseng pipe, and secured a 24.7 square kilometer prospecting license in 2006.
Type IIa diamonds provide a high proportion of the world's highest value stones on account of their exceptional color clarity which is ascribed to having no detectable nitrogen within the diamond crystal structure.
Type IIa diamonds also typically have a coarse size distribution and can be present as very large stones. The presence of a population of Type IIa diamonds in any kimberlite greatly enhances its economic potential.
The joint venture partners are in the final stages of a 100,000 tonne bulk sample of the Mothae kimberlite and diamond recovery results to date confirm the presence of a coarse stone size distribution and the presence of a significant population of Type IIa diamonds.
To date, 4 diamonds greater than 20 carats, 10 diamonds greater than 10 carats and 51 diamonds greater than 5 carats have been recovered.
On Behalf of the Board of Directors
Lukas H. Lundin, President, Lucara Diamond Corp.
Dr. Larry Ott, Chief Executive Officer, Motapa Diamonds Inc.
Forward-looking statements: This press release contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management's capacity to execute and implement its future plans. Actual results may differ materially from those projected by management.
SOURCE: Lucara Diamond Corp.
Lucara Diamond Corp.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
Email: lucara@namdo.com
Website: www.lucaradiamond.com
Motapa Diamonds Inc.
Dr. Larry Ott
Chief Executive Officer
(604) 980-6770
(604) 980-6746 (FAX)
Website: www.motapadiamonds.com
EnergyGuy62
15 years ago
The meaning and history of the word "Motapa"
I sent an email to Larry Ott, the Prez of Motapa Diamonds, asking him why the company chose the word "Motapa" for the name of the company.
Here is his reply...
I was given a set of antique books 'The Diamond Mines of South Africa' by Williamson, written before 1900, by the late Hugo Dummett, who shares a large responsibility for the discovery of Canada's diamond mines.
I reported to Hugo when I was supervising the feasibility study for what is now the Ekati Diamond mine.
In the first volume of that set, my wife picked up on the story of the legendary city of 'Muenomotapa', purported to be the source of King Solomon's mines and, up to the late 1600's and early 1700's, generally to be the El Dorado of Africa.
From the time that the Dutch East India Company established a presence in what is now Cape Town in the 1600's, they sent excursions north to try and locate Meunomotapa.
Since we were setting up to operate out of Cape Town at the time, we figured that that was a pretty cool name except that:
a) Muenomotapa has too many syllables for most investment bankers and analysts to handle, and,
b) Muenomotapa sounds vaguely like some kind of disease ... not good for a company working in Africa. So we cut off the 'mueno' and stuck with Motapa.
All of the ministry and mines officials of various governments in the countries that we work in love it, so it has turned out to be a good name.
We are not original thinkers on this. In my office, I have a framed share certificate, picked up in an antique shop in Cape Town, for the Motapa Gold Corp. listed on the Johannesburg exchange. The certificate was issued in 1956 and I do not know what happened to the company.
Motapa applied for an exploration prospecting license over the Mothae kimberlite in 2006. After much lobbying, it was issued as PL 001 - the first prospecting license issued under the Lesotho mines and minerals act of
2005.
Regards ... Larry
EnergyGuy62
15 years ago
Motapa Reports Bulk Sample Progress,
Mothae Project Lesotho
9:00 AM ET, March 3, 2009
VANCOUVER, BRITISH COLUMBIA, Mar 3, 2009 (Marketwire via COMTEX) --
Motapa Diamonds Inc. (MTP) and partner Lucara Diamond Corp. (LUC) are pleased to update diamond recovery results for Phase 2 of the Mothae bulk sample project in Lesotho. Processing of 21,977 dry tonnes of sample G1C was completed on February 20, 2009 and final diamond recovery is in progress.
Grease belt recovery yielded 2,297 diamonds for a total of 1,108.70 carats and a preliminary sample grade of 5.04 carats per hundred tonnes (cpht).
Grease belt tailings are currently being audited by means of a separate x-ray recovery circuit and final sample grade for G1C will include the results of this audit.
Sample G1C has yielded 59 stones greater than 2 carats, 21 stones greater than 5 carats and 1 stone greater than 20 carats. The average size of stones recovered to date from the sample is 0.48 carats per stone and the largest three diamond recovered are 22.63, 18.68 and 14.21 carats.
This completes sampling of the G kimberlite domain of the Mothae pipe. Phase 1 and Phase 2 bulk sample results for the G kimberlite domain are summarized in the following table.
Note that final diamond grade results for sample G1C are subject to results of ongoing audit of grease belt tailings.
     # of     Total    Carats   Dry Grade
Sample       Dry Tonnes   Stones   Carats   /Stone    (cpht)
-----------------------------------------------------------
Phase 1
(G1X, G1Z
and G1XB)Â Â 6,199Â Â 1,007Â Â 408.07Â Â 0.41Â Â 6.58
Phase 2
(G1C)Â Â 21,977Â Â 2,297Â Â 1,108.70Â Â Â 0.48Â Â Â 5.04
-----------------------------------------------------------
Totals  28,176  3,304  1,516.77  0.46   5.38
Â
With completion of sample G1C, approximately 82,000 of the planned 100,000 wet tonne bulk sample have been processed. This material has yielded 167 stones greater than 2 carats, 50 stones greater than 5 carats, 9 stones greater than 10 carats and 4 stones greater than 20 carats.
Included in the plus 20 carat stones recovered was a broken Type IIa diamond from sample C2C. The largest fragments of this stone have been reassembled and demonstrate that the original stone exceeded 45 carats.
Processing of approximately 18,000 wet tonnes from kimberlite domain F has commenced and is expected to be completed by the end of March.
Concurrent with this work, grease belt tailings from Phase 2 samples E1, C3 and C2C will be audited by x-ray recovery, and, if deemed appropriate, additional grease belt recovery efforts.
Preliminary Drilling Program:
A fifteen hole, 2,452 meter core drilling program was completed in early February. The drill program was designed to support an initial estimate of global tonnes of kimberlite present to a depth of 200 meters and to provide geologic information needed to design a more detailed subsequent drilling program. Modelling of the pipe is currently in progress and results will be reported in due course.
Conceptual Study
Good progress continues to be made on the conceptual mining study. To date a preliminary mine plan has been compiled based on assumed tonnages. These figures will be updated when the results of the drilling program have been reported. Preliminary designs for the process plant and site facilities have been reviewed and are being sited on the overall project layout. The cost breakdown structure is currently being populated with capital and operating costs. The conceptual study is scheduled to be complete at the end of March 2009.
The sampling program is being carried out under the supervision of Dr. Tom Nowicki of Mineral Services Canada, a Qualified Person in terms of NI43-101.
On behalf of the Board
MOTAPA DIAMONDS INC.
Dr. Larry Ott, Chief Executive Officer
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control that may cause actual results or performance to differ materially from those currently anticipated in such statements.
SOURCE: Motapa Diamonds Inc.
Motapa Diamonds Inc.
Dr. Larry Ott
Chief Executive Officer
(604) 980-6770
Email: contact@motapadiamonds.com
Website: www.motapadiamonds.com
EnergyGuy62
15 years ago
Motapa Third Quarter Financial Statements and Interim MD&A
1:40 PM ET, January 28, 2009
VANCOUVER, BRITISH COLUMBIA, Jan 28, 2009 (Marketwire via COMTEX) -- Motapa Diamonds Inc. (MTP) has filed its interim consolidated financial statements and its Management Discussion and Analysis for the 3 months ended November 30, 2008 with regulatory authorities through SEDAR.
The interim consolidated financial statements were prepared by management in accordance with Canadian generally accepted accounting principals and were not reviewed by Motapa's auditors.
Overview
Highlights of Motapa's exploration activities during its second quarter of fiscal 2009 are:
- Mothae, Lesotho: As at December 31, 2008 4,370 diamonds had been recovered from Mothae weighing 1,826.94 carats.
In terms of the earn-in agreement with Lucara Diamonds Corp all diamonds recovered during processing of the 100,000 tonne bulk sample are the property of Motapa.
- Mothae, Lesotho: A preliminary valuation of 1,673 diamonds recovered from Mothae was conducted by Galaxy Diamond Expertise SA. Galaxy determined a value of US$441 per carat for this parcel and modeled a predicted value of US$822 for Mothae run of mine production. Galaxy noted that this modeled value had a high degree of uncertainty as a result of the small parcel size, and that a parcel of approximately 10,000 carats would be needed to produce a more reliable modeled value.
- Mothae, Lesotho: Drilling operations commenced at the end of November. Sixteen holes comprising 2,500 m are planned to begin delineating the extent of the pipe and the internal geological variation.
Cash and cash equivalents decreased during the period by $2,027,382 (2007: $254,457) to $5,417,335 (2007: $8,761,342).
Exploration expenditure for the quarter ended November 30, 2008 totaled $229,150 (2007: $172,667) almost exclusively due to expenditure on the drill target selection program in Democratic Republic of Congo.
The second phase of the bulk sampling program at the Mothae kimberlite in Lesotho was fully funded during this quarter by Lucara which is funding the first $4.2 million of phase 2 expenditures.
The Kavango project in Namibia was advanced with minimal spend by the Company as our joint venture partner, Namdeb Diamond Corporation, funded all exploration work during this quarter.
The Gabon uranium project also progressed during the quarter with all required funding provided by our joint venture partners, Cameco Corporation and Pitchstone Exploration Ltd.
Corporate expenditure (excluding stock option expenses) for the period ended November 30, 2008 totaled $173,444 (2007: $159,210) largely due to personnel costs of $97,097 (2007: $74,589), audit, legal and other compliance related costs of $38,660 (2007: $47,030), investor relations and conferences expenses of $12,227 (2007: $19,589), and travel and subsistence costs of $11,590 (2007: $16,686). Motapa recognized an incentive stock option expense of $12,216 (2007: $279,836) in the current quarter.
On behalf of the Board
MOTAPA DIAMONDS INC.
Dr. Larry Ott, Chief Executive Officer
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control that may cause actual results or performance to differ materially from those currently anticipated in such statements.
SOURCE: Motapa Diamonds Inc.
Motapa Diamonds Inc.
Dr. Larry Ott
Chief Executive Officer
(604) 980-6770
Email: contact@motapadiamonds.com
Website: www.motapadiamonds.com
EnergyGuy62
15 years ago
Motapa Options DRC Properties
Tuesday September 30, 4:50 pm ET
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 30, 2008) - Motapa Diamonds Inc. (TSX VENTURE:MTP - News) is pleased to announce that it has entered an option agreement to explore for diamondiferous kimberlite on prospecting licenses held by African Minerals Barbados Limited (AMBL) in the Democratic Republic of Congo (DRC). AMBL is a privately held company with extensive base metal exploration operations in DRC.
AMBL's licenses which are subject to the option agreement, referred to as the Lufupa North, Lufupa South and Lufira West licences groups, are located in the southern part of DRC and encompass 6,948 square kilometres on the southeastern margin of the Kasai craton.
Prior exploration work by AMBL includes collection of airborne magnetic data which identified a distinct array of circular magnetic anomalies that may represent kimberlite bodies.
One magnetic anomaly was drill tested by AMBL and confirmed to be kimberlite. This discovery, together with the recovery of abundant kimberlitic ilmenite grains within the license area, is very encouraging and suggests the potential for discovery of a new kimberlite field.
Based on the regional setting, Motapa believes that kimberlites within the license area have potential to be diamond bearing.
Field work is currently underway and is focussed on delineating prioritized airborne magnetic anomalies in anticipation of discovery drilling being carried out in the 2009 field season.
In terms of the option agreement, Motapa will spend US$2.0 million over 4 years to earn a 50% interest in the diamond rights on AMBL's licenses. AMBL will retain 100% interest in non-diamond rights.
Motapa will operate the diamond exploration program, and AMBL, which continues its non-diamond exploration work on the licenses, will provide in-country support for Motapa's work from time to time as agreed between Motapa and AMBL.
Subsequent to vesting with a 50% interest, Motapa and AMBL will share ongoing diamond exploration costs in proportion to their respective interests.
Motapa CEO, Dr. Larry Ott, noted: "We are very pleased to initiate work in the DRC, which has a long history of both alluvial and kimberlite diamond production.
We believe that there is good potential for diamond bearing kimberlite within AMBL's license holdings and we are delighted to have partnered with a group that has extensive operational experience in the DRC."
Motapa is among the leading diamond explorers in Africa, and is operating the Mothae bulk sampling project in Lesotho. Motapa also has diamond interests in Namibia, and uranium, gold and manganese interests in Gabon.
On behalf of the Board
MOTAPA DIAMONDS INC.
Dr. Larry Ott, Chief Executive Officer
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control that may cause actual results or performance to differ materially from those currently anticipated in such statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Contact:
Dr. Larry Ott
Motapa Diamonds Inc.
Chief Executive Officer
(604) 980-6770
Email: contact@motapadiamonds.com
Website: www.motapadiamonds.com
EnergyGuy62
15 years ago
Motapa Reports Bulk Sample Progress and Initial Diamond Valuation, Mothae Project Lesotho
9:00 AM ET, January 12, 2009
VANCOUVER, BRITISH COLUMBIA, Jan 12, 2009 (Marketwire via COMTEX) -- Motapa Diamonds Inc. (MTP) and partner Lucara Diamond Corp. (LUC) are pleased to update diamond recovery results for Phase 2 of the Mothae bulk sample project in Lesotho.
Initial diamond recovery from sample C3A was completed in December. Processing of 7,781 dry tonnes yielded 642 diamonds for a total of 277.13 carats and a preliminary sample grade of 3.56 carats per hundred tonnes (cpht).
Grease belt tailings have been retained and will be audited by means of a separate x-ray recovery circuit. Final sample grade for C3A will include results of this audit.
Sample C3A produced fifteen stones greater than 2 carats and four stones greater than 5 carats. The average stone size for the sample is 0.43 carats per stone and the largest three diamonds recovered are 22.71, 20.04, and 10.03 carats.
Results for sample C2C that were previously reported have been revised based on updated and verified tonnage information. A revised dry tonnage of 8,192 for C2C yielded 355.74 carats, resulting in a grade of 4.34 cpht, a 16% increase relative to the previously reported value of 3.74 cpht.
This completes sampling for the C kimberlite domain of the Mothae pipe, which makes up the largest part of the surface area of the pipe. Phase 1 and Phase 2 bulk sample results for the C kimberlite domain are summarized in the following table.
Note that final diamond grade results for samples C2C and C3A are subject to results of a forthcoming audit of grease belt tailings, and are expected to
increase.
Sample   Dry Tonnes   # of
Stones   Total
Carats   Carats/Stone   Dry Grade
----------------------------------------------
C1AÂ Â Â 1,837Â Â Â 90Â Â Â 27.86Â Â Â 0.41Â Â Â 1.52
C2AÂ Â Â 4,164Â Â Â 310Â Â Â 117.11Â Â Â 0.38Â Â Â 2.81
C2BÂ Â Â 1,617Â Â Â 211Â Â Â 75.47Â Â Â 0.36Â Â Â 4.67
C2CÂ Â Â 8,192Â Â Â 568Â Â Â 355.74Â Â Â 0.63Â Â Â 4.34
C3AÂ Â Â 7,781Â Â Â 642Â Â Â 277.13Â Â Â 0.43Â Â Â 3.56
----------------------------------------------
Totals  23,591  1,821   753.31   0.41   3.19
Â
Dr. Larry Ott, CEO of Motapa noted: "Sample grade and stone size distribution for Mothae continue to exceed the expectations that we had at the initiation of this bulk sampling program. With the C kimberlite domain delivering a sample grade well above historic results, we are increasingly positive about the economic viability of the Mothae kimberlite."
Preliminary Diamond Valuation:
A valuation was carried out in December by Shlomo Tidhar of Galaxy Diamond Expertise SA ('Galaxy') on a parcel of 1088 carats as a followup to Galaxy's July 2008 assessment of the first 585 carats recovered in the bulk sampling program. The combined 1,673 carat parcel yielded an average price of $441 per carat.
Mr. Tidhar noted that due to current market conditions, "It is extremely difficult to truly judge what current market prices are as there are very few transactions upon which to base a determination."
Consequently, the same price book used for the previous valuation exercise was used. This price book is believed by the author to represent "a reasonable expectation of where prices are likely to be in approximately one to two years time."
The Galaxy report notes that, "The value results of both samples are highly influenced by the presence of large high value stones. The presence of stones of this type is highly unusual in most diamond profiles given the small size of the sample and suggests the potential for exceptionally high value stones similar to those from the Letseng mine.
A modeling exercise has been undertaken to attempt to estimate the likely value and size distribution expected from full scale commercial production." The size and value distribution modelling exercise yielded an estimated run of mine diamond value of approximately $822 per carat.
The Galaxy report states that, "This model comes with a high degree of uncertainty as generally a sample of 10,000 carats would be preferred to obtain a better level of statistical accuracy however the model is considered conservative given the potential for large stones." Post the valuation, Mr. Tidhar stated, "Both samples show an exceptional proportion of very marketable qualities, colors and models."
Sample processing has resumed and preliminary results for Sample E1A are expected within the next three weeks.
The sampling program is being carried out under the supervision of Dr. Tom Nowicki of Mineral Services Canada, a Qualified Person in terms of NI43-101.
On behalf of the Board
MOTAPA DIAMONDS INC.
Dr. Larry Ott, Chief Executive Officer
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control that may cause actual results or performance to differ materially from those currently anticipated in such statements.
SOURCE: Motapa Diamonds Inc.
Motapa Diamonds Inc.
Dr. Larry Ott
Chief Executive Officer
(604) 980-6770
Email: contact@motapadiamonds.com
Website: www.motapadiamonds.com
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