Botswana Diamonds PLC Update - Maibwe Diamonds (Brightstone) (6667X)
May 09 2016 - 7:19AM
UK Regulatory
TIDMBOD
RNS Number : 6667X
Botswana Diamonds PLC
09 May 2016
9(th) May 2016
Botswana Diamonds PLC
("Botswana Diamonds" or the "Company")
Update - Maibwe Diamonds (Brightstone)
The Board of Botswana Diamonds are pleased to announce that a
Large Diameter Drilling (LDD) programme will commence shortly on PL
186 which is part of the Maibwe (Brightstone) block of licences in
the Gope Region of Botswana. Botswana Diamonds owns 15% of Maibwe
Diamonds and has a free carried interest in the project up to
Bankable Feasibility Study.
Maibwe Diamonds is a privately-held company controlled by BCL
(51%) a state-owned copper and nickel producer in Botswana. BCL is
the operator.
The planned LDD drilling for macro diamond evaluation, to be
undertaken by Maibwe Diamonds, is to follow up on diamond drilling
conducted in 2015 on PL 186 which found a number of diamondiferous
kimberlites. The LDD drilling is to confirm the 2015 results and
gain a clearer understanding of the grade and size frequency
distribution of diamonds. Work on the other licences within the
Maibwe block is also planned.
The area is deemed highly prospective for diamond discoveries.
In 2013 Botswana Diamonds signed a joint venture with Brightstone
Mining on the block. BCL subsequently took over the block in 2015
and created Maibwe Diamonds. Botswana Diamonds retains a 15%
position in Maibwe Diamonds. This project is completely separate
from the Botswana Diamonds/Alrosa joint venture.
There exists already one producing diamond mine in Gope, namely
the Ghaghoo mine owned by Gem Diamonds.
John Teeling, Chairman, commented "We now know there are
diamonds on PL 186. The upcoming drilling is to establish the grade
and quality."
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This release has been approved by Benjamin Mosigi, MSc (Mineral
Exploration and Mining Geology), who is a member of the Geological
Society of South Africa.
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Enquiries:
Botswana Diamonds PLC
John Teeling, Chairman +353 1 833 2833
Jim Finn, Director
Dipti Mehta
Northland Capital Partners
Limited
David Hignell/Gerry Beaney
(Corporate Finance) +44 (0) 203 861 6625
John Howes (Broking)
Dowgate Capital Stockbrokers
Limited
Jason Robertson +44 (0) 129 351 7744
Blytheweigh +44 (0) 207 138 3204
Camilla Horsfall +44 (0) 781 784 1793
PSG Plus
Colm Heatley +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055
www.botswanadiamonds.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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May 09, 2016 07:19 ET (11:19 GMT)