Botswana Diamonds has entered into an option agreement with a Mozambican company, Morminas, a subsidiary of EIP Group of Portugal to evaluate two licence blocks on the Save River in Mozambique, close to the Zimbabwean border.
Morminas holds a 100 per cent interest in both blocks. The Save River runs south-eastwards and drains an area of Zimbabwe which contains the Marange diamond fields. The Marange diamond fields are expected to produce 16.9 million carats in 2013. Botswana Diamonds objective is to explore the potential for alluvial and eluvial depositswhich may have washed down from Marange.
The agreement stipulates a six-month exclusivity period during which Botswana Diamonds will review the available data on the licences and undertake preliminary exploration. Should the analysis prove positive Botswana Diamonds will negotiate a long term agreement.
John Teeling, Chairman said the agreement represents another step forward in the development of our diamond interests and gives us access to a prospective play close to the Marange diamond fields in Zimbabwe.
“The experience and knowledge gained in Zimbabwe will be valuable in identifying diamond prospects in the Save region. Our geologists will review all available data, and given the right results, Botswana Diamonds will negotiate a long term agreement. “