MoU for Exploitation of Diamonds in Zimbabwe

Botswana Diamonds PLC

("Botswana Diamonds" or the "Company")

 

Memorandum of Understanding for Exploitation of Diamonds in Zimbabwe

 

Botswana Diamonds ('BOD') the AIM and BSE listed explorer is pleased to announce that it has signed a Memorandum of Understanding with Vast Resources plc ('Vast') under which the two companies have agreed:

 

•        To exchange information derived from past exploration on areas prospective for diamonds in Zimbabwe; and

•        To form a special purpose vehicle, to be jointly owned by each company, for the purpose of developing and exploiting diamond resources in Zimbabwe.

 

Any diamond exploration programmes in Zimbabwe will be carried out in accordance with Zimbabwe's joint ownership laws in relation to diamonds.

 

As announced on 19 September 2008, Vast acquired, at that time, a database relating to diamonds in Zimbabwe.   It has also, until 2010, carried out its own exploration in the field using information from the database.  BOD has independently acquired a Zimbabwe diamond database and, along with its significant networks, has expertise in diamond exploration, development and mining.

 

John Teeling, Chairman, commented, "Zimbabwe is a country with excellent diamond potential.  Both Botswana Diamonds and Vast Resources have extensive experience in and knowledge of the country.  It is opening for business and both BOD and Vast are keen to make the most of this opportunity. I look forward to providing our shareholders with further updates in due course."

 

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

 

This release has been approved by James Campbell, Managing Director of Botswana Diamonds plc, a qualified geologist (Pr.Sci.Nat), a Fellow of the South African Institute of Mining and Metallurgy, a Fellow of Materials, Metals and Mining with over 31-years' experience in the diamond sector. 

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

ENDS

 

Enquiries:

Botswana Diamonds PLC
John Teeling, Chairman	+353 1 833 2833
James Campbell, Managing Director	+27 83 457 3724
Jim Finn, Director
Northland Capital Partners Limited
David Hignell/Gerry Beaney (Corporate Finance)	+44 (0) 203 861 6625
John Howes (Broking)
SVS Securities Plc	+44 (0) 203 700 0100
Tom Curran
Ben Tadd
Blytheweigh	+44 (0) 207 138 3204
Camilla Horsfall	+44 (0) 781 784 1793
Nick Elwes	+44 (0) 783 185 1855
Teneo PSG
Luke Hogg	+353 (0) 1 661 4055
Alan Tyrrell	+353 (0) 1 661 4055

 

www.botswanadiamonds.co.uk