De Beers Group Completes Acquisition of Peregrine Diamonds

De Beers Group is pleased to announce the completion of the previously announced Plan of Arrangement pursuant to which De Beers Canada has acquired all of the outstanding securities of Peregrine Diamonds Ltd (“Peregrine”) at a purchase price of C$0.24 per share, for a total cash consideration of C$107 million. The acquisition includes the high quality Chidliak diamond resource located in Canada’s Nunavut Territory and other properties elsewhere in Nunavut and the Northwest Territories.

The transaction, which was announced on 19 July 2018, was approved by Peregrine’s securityholders on 31 August 2018 and by the Supreme Court of British Columbia in its final order dated 10 September 2018. The common shares of Peregrine have been approved for delisting from the Toronto Stock Exchange and will be delisted at the end of trading on 14 September 2018.

Bruce Cleaver, CEO, De Beers Group, said: “We are very pleased to complete the addition of the Chidliak resource to De Beers Group’s world-leading diamond resource portfolio, and to extend our presence in Canada. We look forward to developing the resource further and are excited about its potential for contributing to our future diamond production.”

Kim Truter, CEO, De Beers Canada, said: “We are very excited about the Chidliak cluster, an asset with very strong development potential. Having built and operated three diamond mines in Arctic-like conditions in the past 15 years, our expertise in bringing projects of this nature to fruition is unparalleled. We look forward to accelerating our understanding of this property and how we can move it forward.”

Source: debeersgroup.com

 

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Junior Miner Tango Adds To Diamond Portfolio in Angola and Liberia

Tango Mining Limited, a Canadian diversified junior mining company with several projects in southern Africa, has been busy expanding its portfolio of diamond projects. Tango is the lead company at the Oena diamond mine in South Africa, as well as Txapemba, an 84 sq km concession in Angola that Tango took operational control of last October. It also recently acquired 75% of the Middlepits project – an alluvial diamond property in Botswana, which it will not be responsible for mining – and has now signed new agreements in Angola and Liberia. During the most recent production period ending 15 August 2018, Tango produced a total of 140 carats (76 diamonds) at the Oena Diamond Mine, which it placed on tender in Kimberley, S.A. and sold with an average price of $1,421 per carat. This includes a 6.41 carat diamond which sold at $5,443 per carat.

Tango yesterday announced the two new agreements: the first is a Services Agreement for Mining and Marketing of Diamonds with Cooperativa Mineira Do Moquita (“Moquita”) on a 147 sq km portion of a concession located 50 km north of Lucapa within the Lauchimo River basin, Province of Lunda Norte, Republic of Angola. Tango is responsible for capital expenditures associated with alluvial diamond mine design and equipment acquisition as well as enhancing production. As remuneration, Tango will receive 60% of the proceeds from the sale of produced diamonds. The junior also signed an agreement to acquire an 80% unencumbered interest in the Mano River Project (MRP) from West Mining Ltd in the Republic of Liberia. The MRP consists of one recently-granted 104.3 sq diamond mineral exploration license located in the western part of Republic of Liberia.

Angola: Moquita

During 2016 and 2017, Moquita carried out a bulk sampling program on the property to test the diamond quantity and quality of Calonda Formation gravels in three areas. A small pan plant and associated equipment was mobilized to site and the bulk sample program was successful in achieving this objective. Tango plans to recommence bulk sampling and trial alluvial diamond production with the implementation of an updated project development plan and strategy. The Somiluana Mine, located 38 km southeast of the property and partially owned by the Trans Hex Group, mines similar Calonda Formation gravels as those found on Tango’s new concession. The Trans Hex Group last year produced 136,402 carats from Somiluana Mine, which were sold at an average price of $504 per carat. Carat production for the 2019 financial year is expected to be in the order of 145,000 carats

Liberia: Mano River Project

This area of Liberia housing the MRP is well known for the widespread occurrence of alluvial diamonds and the known presence of kimberlites, but there has been little systematic modern exploration. It is located approximately 50 km downstream from the high diamond value Camútuè kimberlites. These, and possibly other kimberlites, have fed extensive downstream alluvial diamond deposits along ancient, north-trending river systems including the Lauchimo River, which flows south to north across the property. Such alluvial diamond deposits have been exploited by artisanal miners and a number of companies for many years; however, the area is still considered relatively undeveloped when considering the property’s diamond potential. Since the 1980s, exploration for diamond bearing kimberlites has increased significantly and a number of distinct kimberlite clusters have been identified in western Liberia around the MRP. This includes Kumgbor, Mano Godua and Weasua, as well as the most important recent discovery nearby with three identified kimberlites, known as Camp Alpha, which is being explored by a private US-funded company.

Source: thediamondloupe.com

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