Privately owned Blue Falcon Mines has signed a deal with Development Trust of Zimbabwe whereby it can earn a 49% interest in 1 to 2 million acres of mineral lands held by the Trust.
Blue Falcon President Gordon Leliever says the focus will be on diamonds, though the properties also have gold and base metal potential. Leliever hopes to spin off some of the 49% interest to one or more publicly traded companies. He says he already has a Russian group interested in exploring and developing the diamond properties.
One of the signatories of the deal was Zimbabwe’s mines minister, E.M. Zvobgo. In recent months, he has been travelling around the world promoting mining in Zimbabwe since “competition for investment dollars is very serious”. In Toronto, Zvobgo told a small gathering of investors and explorationists that he expects the country’s gold and diamond production to increase substantially over the next few years.
When asked what effect the upcoming elections in South Africa would have on Zimbabwe, he said he was “very optimistic with what was about to happen” and added that a peaceful transition would have a favorable impact on the whole region.
Blue Falcon joins a growing list of Canadian companies that are exploring in Zimbabwe. Others include Trillion Resources (TSE), Argosy Mining (VSE), Kinross Gold (TSE), Antares Mining and Exploration (TSE), Southern Arizona Mining & Smelting (CDN), Redaurum Red Lake Mines (TSE), Falconbridge and Reunion Mining, a subsidiary of Caledonia Mining (TSE).
Be the first to comment on "Blue Falcon inks Zimbabwean deal"