DIAMOND PAGE — Nora ties up more ground in Namibia

Nora Exploration (NXI-M) is poised to earn a majority interest in 1,000 sq. km of marine concessions off the coast of Namibia.

To earn an initial 30%, Nora must pay South African-based Woduna Mining Holding $1.1 million in cash and spend $250,000 on exploration by mid-2000. An additional 40% will be granted in exchange for payments totalling $825,000.

The property, known as Block J, is between mining grants owned by Namibian Minerals (NMR-T) and lies at depths of 100-200 metres. Nora owns interests in other concessions, both offshore and along the country’s coastline.

Under the deal, which has yet to be approved by regulators, Nora will be made operator. Meanwhile, the company is awaiting results from a geophysical survey carried out by Marine & Coastal Geo-Consultants.