KWG Resources (ME) has signed a letter of intent to buy 50% in four concessions in the municipality of Coromandel, Brazil, for US$1.8 million. One of the concessions, Charneca, produced diamonds valued at more than US$1 million, says KWG.
To help finance the purchase, affiliate St Genevieve Resources (TSE) sold one million common shares of KWG at $3.50 per share and will use the proceeds to buy 857,143 KWG shares at the same price.
— Pure Gold Resources (TSE) and Dual Resources (VSE) have acquired an option to earn a 40% interest in two mining leases and three exploration licenses covering 3,400 sq. miles in Tanzania.
The properties owned by Tanzania Diamond Mines are within defined kimberlite clusters. Some contain known diamondiferous kimberlite occurrences. The 3-company consortium will be managed by East Africa Diamond Exploration, a wholly owned subsidiary of Tanzania Diamond Mines.
East Africa is expected to complete a bulk sample to test the feasibility of short-term production on the mining leases. Exploration, including magnetic surveys and geochemical sampling, is also under way.
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