A letter of intent allowing diamond exploration at the Rio Sono property in the Brazilian state of Minas Gerais has been signed by Hillsborough Resources (TSE) with Southwestern Gold of Vancouver.
Hillsborough may earn up to 60% of the 15,000-hectare property by making payments totalling US$300,000 to Southwestern and spending US$4.5 million on exploration over three years.
Rio Sono is in an alluvial diamond area which has been mined on a small scale. Regulators and company directors must approve the deal.
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