Botswana Diamonds plc [BOD] - Additional Diamonds Discovered in Libongo, Cameroon
12 September 2012
Additional Diamonds Discovered in Libongo, Cameroon
The directors of Botswana Diamonds plc (AIM: BOD) (“Botswana Diamonds”) are pleased to report that two additional diamonds have been recovered from the on-going sampling programme on the Libongo palaeoplacer project in Cameroon.
The current exploration programme involves collecting a 100 tonne sample from each of three areas previously found to have palaeoplacer rock, in order to ascertain if the rock is diamondiferous. The ultimate objective is to assess whether a deposit similar to the adjacent Mobilong deposit being mined by CNK of Korea exists.
One of the diamonds, a 0.25 carat near gem quality stone, was recovered from a stream flowing through the sample area. The second, a 1.3 carat industrial quality diamond, was recovered from the crushed sample. The programme is expected to be completed within weeks.
John Teeling, Chairman, commented:
“This is further evidence that our Libongo licence ground contains diamond bearing rock similar to that being mined close by, and that this project has the potential to deliver value to our shareholders.
“The next steps are to undertake a bulk sample to identify grade per tonne and value per carat and to run a scoping study on the feasibility of the project.”