Results of AGM

RNS Number : 0146Y

Botswana Diamonds PLC

30 November 2017

 

30^th November 2017

Botswana Diamonds PLC

("Botswana Diamonds" or the "Company")

Results of AGM

At the Botswana Diamonds plc ("Botswana Diamonds") Annual General Meeting ("AGM"), which was held in London earlier today, all resolutions were duly passed.

Highlights of comments made by James Campbell, Managing Director, following the formal business of the AGM are highlighted below:

v  In Botswana the Company has two joint ventures.

v  The Sunland joint venture with Alrosa is now completing a fourth year.  Despite significant effort nothing has been found.  Botswana Diamond geologists will conduct an agreed work programme for the first half of 2018.

v  The Maibwe joint venture in which Botswana Diamonds has 15% interest is held up due to the liquidation of BCL who were operator and controlling shareholder if they invested 10 million Pula, which they failed to do.  The liquidator expects to complete the liquidation in Spring 2018.  We have made an offer to the liquidator which will not be considered until the liquidation is completed in early 2018.

v  As operations in Botswana have proceeded slowly focus has turned to a number of late stage projects in South Africa.

v  Results from exploration on the South African projects show promise. Ontevreden has indicated high interest mineral chemistry and will be drilled early next year.  Eight kimberlite re-discoveries were made in the Free State and these kimberlites will be prioritised for further work following mineral chemistry assessment which will be done during early 2018.

v  Field work on a targeted Inferred Resource at Thorny River has been completed with formal reporting planned for early in the New Year.  This field work has consisted of extensive drilling (both core and percussion), detailed ground geophysics, microdiamond assessment and a large surface sample which has been taken and is currently being processed.  Previously reported historical figures show a grade of 64 carats per hundred tonnes and a value per carat of $200.  The next stage in 2018 is to either to trial mine or bulk sample to upgrade the resource to Indicated.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

ENDS

Enquiries:

Botswana Diamonds PLC
John Teeling, Chairman	[phone]
James Campbell, Managing Director	[phone]
Jim Finn, Director
Northland Capital Partners Limited
David Hignell/Gerry Beaney (Corporate Finance)	[phone]
John Howes (Broking)
Blytheweigh	[phone]
Camilla Horsfall	[phone]
Nick Elwes	[phone]
Teneo PSG
Luke Hogg	[phone]
Alan Tyrrell	[phone]

www.botswanadiamonds.co.uk

 

END

 

 

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