[Botswana] Pangolin to earn 75 per cent interest in AK10 diamond project after deal with Makanwu Civil Blasting
Pangolin Diamonds Corp. has signed an option agreement with Makanwu Civil Blasting, a private company incorporated under the laws of the Republic of Botswana.
Under the Agreement, MCB has granted Pangolin the sole and exclusive option to earn up to a 75% interest in respect of MCB’s precious stone AK10 Diamond Project located in the Central District of Botswana, Africa.
Dr. Leon Daniels, President and CEO of Pangolin, commented, "I am extremely pleased with this transaction. The AK10 kimberlite has been under evaluated and the opportunity exists potentially to uncover and develop another AK6 Karowe Mine.”
In 2002, Dr. Daniels co-founded African Diamonds PLC for the sole purpose of acquiring kimberlites De Beers originally discovered and that he believed could be economical.
He is one of the world’s-renowned kimberlite exploration geologists and identified the opportunity. The joint venture between African Diamonds PLC and De Beers included the group of kimberlites in the area that De Beers had under evaluated. This group included the AK6 kimberlite located in the Orapa Kimberlite Field. In 2010, Lucara Diamond Corporation purchased AK6 for approximately $120M USD.
The Karowe Mine on the AK6 kimberlite continues to be mined by Lucara Diamond Corporation and is one of the world's leading producers of very high value diamonds and is known for containing rare large Type IIa diamonds with spectacular color and clarity.
The AK10 kimberlite is only 4 kilometres NNE from the Karowe Mine.