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Carson Gold Corp - News Release
Intent to acquire Koidu diamond mine, Sierra Leone
Carson Gold Corp CQG
Shares issued 17,897,282 Mar 8 close $1.68
Mon 9 Sept 96 News Release
Mr Eric Friedland reports
The Koidu diamond mine in Sierra Leone will be added to Carson's portfolio
of African assets.
The Koidu property will be included among the diamond projects being
assumed by Carson as part of Carson's acquisition of Branch Energy.
The four sq km Koidu lease area contains two diamondiferous kimberlite
pipes and a ring structure. The company estimates proven and probable
reserves to be 7,580,000 tonnes at 0.352 carats a tonne, for a total of
about 2,668,000 carats. The majority of the stones are considered to be of
gem quality.
Alluvial diamonds were first discovered at Koidu in 1930. Diamonds have
been extracted from the two pipes through open-pit mining. The feasibility
of more extensive mining activities has been explored through underground
sampling and numerous technical studies over the past 15 years. Some
existing, onsite mine infrastructure may be salvageable.
Two kilometres south of the town of Koidu, the property is covered by a
25-year, renewable lease that permits exploration for and mining of
diamonds, gold and associated minerals. The lease agreement was ratified by
the Sierra Leone Provisional Ruling Council on July 22 1995.
Under an agreement reached between Branch Energy and the Sierra Leone
government, development of Koidu will be conducted by a new company. Branch
Energy will hold a 60% interest in the venture and operate the mine. Local
investors will hold 10% and the Sierra Leone government will hold a 30%
carried interest. Carson will assume the Branch Energy position.
A comprehensive development plan for Koidu will be announced in due course.
Carson will immediately begin a dewatering program and advanced development
work in order to further define the reserve in anticipation of a final
feasibility study.
On June 28 1996 in Stockwatch, it was reported that the company was
acquiring diamond projects in Sierra Leone and in Angola as part of its
strategy of becoming a significant producer and marketer of high-quality
diamonds. At that time, Carson declared specific interests in five
properties in Sierra Leone and said that it was negotiating to acquire
other diamond concessions.
For clarification, Carson's interest in project Luo, in the People's
Republic of Angola, is currently 48%. The June 27 1996, news release listed
the interest as 74%. Carson's interest in project Luo may increase to the
74% level upon certain expenditure commitments and other performance
criteria being met.
(c) Copyright 1996 Canjex Publishing Ltd. canada-stockwatch.com |
