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Paragon Diamonds Gets Approval For Mothae Project Acquisition

Fri, 07th Aug 2015 06:57

LONDON (Alliance News) - AIM-listed diamond development company Paragon Diamonds Ltd on Friday said it has now secured the formal approval necessary from Lesotho's government to complete the acquisition of a 75% stake in the Mothae Kimberlite Resource.

Paragon is acquiring the stake from Lucara Diamond Corp. The mine is only 5 kilometres from the Letseng diamond mine and is close to Paragon's existing Lemphane site.

"The process to obtain formal approval to acquire Mothae took longer than all parties anticipated, having received verbal approval from the Minister at my meeting with him on the 22 June 2015. In any event, with the approval now to hand, we can now progress the acquisition and development of Mothae," said Paragon Executive Chairman Philip Falzon Sant Manduca.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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