zorns22 Oct 2012 17:43
Kopane has signed a definitive Joint Venture agreement with Mantle Diamonds Ltd ("Mantle") under which, Mantle will acquire up to 70% of the Finnish assets by:
Spending $5 million on exploration and evaluation of the properties;
Concluding a Definitive Feasibility Study on the Lahtojoki Project;
Issuing Kopane with £2 million of Mantle shares.
Mantle will assume all management responsibilities for developing these assets.
As European Diamonds, Kopane has been exploring for diamonds in the Finnish part of the Karelian Craton since the late 1990's. During this exploration period a significant number of high quality kimberlite indicator trains and kimberlites have been discovered such as the Area 3 projects as well as the purchase of the Lahtojoki diamondiferous kimberlite.
The Joint Venture comprises of 28 mineral exploration claims and reservations, including the assets at Lahtojoki, Kuusamo and Lentiira. The agreement with Mantle Diamonds allows Kopane to focus attention on its producing and advanced exploration assets in Lesotho while retaining a significant interest in the Finnish assets.
Mantle has stripped approximately 60,000m3 of till material which overlies the Lathojoki kimberlite pipe. This work was completed in early November 2008. A liquefied mud area, overlying the kimberlite, accumulated at the pit bottom and is approximately 3m in thickness. The next stage of the project is for this material to be transported out of the pit in winter at which time the material would freeze and could be removed by conventional excavator and truck. Following this, the plan is to excavate approx 3,500 tonnes of kimberlite from the pit bottom, followed by mobilisation of a large diameter BG28 Kelly bar Bauer auger rig to site and collect approximately 2,000 tonnes of kimberlite from 10 holes. The timing of this work is under review.
Bring this on three years , check how many shares we had for £2million, update to june 2012
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