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Karelian Diamond Resources

Publié le 19 avril 2016

Acquisition of Diamond Mining Permit over the Lahtojoki Diamond Project in Finland

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Mots clés associés :   Carats | Cash |

Acquisition of Diamond Mining Permit over the Lahtojoki Diamond Project in Finland

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19 April 2016

ACQUISITION OF DIAMOND MINING PERMIT OVER THE LAHTOJOKI DIAMOND PROJECT IN FINLAND


  • Acquisition of Diamond Mining Permit from A & G Mining Oy

  • Purchase Price €150,000 plus a Royalty

  • Potential to develop a low strip open pit diamond mine

  • Lahtojoki is Located in the Kuopio - Kaavi Region of Finland



Karelian Diamond Resources plc ("Karelian") (AIM: KDR, ESM: KDRI), is pleased to announce that it has entered into an agreement with A & G Mining Oy ("AGM") to acquire the diamond Mining Permit over the Lahtojoki diamond project in Finland.


The purchase price is €150,000, comprising an initial purchase price of €50,000 plus a further

€100,000 after twenty four (24) months unless Karelian decides not to develop the project. A royalty to AGM of 1% is payable either in diamonds or cash on diamond production up to 2.5 million carats and 2% payable on diamond production above 2.5 million carats.


The Lahtojoki diamondiferous kimberlite pipe is situated in the Kuopio - Kaavi region of Finland in a highly favourable location with excellent infrastructure including good road access and power distribution and local technical and logistics availability.


The Company believes that the Lahtojoki diamondiferous kimberlite pipe has the potential to become a profitable low strip ratio open pit diamond mine. It will now review the exploration and feasibility work conducted to date at Lahtojoki and carry out any further studies deemed appropriate.


The acquisition of the valid Mining Permit over the Lahtojoki project area will allow the Company, should it so decide, and subject to any relevant environmental assessments or requirements, to proceed through to the development of the project.


Finland has a well-developed mining industry and is highly ranked for mining investment attractiveness in the prestigious Fraser Institute rankings for mining jurisdictions worldwide.


The acquisition has been given legally binding governmental approval by the Finnish Safety and Chemical Agency ("TUKES") of the transfer of the Mining Permit to Karelian.


This release has been approved by Michael Brennan (MSc., SAIMM), who is a member of the Company's technical staff, in accordance with the guidance note for Mining, Oil & Gas Companies issued by the London Stock Exchange in respect of AIM Companies, which outlines standards of disclosure for mineral projects.


Professor Richard Conroy, Chairman commented:


"The acquisition of a Mining Permit over the Lahtojoki diamond project is excellent news. It is potentially a low cost way for Karelian to take its initial step toward becoming a diamond producer. This complements our diamond exploration programme in Finland and confirms our view that Finland could become a major diamond province".

"


Further Information:


Professor Richard Conroy, Chairman, Karelian Diamond Resources plc

Tel: +353-1-661-8958

Virginia Bull / Simon Clements, Allenby Capital (Nomad)

Tel: +44-20-3328-5656

Ger Heffernan, IBI Corporate Finance Limited (ESM Adviser)

Tel: +353-7662-34800

Jon Belliss/Elliot Hance, Beaufort Securities Limited (Broker)

Tel: +44-20-7382-8300

Michael Padley, Lothbury Financial Services Limited

Tel: +44-20-3290-0707

Don Hall, Hall Communications

Tel: +353-1-660-9377


http://www.kareliandiamondresources.com

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Karelian Diamond Resources

CODE : KDR.L
ISIN : IE00B01ZSK94
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Karelian Diamond est une société d’exploration minière basée en Irlande.

Karelian Diamond détient divers projets d'exploration en Finlande.

Son principal projet en exploration est KUHMO PEURA - AHO en Finlande.

Karelian Diamond est cotée au Royaume-Uni. Sa capitalisation boursière aujourd'hui est 51,4 millions GBX (61,5 millions US$, 53,9 millions €).

La valeur de son action a atteint son plus haut niveau récent le 29 décembre 2006 à 9,75 GBX, et son plus bas niveau récent le 15 décembre 2017 à 0,24 GBX.

Karelian Diamond possède 23 378 067 actions en circulation.

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Rapports annuels de Karelian Diamond Resources
2007 Annual Report
Communiqués de Presse de Karelian Diamond Resources
01/06/2016Diamond Mining Permit Received
04/05/2016Holdings in Company
19/04/2016Acquisition of Diamond Mining Permit over the Lahtojoki Diam...
12/04/2016Indicator Mineral Analysis indicates that the Riihivaara Kim...
23/11/2015Final Results for End of Year 31st May 2015
25/02/2015Half Yearly Results
15/12/2014Result of Annual General Meeting
24/11/2014Publication of Report and Accounts and Extension of Warrants
21/11/2014Final Results Announcement
31/10/2014Diamond Exploration Claim Reservations Granted
16/10/2014New Kimberlite Source Indicated
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