(IDEX Online) - Pangolin Diamonds Corp. has signed an option agreement to earn up to a 75% interest in the AK10 diamond project located in Botswana, situated 4 km from the AK06/Karowe mine.
The option agreement is with Makanwu Civil Blasting (MCB), a private company incorporated in Botswana.
"I am extremely pleased with this transaction. The AK10 kimberlite has been under evaluated and the opportunity exists potentially to uncover and develop another AK06 Karowe mine," said Dr Leon Daniels, President and CEO of Pangolin Diamonds.
In 2002, Daniels co-founded African Diamonds for the sole purpose of acquiring kimberlites De Beers originally discovered and that he believed could be economical. The joint venture between African Diamonds 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 purchased AK6 for approximately $120 million. 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 high value diamonds and is known for containing rare large Type IIa diamonds.