Toronto-based Repadre Capital (VSE), 49% owned by Corona (TSE), has signed a formal joint venture agreement with AMPAL Ltd. of Botswana to explore for diamonds in the African country. Under the agreement, Repadre is committed to spend $2 million by the end of the year to earn a 40% interest in AMPAL’s 24 diamond licenses. Thereafter, Repadre has the option to earn an additional 20% interest at a rate of 1% for each $90,000 spent. At this point, Repadre can elect to increase its interest to 90%.
Any new exploration areas acquired by AMPAL would automatically become part of the joint venture.
AMPAL has recently signed a joint venture agreement with Western Reefs Botswana Ltd. Under the agreement, AMPAL can earn a 35% interest in 4,796 sq. km by completing an airborne magnetic survey and appropriate follow-up surveys. By conducting 2,000 metres of drilling and completing assessment work on any kimberlite discoveries, AMPAL can increase this interest by 20%.
Botswana is the world’s third largest producer of natural diamonds.
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