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MTP Midatech Pharma PLC

0.2851
0.00 (0.00%)
24 May 2024 - Closed
Delayed by 15 minutes
Name Symbol Market Type
Midatech Pharma PLC NASDAQ:MTP NASDAQ Depository Receipt
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  0.00 0.00% 0.2851 0.284 0.30 0 01:00:00

Motapa Options DRC Properties

30/09/2008 9:50pm

Marketwired Canada


Motapa Diamonds Inc. (TSX VENTURE:MTP) is pleased to announce that it has
entered an option agreement to explore for diamondiferous kimberlite on
prospecting licenses held by African Minerals Barbados Limited (AMBL) in the
Democratic Republic of Congo (DRC). AMBL is a privately held company with
extensive base metal exploration operations in DRC. AMBL's licenses which are
subject to the option agreement, referred to as the Lufupa North, Lufupa South
and Lufira West licences groups, are located in the southern part of DRC and
encompass 6,948 square kilometres on the southeastern margin of the Kasai
craton.


Prior exploration work by AMBL includes collection of airborne magnetic data
which identified a distinct array of circular magnetic anomalies that may
represent kimberlite bodies. One magnetic anomaly was drill tested by AMBL and
confirmed to be kimberlite. This discovery, together with the recovery of
abundant kimberlitic ilmenite grains within the license area, is very
encouraging and suggests the potential for discovery of a new kimberlite field.
Based on the regional setting, Motapa believes that kimberlites within the
license area have potential to be diamond bearing. Field work is currently
underway and is focussed on delineating prioritized airborne magnetic anomalies
in anticipation of discovery drilling being carried out in the 2009 field
season.


In terms of the option agreement, Motapa will spend US$2.0 million over 4 years
to earn a 50% interest in the diamond rights on AMBL's licenses. AMBL will
retain 100% interest in non-diamond rights. Motapa will operate the diamond
exploration program, and AMBL, which continues its non-diamond exploration work
on the licenses, will provide in-country support for Motapa's work from time to
time as agreed between Motapa and AMBL. Subsequent to vesting with a 50%
interest, Motapa and AMBL will share ongoing diamond exploration costs in
proportion to their respective interests.


Motapa CEO, Dr. Larry Ott, noted: "We are very pleased to initiate work in the
DRC, which has a long history of both alluvial and kimberlite diamond
production. We believe that there is good potential for diamond bearing
kimberlite within AMBL's license holdings and we are delighted to have partnered
with a group that has extensive operational experience in the DRC."


Motapa is among the leading diamond explorers in Africa, and is operating the
Mothae bulk sampling project in Lesotho. Motapa also has diamond interests in
Namibia, and uranium, gold and manganese interests in Gabon.


On behalf of the Board

MOTAPA DIAMONDS INC.

Dr. Larry Ott, Chief Executive Officer

This news release may contain assumptions, estimates, and other forward-looking
statements regarding future events. Such forward-looking statements involve
inherent risks and uncertainties and are subject to factors, many of which are
beyond the Company's control that may cause actual results or performance to
differ materially from those currently anticipated in such statements.


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