Botswana Diamonds PLC MoU for Exploitation of Diamonds in Zimbabwe (6349M)

TIDMBOD

RNS Number : 6349M

Botswana Diamonds PLC

01 May 2018

1(st) May 2018

Botswana Diamonds PLC

("Botswana Diamonds" or the "Company")

Memorandum of Understanding for Exploitation of Diamonds in Zimbabwe

Botswana Diamonds ('BOD') the AIM and BSE listed explorer is pleased to announce that it has signed a Memorandum of Understanding with Vast Resources plc ('Vast') under which the two companies have agreed:

-- To exchange information derived from past exploration on areas prospective for diamonds in Zimbabwe; and

-- To form a special purpose vehicle, to be jointly owned by each company, for the purpose of developing and exploiting diamond resources in Zimbabwe.

Any diamond exploration programmes in Zimbabwe will be carried out in accordance with Zimbabwe's joint ownership laws in relation to diamonds.

As announced on 19 September 2008, Vast acquired, at that time, a database relating to diamonds in Zimbabwe. It has also, until 2010, carried out its own exploration in the field using information from the database. BOD has independently acquired a Zimbabwe diamond database and, along with its significant networks, has expertise in diamond exploration, development and mining.

John Teeling, Chairman, commented, "Zimbabwe is a country with excellent diamond potential. Both Botswana Diamonds and Vast Resources have extensive experience in and knowledge of the country. It is opening for business and both BOD and Vast are keen to make the most of this opportunity. I look forward to providing our shareholders with further updates in due course."

This release has been approved by James Campbell, Managing Director of Botswana Diamonds plc, a qualified geologist (Pr.Sci.Nat), a Fellow of the South African Institute of Mining and Metallurgy, a Fellow of Materials, Metals and Mining with over 31-years' experience in the diamond sector.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

ENDS

Enquiries:

 
 Botswana Diamonds PLC 
 John Teeling, Chairman        [phone] 
 James Campbell, Managing 
  Director                     [phone] 
 Jim Finn, Director 
 Northland Capital Partners 
  Limited 
 David Hignell/Gerry Beaney 
  (Corporate Finance)          [phone] 
 John Howes (Broking) 
 SVS Securities Plc            [phone] 
 Tom Curran 
 Ben Tadd 
 Blytheweigh                   [phone] 
 Camilla Horsfall              [phone] 
 Nick Elwes                    [phone] 
 Teneo PSG 
 Luke Hogg                     [phone] 
 Alan Tyrrell                  [phone] 
 

www.botswanadiamonds.co.uk

This information is provided by RNS

The company news service from the London Stock Exchange

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May 01, 2018 02:00 ET (06:00 GMT)