GREY:PGDIF - Post by User
Post by
jamesbayon Apr 16, 2015 10:08pm
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Post# 23638968
Botswana
Botswana In its first meaningful venture in diamond exploration outside of North America, Peregrine Diamonds (TSX: PGD) expects to be drilling kimberlite targets in Botswana before the end of the year, thanks to the collective wisdom of three exploration geologists whose previous careers at De Beers spanned more than half a century.
At the end of March, Peregrine acquired Diamexstrat Botswana and the privately held company’s eight diamond prospecting licenses in Botswana. Under the deal, Peregrine secures a foothold over 5,746 sq. km of ground in a country that is the world’s largest diamond producer by value, in exchange for a 1% gross overriding royalty and the assumption of $450,000 of the private company’s debt. The agreement also gives the Diamexstrat team a services agreement to do the exploration for Peregrine, which Peregrine funds.