Peregrine Diamonds teams up with old Africa hands in Botswana

摘要

In its first meaningful venture in diamond exploration outside of North America, Peregrine Diamonds (TSX: PGD) expects to drill kimberlite targets in Botswana before year-end, thanks to the 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 licences 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 assuming $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.