Diamond exploration company Botswana Diamonds (BOD) , has concluded an agreement with Vast Resources (VAST) for the development of their concessions in the prolific Marange Diamond Fields in Eastern Zimbabwe.
Vast has exclusive access to key diamond concessions in the MDF of the Chiadzwa region of eastern Zimbabwe, through an agreement with a community organisation.
Botswana Diamonds will perform due diligence on the area to conclude the joint venture agreement for its diamond exploration, mining and marketing.
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To develop the diamond resources, the agreement of a Special Purpose Vehicle between the company and Vast Resources with initial holdings of 86.67% by VAST and BOD holding the remaining 13.33%.
John Teeling, Chairman, commented, "I am delighted that we have concluded terms with Vast on developing their concessions within the prolific Marange Diamond Fields.”
“Work on the initial due diligence is far advanced and we look forward to providing further updates to the market in due course."
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