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Gemfields
Posted: Wed, 06 Dec 2006
[miningmx.com] -- GEMFIELDS RESOURCES has acquired two licences and renewed a third in Zambia for gemstone operations there.
"The acquisitions and renewal are a further step towards diversifying the Gemfields portfolio from its core emerald producing and exploration operations into the development of a range of gem producing operations," the AIM-listed company said in a statement.
Gemfields has an option agreement for the acquisition of a gemstone mining licence for $50,000. It covers 3.75 square kilometres, and includes the Jagoda mine which has recorded production of over 40 tonnes of pink tourmaline between the mid 1990s and 2005.
The exercise price is US$1.95m with an option period of nine months.
Gemfields has secured a large-scale amethyst prospecting licence for an 80 square kilometre area adjacent to that held by Kariba Minerals Limited, in which
Gemfields holds a 50% equity stake.
Gemfields has also renewed this prospecting licence in the Kafubu Emerald Area where the Company's other emerald properties lie.
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