StockMarketWire.com - Diamond Resources' mining right over the Kareevlei Tenements has now been registered to BlueRock Diamonds' 74%-owned Kareevlei Mining and R850,000 has now been released to Diamond Resources.

Kareevlei Mining will be obliged to provide a bank guarantee to the Department of Mineral Resources in South Africa in order to procure release of Diamond Resources' present rehabilitation guarantee which is currently R360,000. Since admission, Kareevlei Mining has been entitled for its own account and benefit to conduct trial mining operations on the Kareevlei Tenements within defined limits under the supplemental agreement. All diamonds recovered pursuant to such trial mining operations may be dealt with by Kareevlei Mining as it chooses, subject to paying Diamond Resources a commission of 1% of gross sales (after State royalties) of diamonds recovered to 24 June 2014. Following transfer of the mining right to Kareevlei Mining on 24 June, no commission will be payable to Diamond Resources on diamonds recovered after that date and save for the provision of the bank guarantee, Kareevlei Mining has no further obligations under the supplemental agreement.


At 8:36am: [LON:BRD] Bluerock Diamonds Plc Ord 1p share price was 0p at 10.75p



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