Diamond Exploration Strategies has entered into an agreement with Peregrine Diamonds Limited (www.pdiam.com) in terms of which Peregrine will acquire its wholly owned Botswana subsidiary, which holds eight prospecting licenses in Botswana, covering a total area of 5,746 km2.
Peregrine Diamonds is a Canadian registered company listed on the Toronto Stock Exchange. The transaction is due to be closed upon receipt of final approval by the Minister of Minerals Energy and Water Resources in Botswana.
Details of the transaction with Peregrine Diamonds can be found at http://www.pdiam.com/s/PressReleases.asp?ReportID=701751
The company’s business model is to propose extensively researched exploration targets in exchange for a royalty, with buy-out provisions and a service agreement to manage local exploration activities.