News Bureau

July 19, 2018

Pangolin Finalises JV to join AK10

Pangolin eyeing Orapa Kimberlite, inks JV

Pangolin Diamonds (PAN) has finalized the commercial terms of the Joint Venture Agreement with Makanwu Civil Blasting (PTY) Ltd. (MCB), a private company incorporated under the laws of the Republic of Botswana owned by citizen partners. PAN has previously announced signing an Option Agreement under which it has the option to enter into a Joint Venture with MCB after PAN has evaluated the geological merits of the AK10 kimberlite.

Under the Joint Venture Agreement, MCB has granted PAN the sole and exclusive option to earn up to a 75% interest in respect of MCB’s precious stone AK10 Diamond Project located in the Central District of Botswana, Africa.

PAN has also entered into a Memorandum of Understanding with Amulet Diamonds Corporation (AMU), a company formed under the laws of the Province of Ontario, Canada. AMU is currently evaluating the BK 11 kimberlite, approximately 2.9 km to the east of the AK 10 kimberlite. The geographical location of AK10, relative to the position of kimberlite 2125B/K11 (BK11), allows for natural and mutual synergies with respect to the future development of AK10.

AK10 is located in the prolific Orapa Kimberlite Field in Botswana. Botswana is the second largest producer of diamonds, both by value and carats. In 2016, the Orapa Kimberlite Field produced 8.85 million carats and contains 83 known kimberlite bodies of which eleven are currently mined, scheduled to be mined or have been mined.

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