DIAMOND PAGE — Nora tightens grip on Namibian concession

Montreal-based Nora Exploration (NXI-M) is expanding its interest in the Namibian Gemstones diamond concession off the west coast of southern Africa.

Nora can boost its interest to 40% from the current 30% by paying US$720,000 to its partner, South Africa-based Namibian Gemstones Mining, and then to 50% by issuing to that company 1.1 million Nora shares.

A subsequent payment of US$720,000, due in mid-January, will further increase Nora’s stake to 60%, whereupon both parties will establish a timetable to increase Nora’s ownership to 80%.

The project is reportedly the second-largest offshore diamond marine concession in southern Africa. It consists of 23 deep-water concessions, each of which measures 1,000 sq. km, stretching from the Namibia-South Africa border and extending northward along the outer edge of the continental shelf and on to the continental slope.

Having identified apparently extensive, eroded bedrock surfaces with potential diamond-trap sites, the partners are preparing to carry out geophysical surveys, which will be followed by low-cost dredging and possibly bulk sampling.