Largest of the diamonds uncovered is 0.7 of a carat. The property is in the southwest of the state, where President Ed Godin says a great number of diamonds have been discovered.
A subsidiary, Continental Diamonds, recently signed a letter of intent to acquire a 10-mile tract of alluvial material immediately southwest of the Crater of Diamonds diamond pipe, Godin says.
The agreement calls for a $5,000 payment upon the signing of a formal agreement and an additional $5,000 payment within six months. A 6% net royalty on production of diamonds will apply. Vendor of the property is not identified.
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