AFRICA — NEWS ROUNDUP — Junior seeks diamonds

An agreement with Auridiam Botswana Proprietary sets the stage for M.I.T.

Ventures (MVC-V) to earn up to a 60% interest in a diamond concession in northern Botswana.

The concession contains five known kimberlites situated between 20 and 40 km east of the Orapa diamond mine. To increase its interest to 80%, the junior must fund an independent feasibility study. Auridiam retains the right to earn back up to 30% by making payments to M.I.T.

Auridiam has drilled the pipes and recovered macrodiamonds from the samples taken from all the kimberlites, with the exception of one. The stones are described as being of good color and quality. However, the sample was too small for Auridiam to make any decision on whether or not the kimberlites are of commercial interest. M.I.T. will continue evaluating the pipes with the intention of establishing their commercial viability.