America Mineral Fields deals for Russian diamond properties

America Mineral Fields (AMZ-T) has picked up interests in two diamond licences in northern Russia.

AMF can obtain, from a Russian-based company, a 40% interest in each of the licences, which are under option to privately held Russian Minerals. The licences are on the Ust-Pinezhskky and Tovsky concessions, the latter of which abuts the Verkhotina diamond deposit.

AMF can earn into the properties by buying an equity interest in the Russian firm that owns the licences. For each percentage of interest in the Russian firm AMF seeks to acquire, it must contribute US$150,000 for exploration and development as well as issue 5,000 shares to Russian Minerals.

As it stands, AMF is required to spend US$1.5 million exploring the licences in 1998.

Drilling on the Tovsky concession is planned for August.