America Mineral Fields (AMZ-T) is planning to begin a sampling and trial mining program this year at the Cuango prospecting lease in Angola, believed to be prospective for large, high-quality diamonds.
The company says the Angolan government has secured full control of the northern Cuango Valley from UNITA rebels. The rebel group, known as the International Union for the Total Independence of Angola, had financed its two-decade-long civil war with diamond production from this region.
In May 1996, American Mineral Fields (AMF) secured an agreement to acquire 75% of an Angolan company that, in turn, had entered into an 50/50 joint-venture agreement with the Angolan state mining company.
The joint venture’s main assets are a 3,700-sq.-km mining lease, known as Luremo, in the Cuango Valley and a 36,000-sq.-km prospecting lease called Cuango International, which borders Luremo to the north. The total area is about the size of Switzerland.
AMF notes that diamond consultant Luc Rumboults reviewed the concessions and was impressed with their potential.
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