THE DIAMOND PAGE — Spider Resources acquires African diamond concessions

Montreal-based diamond explorer Spider Resources

(SPQ-A) has acquired options on two adjacent concessions in Guinea, West Africa.

The company can earn a 50% interest in an alluvial deposit and a 70% interest in a primary deposit, both of which are on the Apredor mining permit, held by Emerging Africa Gold (EAGI-C) in the southeastern department of Kankan-Kirouanie department. The remainder of the 606-sq.-km permit is owned by Guinean-based Apredor.

Spider has an option on all the Guinean diamond interests held by Emerging Africa, which will retain a 2.5% royalty and a 20% interest in any project brought to the feasibility stage.

Using two dredges, Spider and Apredor will begin exploiting the alluvial diamond deposit at the confluence of the Baoule and Milo rivers.

To explore the concession, Spider will spend up to $5 million.

Next door, the company has an option to acquire a 70% interest in the 413-sq.

km Bassad diamond exploration permit from current owner Bassad Guinea, another Guinean firm. The agreement requires Spider to spend $1 million on exploration over two years.

Both Spider and Emerging Africa Gold are members of the St. Genevieve group of companies.