THI buys into Angolan project

Trans Hex International (THI-T) is acquiring a 37.5% interest in three diamond properties in northern Angola.

The terms of the agreement call for Trans Hex to acquire 75% of the half-interest currently held by Australian-listed Longreach Gold Oil. The remaining half-interest is held by Angolan parties.

In return, Trans Hex will spend up to US$1.5 million exploring and developing the properties. Additional work will be funded 75% by Trans Hex (the operator) and 25% by Longreach.

The concessions, known as Diagema, Kupolu and Somicoa, are on the Chicapa and Luachimo Rivers in Lunda Norte province.

In one small section of the Diagema property, indicated and inferred resources are estimated to total 148,760 carats. The diamonds from this section are valued in the range of US$200 per carat, Trans Hex reports.

Trans Hex will manage its Angolan work programs from an office in the northwestern district of Luanda.