Kopane Diamond Developments upgrades resource at Liqhobong project
07 December 2009
Kopane Diamond Developments, the mining group behind the Liqhobong project in Lesotho, southern Africa, has upgraded number of carats estimated to be contained in the project’s Main Pipe to 31.14 million, up from 29.7 million.
The upgrade saw an increased resource grade of 34.3 carats per hundred tonnes (cpht) at the Main Pipe, up 4.1% over the 33 cpht grade announced in September 2009. The grade of the indicated resource contained in the upper 180 metres of the pipe has increased from 31 cpht to 32.8 cpht.
Kopane said that the estimated in-situ value of the Main Pipe had increased to $2.7 billion, based on an independent run of mine valuation of $86 per carat in September 2008 of rough diamonds recovered from bulk sampling.
Frank Scolaro, Kopane’s chairman, said: “This anticipated increase in the grade estimate for the Main Pipe adds further value to the Liqhobong project and its mining potential. We are continuing our discussions to execute the most profitable route to deliver value for our world class asset.”
On November 26, Kopane extended an exclusivity agreement over a potential tie-up with another mining company at the Liqhobong project. Kopane originally signed the 60-day agreement in October but the deal has now been extended to December 15 in order to allow the companies to continue their discussions.
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