Motapa Options DRC Properties
Tuesday September 30, 4:50 pm ET
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 30, 2008) - Motapa Diamonds Inc. (TSX VENTURE:MTP - News) is pleased to announce that it has entered an option agreement to explore for diamondiferous kimberlite on prospecting licenses held by African Minerals Barbados Limited (AMBL) in the Democratic Republic of Congo (DRC). AMBL is a privately held company with extensive base metal exploration operations in DRC.
AMBL's licenses which are subject to the option agreement, referred to as the Lufupa North, Lufupa South and Lufira West licences groups, are located in the southern part of DRC and encompass 6,948 square kilometres on the southeastern margin of the Kasai craton.
Prior exploration work by AMBL includes collection of airborne magnetic data which identified a distinct array of circular magnetic anomalies that may represent kimberlite bodies.
One magnetic anomaly was drill tested by AMBL and confirmed to be kimberlite. This discovery, together with the recovery of abundant kimberlitic ilmenite grains within the license area, is very encouraging and suggests the potential for discovery of a new kimberlite field.
Based on the regional setting, Motapa believes that kimberlites within the license area have potential to be diamond bearing.
Field work is currently underway and is focussed on delineating prioritized airborne magnetic anomalies in anticipation of discovery drilling being carried out in the 2009 field season.
In terms of the option agreement, Motapa will spend US$2.0 million over 4 years to earn a 50% interest in the diamond rights on AMBL's licenses. AMBL will retain 100% interest in non-diamond rights.
Motapa will operate the diamond exploration program, and AMBL, which continues its non-diamond exploration work on the licenses, will provide in-country support for Motapa's work from time to time as agreed between Motapa and AMBL.
Subsequent to vesting with a 50% interest, Motapa and AMBL will share ongoing diamond exploration costs in proportion to their respective interests.
Motapa CEO, Dr. Larry Ott, noted: "We are very pleased to initiate work in the DRC, which has a long history of both alluvial and kimberlite diamond production.
We believe that there is good potential for diamond bearing kimberlite within AMBL's license holdings and we are delighted to have partnered with a group that has extensive operational experience in the DRC."
Motapa is among the leading diamond explorers in Africa, and is operating the Mothae bulk sampling project in Lesotho. Motapa also has diamond interests in Namibia, and uranium, gold and manganese interests in Gabon.
On behalf of the Board
MOTAPA DIAMONDS INC.
Dr. Larry Ott, Chief Executive Officer
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control that may cause actual results or performance to differ materially from those currently anticipated in such statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Contact:
Dr. Larry Ott
Motapa Diamonds Inc.
Chief Executive Officer
(604) 980-6770
Email: contact@motapadiamonds.com
Website: www.motapadiamonds.com
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