Americas Diamond, a diamond and precious metals exploration company, has entered into an agreement to acquire SUDAM Diamonds Ltd., which has an option on two diamond concessions backed by an investment of more than $13 million in addition to a processing and production facility.
SUDAM Diamonds has assets consisting of two parts: an option to acquire Compania Minera Adamantine CA, a Venezuelan company which presently holds two diamond concessions; and a three 3-stage treatment plant, 50-70tph scrubber, 10tph DMS plant, and X-Ray final recovery section from Bateman's in South Africa.
Per the agreement, Americas Diamond will issue shares in equal value of $13 million in two tranches: the first will be paid when 50 percent of productions permits are issued and the remaining 50 percent when commercial production is reached.
"We are extremely excited to announce this letter of intent. The Natal I and II mining concessions possess the potential to host major ore bodies of diamonds and have produced extremely positive results steadily over a number of years. Furthermore, recent surveys promise excellent prospects for future investment. We will be announcing more information and a formal development plan in the very near future," Daniel Martinez, CEO of Americas Diamond stated in the press release.
For more information visit AmericasDiamondCorp.com
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