Wednesday - Aug 27, 2014 7:00
Paragon Diamonds Limited, the AIM quoted diamond development and production company in Africa announces that Obtala Resources Limited (“Obtala”), the holder of £1,996,000 loan notes in the Company (the “Notes”), as well as 27.33% of the Company’s issued share capital, has entered into an agreement to sell the Notes (the “Agreement”) to Titanium Capital Investments Limited (“Titanium Capital”) Read more...
|Paragon: Diamonds In Lesotho
Our core activities centre on our two diamondiferous kimberlites located in Lesotho, Africa, one of the most prolific diamond producing regions in the world.
We are rapidly advancing our Lemphane and Motete diamond development projects towards production to capitalise on the increasing demand for high quality diamonds.
Our in-house expert exploration and development team are recognised as leaders in the global diamond mining sector. Their continuing work on our pipeline of exploration projects ensures we have the opportunity to continually enhance the value of our portfolio.
Our Directors have experience of operating successful exploration, development and production companies across the natural resource sector within emerging markets. We utilise our internal expertise to develop our assets, maintain a disciplined cost base and, where appropriate, leverage external relationships to assist in developing resource estimates.
We are looking to progress our cornerstone projects in Lesotho from development to full production, adding to a portfolio of high value diamond assets across Africa.
During 2011 we secured the rights to the high-potential Lemphane and Motete diamondiferous kimberlites which are located in one of the most prolific diamond producing regions in the world. Positive results obtained from our initial sampling programmes triggered further exploration work, which returned similarly encouraging results, and we now have the primary objective of progressing these projects towards full production in a timely and cost efficient manner. It is our intention to utilise early free cash flow to fund further exploratory work on our assets other and other potential projects.
Our business plan will encompass the entire diamond value chain with the aim of optimising shareholder value in an industry presently characterised by scarcity of new supply.