Karelian Diamond Resources Plc - Land Court Hearing Re Lahtojoki Diamond Deposit
("Karelian Diamonds" or the "Company")
LAND COURT HEARING RE LAHTOJOKI DIAMOND DEPOSIT
-- Mine Boundaries finalised -- Three items regarding compensation referred back to theNational Land Survey
The decision of the Finnish Land Court, which is subject to appeal within sixty days, has maintained the original decision on the mine boundary, i.e. no change in the mine boundary. With regards to the amount of compensation payable to the two landowners the majority of the items upon which they based their claims were rejected by the Finnish Land Court except for three items which were referred back to the
A mining concession application for the Lahtojoki diamond deposit has already been approved by TUKES (the Finnish mining authority) and the
Finalisation of the mine boundaries is an essential step in relation to the Company's proposed development of the Lahtojoki diamond deposit.
The Board believes that the development of a diamond mine at Lahtojoki will not only bring significant benefits to the Company, but also to the entire surrounding Kuopio-Kaavi area.
The diamond mine at Lahtojoki, when in production, is expected to be the first diamond mine in the
The Lahtojoki diamond deposit, as well as containing high quality colourless gem diamonds, also contains pink diamonds and other coloured diamonds. Such diamonds are highly sought after and can command prices up to 20 times that of normal colourless gem diamonds.
Professor
"We are pleased to receive the decision of the Finnish Land Court which brings finalisation to the establishment of the mine boundaries. We will await the completion of proceedings in relation to the compensation to the two landowners concerned. "
Further Information:
Karelian Diamond Resources plc +353-1-479-6180 ProfessorRichard Conroy , ChairmanAllenby Capital Limited (Nomad) +44-20-3328-5656Nick Athanas /Nick Harriss Peterhouse Capital Limited (Joint Broker) +44-20-7469-0930Lucy Williams /Duncan Vasey + 44-20-3003-8632 CMC Markets (Joint Broker)Douglas Crippen Lothbury Financial Services +44-20-3290-0707Michael Padley Hall Communications +353-1-660-9377Don Hall
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