Superior Mining has entered into a letter agreement with Gemstar Diamonds Limited pursuant to which Superior has agreed to grant Gemstar an exclusive option to acquire varying interests in its Bushmanland Diamond Project in South Africa. The tenements include Koeris (Kalkom) PP2/2001, Tauseb PP9/2001, Katvlei PP10/2001, Lekkerdrink PP10/2001, Goubees PP21/2000, Kamiebees PP21/2000, Bokputs PP3/2002, Rondegat PP3/2002, Platbakkies PP4/2002, Burtons Puts PP4/2002 and Banke (under application) all of which are located in the Springbok district of north-west South Africa. The letter agreement provides that the term of the option will commence from the date of execution of a formal Heads of Agreement, to be entered into by the parties, and end on December 31, 2003.
Evaluation of earlier exploration results and due diligence of deposits within the property continued.
March 31, 2002
The company completed the diamond recovery phase of its ongoing exploration program of the Goubees project, located approximately eighty kilometres south east of Springbok, the major regional town in the Bushmanland region.
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