BRC DiamondCore announced it has signed a Letter of Intent with Rio Tinto Mining and Exploration Ltd., whereby Rio Tinto will fund the exploration of certain parts of the company's Tshikapa kimberlite project located in Kasai-Occidental province, Democratic Republic of the Congo. The ground covered by the ACACIA sprl exploration permits is not included in this proposed arrangement which is subject to various conditions, including completion of due diligence and negotiation and execution of a definitive agreement between the parties.
BRC DiamondCore provided an update on developments with respect to an option agreement affecting its Tshikapa kimberlite project in the Kasai-Occidental province of the Democratic Republic of the Congo. The Company has via option agreements 12 Exploration Permits (“PRs”) in the Tshikapa region of southern DRC. Six of these twelve PRs at the project are held through an option agreement with ACACIA sprl, which has advised the Company of its wish to modify the option agreement. The Company continues its discussions with ACACIA sprl and is optimistic of reaching an agreement that is satisfactory to both parties.
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