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80 carat diamond discovered on Magembe property
2006-12-28 09:49:51
By A Correspondent
A local miner at the Magembe diamond property in Tanzania, which was recently purchased by Douglas Lake Minerals Inc, has discovered an 80 carat diamond, Diamond Intelligence Briefs, reported yesterday.
’’This is good news and bad news story at the same time. The good news is that we’ve had reports of a monster diamond along with numerous other large diamonds being discovered on our property.
The bad news is that since we haven’t yet moved onto the property, the local miners are taking our diamonds.
”To discourage them from continuing to take them, we’ve implemented on-site security. We’re also in discussion with De Beers to determine if they can provide additional security. We believe this is a once in a lifetime opportunity.
’’We walked our property with some top resource industry experts and their excitement was contagious. Management is enthusiastic about the huge opportunity this property represents, and humbled by the confidence shown by our Tanzanian partners,’’ said Harp Sangha, Chief Executive Officer and President of Douglas Lake.
Douglas Lake is planning a property work programme for early 2007.
The program will likely include an air survey, updated mapping, geochemical work and a bulk sampling program. This will enable the company to determine the best course of action to leverage the property’s full potential.
The Magembe diamond property consists of a number of prospecting licenses comprising a total area of 46 square kilometres that are directly adjacent to the eastern, northern and western boundaries of the Williamson mine, which is currently owned 75 per cent by De Beers and 25 per cent by the Government of Tanzania, and has a production history that spans six decades.
Douglas Lake Minerals is focused on exploring and developing gold, copper, nickel, uranium and diamond mining opportunities in Tanzania.
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