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Yesterday

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13 july 2020

Diamond Fields amends cooperation agreement with TMH over Madagascar project

10 july 2020
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The Beravina Project                                                                                 Image credit: Diamond Fields Resources

Diamond Fields Resources (DFR) has amended its cooperation agreement with TMH Acquisition (TMH), a special purpose vehicle established by Denham Mining to advance the company's Beravina project in Madagascar.
The amended agreement requires DFR to undertake the next phase of work, which involves a high-resolution magnetic drone survey, the development of digital elevation models and limited groundwork with the aim of locating potential new mineral deposits and extensions to the existing deposit.
If successful, the company will engage in a drilling campaign on the project to be completed by 30 November 2020.
DFR committed to spend between $250,000 and $350,000 in connection with such activities, subject to ongoing positive results.
The amended agreement extends the time available for TMH to exercise its option to acquire the project in light of the new work programme.
TMH will have until 31 December 2020 to continue to exercise its option to acquire the Beravina project, which may be extended by three months through an advance payment of $250,000.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished