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Mexivada Cleared to Mine Diamonds in Sierra Leone
| Mexivada Cleared to Mine Diamonds in Sierra Leone |
| ¡ú Form www.0755zb.com 2008-12-10 |
Mexivada was given clearance to mine diamonds in Koidu, Sierra Leone. The Vancouver-based company said it received a signed memorandum of understanding from the Gbense Chiefdom of the Kono diamond-mining district to allow Mexivada¡¯s local subsidiary, Mexivada Gold and Diamond Mining Company, to conduct artisanal alluvial mining in Koidu.
The agreement is to mine an initial 1-acre site near Yaradu, in the heart of the Koidu mining area. Under the agreement, Mexivada will manage the project and gain a 70 percent share of the profits, with the Gbense Chiefdom taking the remaining 30 percent.
Mexivada explained that it works in the region in partnership with the relevant chiefdoms, together with its local partner, Pink Diamond Exploration Company. Pink will be entitled to 40 percent of Mexivada¡¯s share in the project, and both companies will contribute equipment and supplies to the venture.
Mexivada said that it expects the initial mining venture to cost $25,000 before any diamonds can be sold. The company did not say what levels of production it expects from the project, noting only that the area has yielded large gem diamonds in the past, most notably the 968 carat 'Star of Sierra Leone.'
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