By presenting the update for Ellendale Diamond Project, WA, Gibb River Diamonds Limited (GIB) said, the Project, regaining 100% control of the Ellendale Diamond Project in WA delivers to GIB a significant opportunity. This Project was a prolific and globally significant diamond mine, with previous operators reporting a combined market capitalization of over $690 million in 2006 on leases now held by GIB.
The Company’s aim at Ellendale is to re-establish diamond production and to maximise the value of that production. GIB has selected four main target areas which the Company considers offer the best opportunities to re-establish production: E9 Lights Stockpile; E12 Alluvials; E9 West Alluvials; E9 East Alluvials!
Various studies, including resource studies, have commenced on these areas with a view to acquiring the permitting which will be required in order to re-establish mining at Ellendale. Diamond valuation studies have been commissioned in order to obtain valuations on diamonds which were previously produced from these areas.
The Ellendale Diamond Project, WA. This change of control, delivers to GIB an exciting opportunity at Ellendale to put in place plans to re-develop this once prolific and globally significant diamond mine. Ellendale’s production included the annual supply of over 50% of the world’s Fancy Yellow diamonds, which were the subject of a special marketing agreement between former operators and Tiffany & Co.
The Ellendale Project has been one of the world’s largest diamond producers in the past, with previous operators reporting a combined market capitalization of over $690 million in 2006 on leases now held by GIB. GIB’s aim at the Ellendale Diamond Project is to re-establish diamond production and to maximise the value of that production.
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