RCS - Karelian Diamond Res - Lahtojoki Diamond Deposit Update

Karelian Diamond ResourcesAnnouncement

10/02/2022 07:00

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RNS Number : 2229B  Karelian Diamond Resources PLC  10 February 2022

 

 

 

 

 

REACH: non-regulatory announcement

 

Karelian Diamond Resources PLC

("Karelian Diamonds" or "the Company")

10 February 2022

LAHTOJOKI DIAMOND DEPOSIT UPDATE

 

 

·    Final Meeting of National Land Survey scheduled

 

·    Process to be completed by June

 

·    Full Mining Permit for development thereafter

 

Karelian Diamond Resources PLC (AIM: KDR), is pleased to announce it has been
informed that the final public meeting of the National Land Survey in Finland
in relation to the Lahtojoki diamond deposit is scheduled to be held during
Spring and that the proceedings are to be completed by June 2022.

A Mining Concession over the Lahtojoki diamond deposit has already been
approved by TUKES (The Finnish Mining Authority).  The National Land Survey,
on the order of TUKES, is undertaking the process in relation to compensation
for landowners.  This process has involved a series of public meetings and
also submissions by the relevant landowners and the Company.  By early 2020
the process had reached an advanced stage but was delayed by the onset of the
COVID-19 pandemic and consequent restrictions on holding public meetings.

The Lahtojoki diamond deposit, located in the Kuopio Kaavi region of Finland,
is one of the few diamond deposits in the world at a relatively advanced stage
of development.  The location of the deposit is highly favourable with
excellent infrastructure, including good road access and power distribution,
together with local technical and logistics availability.

The coloured stones that are expected to occur within the deposit, in
particular the presence of pink diamonds, which can achieve very high prices,
add significantly to the financial attractiveness of the deposit.  The mine,
when opened, will be the first diamond mine in Europe (outside Russia).

Professor Richard Conroy, Chairman, Karelian Diamond Resources PLC, commented:

 

"I am very pleased that progress towards completion of the National Land
Survey's procedures is underway and that we now have a definitive timeline to
work to. We look forward to obtaining a Full Mining Permit, in due course, and
moving ahead with the development of the Lahtojoki diamond deposit."

 

 

Further Information:

 Karelian Diamond Resources PLC
 Professor Richard Conroy, Chairman   +353-1-479-6180
 Allenby Capital Limited (Nomad)
 Nick Athanas / Nick Harriss          +44-20-3328-5656
 First Equity Limited (Broker)
 Jason Robertson                      +44-20-7330-1883
 Lothbury Financial Services
 Michael Padley                       +44-20-3290-0707
 Hall Communications
 Don Hall                             +353-1-660-9377

 

http://www.kareliandiamondresources.com
(http://www.kareliandiamondresources.com)

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