REG-Karelian Diamond Resources Plc: Land Court Hearing Re Lahtojoki Diamond Deposit

Karelian Diamond ResourcesAnnouncement

13/08/2024 07:00

 

Karelian Diamond Resources plc

("Karelian Diamonds" or the "Company")

13 August 2024

 

LAND COURT HEARING RE LAHTOJOKI DIAMOND DEPOSIT

 
* Mine Boundaries finalised
* Three items regarding compensation referred back to the National Land Survey
 

 

Karelian Diamond Resources plc ("Karelian Diamonds") (AIM: KDR) is pleased to
announce that, on 12 August 2024, it was informed of the Finnish Land Court's
decision, regarding the appeals by two landowners in relation to the amount of
compensation to be paid to them and the mine boundary in relation to the
development of a diamond mine by the Company, at Lahtojoki, in the Kuopio
Kaavi region of Finland.

The decision of the Finnish Land Court, which is subject to appeal within
sixty days, has maintained the original decision on the mine boundary, i.e. no
change in the mine boundary. With regards to the amount of compensation
payable to the two landowners the majority of the items upon which they based
their claims were rejected by the Finnish Land Court except for three items
which were referred back to the National Land Survey to review. The appellants
were also required to contribute to the Company's legal costs.

A mining concession application for the Lahtojoki diamond deposit has already
been approved by TUKES (the Finnish mining authority) and the National Land
Survey has carried out the process in relation to ground rental compensation
for the local landowners and the decided compensation has been paid by the
Company. The current court hearing was to finalise the appeals by two of the
landowners regarding the amount of compensation to be paid to them and also a
change to the mine boundary.

Finalisation of the mine boundaries is an essential step in relation to the
Company's proposed development of the Lahtojoki diamond deposit.

The Board believes that the development of a diamond mine at Lahtojoki will
not only bring significant benefits to the Company, but also to the entire
surrounding Kuopio-Kaavi area.

The diamond mine at Lahtojoki, when in production, is expected to be the first
diamond mine in the European Union.

The Lahtojoki diamond deposit, as well as containing high quality colourless
gem diamonds, also contains pink diamonds and other coloured diamonds. Such
diamonds are highly sought after and can command prices up to 20 times that of
normal colourless gem diamonds.

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

 

"We are pleased to receive the decision of the Finnish Land Court which brings
finalisation to the establishment of the mine boundaries. We will await the
completion of proceedings in relation to the compensation to the two
landowners concerned."

 

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                     
 Peterhouse Capital Limited (Joint Broker) Lucy Williams / Duncan Vasey  CMC Markets (Joint Broker) Douglas Crippen  +44-20-7469-0930  + 44-20-3003-8632  
 Lothbury Financial Services Michael Padley                                                                          +44-20-3290-0707                     
 Hall Communications Don Hall                                                                                        +353-1-660-9377                      

 

 

http://www.kareliandiamondresources.com

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