Paragon Diamonds talk Mothae acquisition

Mothae Acquisition – Update

Paragon Diamonds Limited, the AIM quoted diamond development company, has announced that, further to the announcement of 5 May 2015, the Company has now entered into a legally binding share purchase agreement with Lucara Diamond Corporation with regards to the acquisition of the Mothae Kimberlite Resource. Mothae is located close to Paragon’s nearby Lemphane Kimberlite Pipe Project in an area of Lesotho known for producing large high value diamonds.

The Acquisition remains subject to approval from the Government of Lesotho and completion of funding, as previously announced.

Paragon’s Managing Director Dr Stephen Grimmer, who is based in Lesotho, has provided extensive details of the Company’s ability to fund the long term development of the Mothae mine to the Minister and the Company is now awaiting formal Government approval for the Acquisition. Further announcements regarding the Acquisition will be made at that time.

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