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Boteti Joint Venture

Summary:  

• Boteti Joint Venture formed in 2004 with De Beers. The AK6 discovery was in October 2004
• Mining Licence was approved by Government of the Republic of Botswana in 2008
• De Beers sold their share in Boteti to Lucara in late 2009
• African Diamonds has the right to market their percentage of diamond output

African Diamonds (AIM: AFD) and De Beers signed an agreement to establish a joint venture company to explore for, and if successful, develop new diamond mines in Botswana. In late 2009, De Beers sold their share in Boteti to Lucara.  Boteti now has the following ownership:  African Diamonds 40&, Lucara 60%. 

Lucara, which acquired Motapa Diamonds in July 2009, is part of the Lundin Group, which is a 15 company, US$10 billion resource group.  Lucara bought the De Beers' stake for US$49 million. 

African Diamonds has the right, subject to government approval, to market their percentage of diamond output, which will amount to up to 400,000 carats a year. 

Lucara are the operator.