Diadem Announces 100% Acquisition of Diamond Rights on the Franklin Project

- October 3rd, 2011

Diadem Resources Ltd. (TSXV:DRL) announced it will acquire 50% interest in Darnley Bay Resources Limited’s (TSXV:DBL) diamond project.

Diadem Resources Ltd. (TSXV:DRL) announced it will acquire 50% interest in Darnley Bay Resources Limited’s (TSXV:DBL) diamond project.

The press release is quoted as saying,

The Project was previously explored in a joint venture between the two companies. DBL will receive 11.7 million treasury shares of the Company and will retain a 2% Net Smelter Royalty (“NSR”) on any diamond production from the project properties. Diadem will have the right to purchase 1% of DBL’s 2% aggregate NSR for $1.5 million in cash.

For the complete press release, click here.  

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