Lucara Announces African Diamond Acquisition Closed

Lucara Diamonds (TSXV:LUC) announced that they have acquired African Diamonds PLC.

 The press release is quoted as saying:

Pursuant to the Scheme of Arrangement, Lucara has acquired all of the issued and outstanding shares of AFD on the basis of 0.80 of a common share of Lucara for each AFD common share (see news release dated October 4, 2010). Lucara now holds a 100% interest in the AK6 project, an advanced, high-value diamond development project located in the Orapa/Letlhakane kimberlite district of Botswana.

William Lamb, President and CEO of Lucara, said:

“This acquisition consolidates ownership of the AK6 project, benefiting all shareholders, and creates a new premier diamond developer in Africa. Development of the AK6 mine is continuing at a rapid pace and is one of the few new diamond mines coming into production in the near term. AK6 is known for its high quality stones and is expected to have a long life mine of 12+ years with substantial expansion opportunities from additional resources at depth.”

To access the full release, click here.