Paragon Diamonds Finalizes Mining Lease Agreement for Lemphane Project

Paragon Diamonds Ltd. (LSE:PRG) announced yesterday that Meso Diamonds, its 85-percent-owned subsidiary, has finalized the terms and conditions of the Mining Lease Agreement for the Lemphane kimberlite project with the government of Lesotho.

The company is now able to start Stage 1 production at the pipe.

As quoted in the press release:

• Mining Lease granted for initial ten years, renewable for three consecutive ten year periods subject to the terms of the Mines and Minerals Act of 2005.
• Stage 1 of a two-stage production programme at Lemphane targeting the mining of 500,000 tonnes per annum to recover an anticipated circa 10,000 carats per year at a minimum average value of US$750/ct.
• Stage 1 production intended to produce a Maiden Inferred Resource at Lemphane and definitive feasibility study (‘DFS’) for Stage 2 mining.

Click here to read the full Paragon Diamonds Ltd. (LSE:PRG) press release.