RAPAPORT... Americas Diamond Corp. entered into non-toxic equity line of credit for up to $5 million with a signed agreement for $3.2 million and an option to secure another $1.8 million. The funds will further its bulk-sampling program on its Natal I and II diamond concessions in the Guaniamo district of Bolivar State in Venezuela.
The explorer anticipates treating 100,000 tonnes of ore and it believes the sample will realize between 10,000 and 20,000 carats.
"We're very excited about this non-toxic equity investment and are looking forward to progressing our work program on the Natal concessions," said Daniel Martinez, Americas Diamond Corp.'s CEO. "These funds will allow us to complete our bulk-sampling program that we announced recently. We are excited by the possible magnitude of the primary deposit, which we feel could be considerable, and are eager for our staff on the site to get the program underway."
The company reports having two diamond concessions in southwestern Venezuela through its subsidiary, Compania Minera Adamantine C.A. The investment on these concessions has been about $14 million to date. The company’s Natal I and II concessions cover a combined area over 15,700 acres located centrally within the main diamond producing area. Very little mining has taken place within the Natal concessions due to the absence of major rivers and streams, according to the company.