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RAPAPORT... Golden Saint Resources Ltd. entered into a memorandum of understanding with Parikh Brothers of Mumbai to process, cut and polish the junior mining company's rough diamonds from alluvial mining in Sierra Leone. The agreement also includes assistance for the resale of rough and polished diamonds. Processing of each rough shipment must be completed within 90 days unless otherwise agreed.
In August, Golden Saint Resources recovered four yellow stones with approximate sizes of 2.30 carats, 4.20 carats, 10 carats and 10.34 carats and its directors believed that these early recoveries were a promising sign for future artisanal production. Terms of this particular license agreement state that the company retains 70 percent of revenue and the landowner receives 30 percent.
The company's Africa subsidiary operates as an early stage diamond and gold exploration company, holding three exploration licenses in Sierra Leone: Tongo, which is
prospective for diamonds; Baja, which is prospective for gold and
diamonds; and Moa, which also is prospective for gold and diamonds.
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