(Diamond news – mining, Angola): International Gold Exploration IGE AB’s (OSE: IGE) diamond project in Luxinge, Angola, has reached a major milestone. Endiama has announced that IGE has fulfilled the requirements set out in the executive decree 49/2008 in the joint venture Luxinge. This statement enables IGE to move a step closer to the commercialisation of the project.
The Executive Decree 49/2008 with the State Diamond Company for Angola, Endiama, included a number of obligations that IGE are required to fulfill. Since the contract was signed, Endiama has undergone a period of transition including the appointment of a new administrative council. This process has contributed to a slight delay in the progress of the Luxinge project.
IGE has now received a letter of confirmation from Endiama’s new President, Antonio Carlos Sumbula, confirming that IGE has fulfilled its contractual obligations. This also means that IGE can have the bail bond (investment guarantee) returned as per the Contract.
“IGE is fully compliant with all obligations according to the contract. IGE have also received confirmation from our partner Endiama that they are satisfied with the current status at Luxinge. This means that we are able to move forward towards commercialisation of alluvial diamonds in this promising project. We expect revenues from Luxinge within short,” said IGE’s CEO, Tomas Fellbom.
International Gold Exploration IGE AB (publ), is a Swedish exploration and mining group focused on diamonds, nickel and gold. The Company started production of alluvial diamonds in Angola and gold in Kenya in the beginning of 2009. IGE has a portfolio of projects in Angola, Sweden Kenya and Norway. Its shares are listed on the Oslo Stock Exchange. IGE’s headquarter is located in Stockholm. For more information, visit www.ige.se
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