Zambia - Jean-Raymond Boulle Corporations, DFI
In July 2007 DFI entered into a joint venture agreement with Lion Fields Limited (Lion Fields) for mineral exploration in a highly prospective area in western Zambia. Lion Fields, a company that is controlled by Mr. Jean-Raymond Boulle, the Company's largest shareholder, has been granted the exclusive right to conduct exploration work for copper, gold, silver, zinc, lead and germanium over a 444 km2 property in the Solwezi district of western Zambia. Management of DFI believe that the Zambia Property has the potential to host extensions to the world-class Kipushi ore-body, located immediately adjacent to the Zambia Property, within the Democratic Republic of Congo. Kipushi is one of the highest grade zinc mines in the world.
Following the acceptance by the Toronto Exchange, Lion Fields and DFI have formed a Joint Venture on an 80% (DFI) to 20% (Lion Fields) basis, for the exploration, valuation and, if justified, the development and mining of any mineral resources discovered on the property, upon the terms and conditions set out in the joint venture agreement.
Pursuant to the joint venture agreement, DFI has reimbursed Lion Fields $200,000 against a portion of Lion Fields' total project costs incurred to date. DFI is appointed operator of the joint venture with overall management responsibility for the prospecting operations on the property and, among other things, will be required to incur minimum exploration expenditures of $200,000 over the existing term of the license (which is due to expire in December 2008) and US$200,000 during each subsequent renewal term of the license, if any, in order to maintain its interest in the property.
Source: http://www.diamondfields.com/s/Zambia.asp
Date: 23rd September 2009
via boullevortal.com
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