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Project acquisition ‘re-rates and de-risks’ Paragon Diamonds says chairman

Published: 11:05 05 May 2015 BST

Philip Falzon Sant Manduca, executive chairman of Paragon Diamonds (LON:PRG), says the proposed deal to buy 75% of the Mothae Kimberlite project in Lesotho ‘establishes Paragon as mid-size, excellent prospect diamond company’.

He says it’s the ‘perfect place’ for finding the larger, more valuable stones, and suggests that $2,000 per carat is a realistic average target for both mines, which he says will propel the company into the top-tier of diamond producers in the world.

The AIM-listed explorer and developer has signed a memorandum of understanding to acquire the Mothae kimberlite, which lies just five kilometres from the world-class Letseng mine.

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