Botswana Diamonds losses narrow

Botswana Diamonds posts a pre-tax loss of £303,254 for the year to the end of June - down from £339,529 a year ago.

Highlights:

- Visual observation of the core from AK22 noticed a diamond

- Four diamond bearing kimberlite pipes, forming a cluster within close proximity to each other, identified at Maibwe

Chairman John Teeling said: "We are very active on good ground in the best diamond province in the world. We are partnered with the most technologically advanced diamond explorer in the world. Our own team is very experienced and has found diamonds previously, specifically the Karowe discovery in the early 2000s.

"We believe that our expertise and experience can reduce the extreme risk in grass roots diamond exploration. We are making steady progress in the Alrosa/BOD joint venture. To date we have been able to fund the exploration activities. We now have diamonds in two pipes on PL 260. An economic assessment will be made in 2017. The potential in the Maibwe discovery is exciting as GP 173 and PL 186 has kimberlites and diamonds. Verification of the work to date is essential. We are offering to conduct this work. It needs to be drilled."