Diamante Minerals Inc (OTCBB:DIMN) recently made a strong move up off its base at $1 to highs well over $2 before coming back down to form a new base in the $1.50 range.
DIMN was trading over $3 per share for most of last year after the name change from Oconn Industries Corp in April 2014 but dropped big in January hitting a low of $0.90.
Diamante Minerals Inc (OTCBB:DIMN) is a mining and exploration company focused on developing the Batovi Diamond Project, located to the north of Paranatinga in Mato Grosso, Brazil.
On November 24 of last year DIMN announced that it has executed an agreement to form a joint venture valued at approximately $12 million with mining and exploration company Mineracao Batovi Ltda.
The joint venture agreement contemplates the establishment of a new corporation to develop, finance and operate a diamond exploration project located to the north of Paranatinga in Mato Grosso, Brazil. As part of the agreement, the newly formed joint venture will receive approximately $1,000,000 in cash from Diamante, as well as mineral claims from Mineracao. Diamante will receive 20% of the new Brazilian corporation. Diamante is also responsible for the next $2,000,000 of expenses of the joint venture corporation. If Diamante incurs these exploration expenses prior to November 20, 2017, Diamante will be entitled to a 49% interest in the joint venture.
Charles Fipke is a founder of Canada’s first diamond mine, Ekati. Between 1998 and 2011, the mine had produced 50 million carats, according to Mining Global. An affiliate of Fipke will be issued shares holding a 5 percent ownership stake in Diamante as a result of the joint venture agreement. The area of the claims for the project is 109,687.6 hectares or 271,044 acres.
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CEO Chad Ulansky said “Diamante’s joint venture with Mineracao fast tracks the discovery of a potentially significant economic resource in a region that has demonstrated high prospectivity for diamonds. We are excited to partner with a company that is led by legendary geologist Chuck Fipke and begin the first modern exploration of this highly compelling region.
Exploring the Rio Batovi basin has been of great interest to me for many years, and now we have the right partner to accelerate the process of finding diamond-bearing kimberlites,” said Fipke, who is a majority owner of Mineracao. “I am confident that we will make excellent progress during the next several months, as we launch an airborne survey of the claims area.”
Chad Ulansky took over the helm at DIMN in October of last year. According to the release Mr. Ulansky has led exploration programs in more than 15 countries on four continents, with a particular focus on diamonds. He also currently serves as Chief Executive Officer and a director of Cantex Mine Development Corp., Metalex Ventures Ltd. and Northern Uranium Corp., positions he has held since 2005, 2006 and 2014, respectively. All three companies are listed on the TSX Venture Exchange.
As a geologist by formal training, Mr. Ulansky began his career more than 20 years ago at Dia Met Minerals Ltd., on a project which yielded the Ekati Diamond Mine. He continued working for Dia Met until it was purchased by BHP in 2001, when he joined Cantex and Metalex, initially managing the companies’ global exploration activities. In addition to leading successful programs for Cantex’s metal discoveries in Yemen, he oversaw the discovery and advanced exploration of Metalex’s potential U2 kimberlite in northern Ontario, Canada.
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Currently trading at a $108 million market valuation DIMN does have $800,000 in the treasury, little debt and no revenues to date. This looks to be an exciting story developing in small caps; the Company recently formed a new a joint venture valued at approximately $12 million with Mineracao Batovi Ltda. and the stock is moving up steadily every day. We will be updating on DIMN when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with DIMN.
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Disclosure: we hold no position in DIMN either long or short and we have not been compensated for this article.