REG-Karelian Diamond Resources Plc: Court hearing update for Lahtojoki

Karelian Diamond ResourcesAnnouncement

23/05/2024 07:15

(“Karelian Diamonds” or “the Company”)

23 May 2024

LAND COURT HEARING RE LAHTOJOKI DIAMOND DEPOSIT


Karelian Diamond Resources plc (AIM: KDR) is pleased to announce an update to
the court hearing by the Finnish Land Court, in relation to the appeals by two
landowners regarding the amount of compensation to be paid to them and the
mine boundary in relation to the development of a diamond mine by the Company
at Lahtojoki in the Kuopio Kaavi region of Finland, details of which were
announced on 11 March 2024.

Following the court hearing held on 21 May 2024, the Finnish Land Court has
announced that its judgement will be given on 12 August 2024.

Finalisation of land possession for the duration of the mine is a necessary
step forward in relation to the Company’s proposed development of the
Lahtojoki diamond deposit.

The Board believes that the development of a diamond mine at Lahtojoki will
not only bring significant benefits to the Company, but also to the entire
surrounding Kuopio-Kaavi area.

The Lahtojoki diamond deposit, as well as containing high quality colourless
gem diamonds, also contains pink diamonds and other coloured diamonds. Such
diamonds are highly sought after and can command prices up to 20 times that of
normal colourless gem diamonds.

The Company is continuing with its diamond exploration programme in Finland,
in particular, to locate the source of the green diamond which it has
discovered in Finland and also to progress its exploration for nickel, copper
and Platinum Group Elements in Northern Ireland.

Professor Richard Conroy, Chairman of Karelian Diamond Resources PLC,
commented:

“The holding of the Land Court hearing and the announcement that the
judgement will be delivered on 12 August 2024 is a further step towards
finalisation of a diamond mining concession at Lahtojoki and is to be
welcomed. The Company is continuing to progress both its very promising
exploration programme in Finland where, as set out in our release of 9 April
2024, sample results indicate that we are likely to be very close to the
source of the green diamond, and the Company’s early stage but highly
exciting exploration programme for nickel, copper and Platinum in Northern
Ireland.”

 

Further information:

 

 Karelian Diamond Resources plc Professor Richard Conroy, Chairman  +353-1-479- 6180   
 Allenby Capital Limited (Nomad) Nick Athanas / Nick Harriss        +44-20-3328- 5656  
 Peterhouse Capital Limited (Broker) Lucy Williams / Duncan Vasey   +44-20-7469- 0930  
 Lothbury Financial Services Michael Padley                         +44-20-3290- 0707  
 Hall Communications Don Hall                                       +353-1-660- 9377   
 http://www.kareliandiamondresources.com                                               

 

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