MMH
MMH
Miranda acquires stake in Botswana diamond JV
Miranda Mineral Holdings Limited
(previously Proper Group Limited)
(incorporated in the Republic of South Africa)
(Registration number: 1998/001940/06)
Share code: MMH & ISIN: ZAE000074019
("Miranda" or "the company" or "the group")
Miranda acquires stake in Botswana diamond JV
The board of Miranda is pleased to announce that the company has entered into a
Joint Venture with the Botswana-registered company Firefox Investment (Pty) Ltd
("Firefox"), in terms of which Miranda will hold a 40% interest in Firefox. In
terms of the transaction, Miranda will provide the necessary technical,
managerial and financial resources to Firefox to enable it to fully evaluate the
property.
Firefox has been granted a prospecting permit over 38 100 hectares (381km2) in
the Kgatleng district of the Mochudi region in south east Botswana. The region
was initially investigated in 1966 by Kimberlitic Searches Limited, a subsidiary
of De Beers. Three kimberlites were identified, positioned below some 5 meters
of sand cover. Initial studies conducted by Miranda indicate the existence of
gravels and other diamondiferous indicator minerals within the area.
A detailed exploration plan is currently being prepared, using data collected in
the 1966 study, together with further extensive borehole data obtained by
Miranda. The interpretation of this data will enable the exploration plan to
initially focus on specific areas of the property.
Centurion
31 July 2006
Sponsor
Sasfin Capital
(a division of Sasfin Bank Limited)
Corporate Advisor
Radagast Capital (Pty) Limited
Date: 31/07/2006 02:42:40 PM Produced by the JSE SENS Department
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