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MMH
MMH
MMH - Miranda - Joint venture signed with Interstate Mining and Exploration
(Pty) Limited on Miranda`s Lauraville alluvial diamond project
Miranda Mineral Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1998/001940/06)
Share code: MMH & ISIN: ZAE000074019
("Miranda" or "the group")
Joint venture signed with Interstate Mining and Exploration (Pty) Limited
on Miranda`s Lauraville alluvial diamond project
1. The joint venture agreement
The board is pleased to announce that a joint venture agreement has been
concluded between Lauraville Mynbou (Pty) Limited ("Lauraville"), in which
Miranda holds an 87% interest, and Interstate Mining and Exploration (Pty)
Limited ("Interstate) ("the Lauraville JV").
The salient features of the Lauraville JV are:
* Interstate will pay Lauraville an upfront, non-refundable "option" fee of
R1 million for the rights to conduct further exploration and, ultimately,
to mine the property, upon completion of standard due diligence
requirements.
* The Lauraville JV gives Interstate the exclusive right to mine the
property upon conversion of the existing prospecting permit to a mining
permit.
* Interstate will pay Lauraville an additional, ongoing 12.5% joint venture
revenue share fee on the gross sales value of all diamonds recovered and
sold.
* All diamonds will be jointly marketed and sold by Miranda and Interstate.
2. The Lauraville project
The Lauravile property is situated north-east of Kimberley on the 647
hectare farm Von Zoelenslaagte in the Barkley West district, bordering on
the Vaal river to the east and the farm Holpan* to the west. The general
area is well-known for significant alluvial diamond operations. Previous
exploration on the farm established the presence of diamond-bearing paleo-
fluvial channels, as well as Vaal river gravels located on terraces closer
to the river. Bulk samples have indicated grades of between 1.5 and 3.0
carats per hundred ton, with an average selling price of US$600 per carat.
The current exploration program is focused on identifying gravel runs and
potholes, confirming the size of the diamond resource and confirming the
quality of the diamonds.
*Holpan is currently being mined in a joint venture between Rockwell
Resources, the SA subsidiary of Toronto-listed Rockwell Ventures Inc, and
HC van Wyk Diamonds. (ref: Mining Mirror January 2007 vol 19 page 7)
3. Background on Interstate
Interstate has extensive experience in the field of alluvial diamond mining
and have been active in the Kimberley/ Northern Cape area for a number of
years.
4. Prospects
Miranda has positioned itself as a new generation exploration group,
focused on leveraging its diversified portfolio of mineral assets by making
use of outsourced technical expertise and just-in-time capital raising to
generate "passive" joint venture income streams and unlock maximum
shareholder value. The Lauraville JV and strategic alliance with
Interstate provide further substantiation of the business model and follow
in the footsteps of Miranda`s recent successful capital raising program.
Considering the proven diamond-rich characteristics of the general area,
the encouraging indications of exploration work done on the property to
date and the involvement of Interstate, the board is confident that the
Lauraville JV will start yielding positive results in a relatively short
space of time.
19 March 2007
Sponsor:
Sasfin Capital
(A division of Sasfin Bank Limited)
Date: 19/03/2007 16:15:36 Produced by the JSE SENS Department.
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