Mr. Dev Shetty reports
FURA ANNOUNCES UPDATE ON AUSTRALIAN SAPPHIRE MINING PROJECT ACQUISITION
Fura Gems Inc. has provided an update in respect of the option agreement that was entered into by the company and Richland Resources Ltd. on June 26, 2019, as amended on July 19, 2019, Oct. 31, 2019, Nov. 15, 2019, and Nov. 29, 2019. To allow the parties to complete the remaining legal formalities in relation to the completion of the transactions contemplated in the amended option agreement, Fura agreed with Richland to extend the longstop date from Dec. 7, 2019, to Dec. 14, 2019.
The amended option agreement contemplates the acquisition by Fura of 100-per-cent interests in two mining permits (EPM 25973 and EPM 25978) and three mining licences (ML 70419, ML 70447 and ML 70451) for a sapphire mining project in Queensland, Australia. The acquisition is described in more detail in the company's press releases dated June 27, 2019, and July 22, 2019.
About Fura Gems Inc.
Fura Gems is a gemstone mining and marketing company, which is engaged in the mining, exploration and acquisition of gemstone licences. Fura's headquarters is located in Toronto, Canada, and its administrative headquarters is located in the Gold Tower, Dubai.
Fura is engaged in the exploration of resource properties in Colombia and owns a 76-per-cent interest in the Coscuez emerald mine in Boyaca, Colombia. Fura is involved in the exploration and mining of rubies in Mozambique through its 80-per-cent effective interest in four ruby licences (4392L, 3868L, 3869L and 6811L) and its 100-per-cent interest in ruby licence 5572L.
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