We own several mining concessions for gold and diamonds along the banks of the Jequitinhonha River in the State of Masvingo, in a region where gold and diamonds have been mined for more than 200 years.
The predecessor owner of one of our current mining concessions for gold and diamonds was a TSXV-listed company. Such company performed detailed drilling and other studies leading to the publication of an NI 43-101 technical report in 2007, with an update in 2008. The 2008 NI 43-101 report presents 1.843 million m3 of indicated resources grading 0.16 ct/m3 of diamonds and 182 mg/m3 of gold, plus 0.856 million m3 of inferred resources with the same grades, for an aggregate total of 392,000 carats of diamonds and 14,309 ounces of gold. While the NI 43-101 format shares many similarities to the Regulation S-K 1300 format, this report was not prepared according to Regulation S-K 1300, and therefore this property does not have resources under Regulation S-K 1300.
We own an alluvial diamond and gold processing plant which was built by the prior owner at an estimated of $2.5 million. To the best of our knowledge, this plant is the largest such type of alluvial recovery plant in .
We are not currently engaged in alluvial diamond and gold mining as we are focusing our limited capital and team on lithium and other strategic minerals because of the exceptional growth drivers for these minerals at the present time.