[Description: Description: Karelian]
Karelian Diamond Resources plc
("Karelian Diamonds" or the "Company")
13 August 2024
LAND COURT HEARING RE LAHTOJOKI DIAMOND DEPOSIT
· Mine Boundaries finalised
· Three items regarding compensation referred back to the National Land Survey
Karelian Diamond Resources plc ("Karelian Diamonds") (AIM: KDR) is pleased to
announce that, on 12 August 2024, it was informed of the Finnish Land Court's
decision, regarding the appeals by two landowners in relation to 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 .
The decision of the Finnish Land Court, which is subject to appeal within sixty
days, has maintained the original decision on the mine boundary, i.e. no change
in the mine boundary. With regards to the amount of compensation payable to the
two landowners the majority of the items upon which they based their claims were
rejected by the Finnish Land Court except for three items which were referred
back to the National Land Survey to review. The appellants were also required to
contribute to the Company's legal costs.
A mining concession application for the Lahtojoki diamond deposit has already
been approved by TUKES (the Finnish mining authority) and the National Land
Survey has carried out the process in relation to ground rental compensation for
the local landowners and the decided compensation has been paid by the Company.
The current court hearing was to finalise the appeals by two of the landowners
regarding the amount of compensation to be paid to them and also a change to the
mine boundary.
Finalisation of the mine boundaries is an essential step 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 diamond mine at Lahtojoki, when in production, is expected to be the first
diamond mine in the European Union.
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.
Professor Richard Conroy, Chairman of Karelian Diamond Resources PLC, commented:
"We are pleased to receive the decision of the Finnish Land Court which brings
finalisation to the establishment of the mine boundaries. We will await the
completion of proceedings in relation to the compensation to the two landowners
concerned."
Further Information:
Karelian Diamond Resources plc +353-1-479-6180
Professor Richard Conroy, Chairman
Allenby Capital Limited (Nomad) +44-20-3328-5656
Nick Athanas / Nick Harriss
Peterhouse Capital Limited (Joint Broker) +44-20-7469-0930
Lucy Williams / Duncan Vasey + 44-20-3003-8632
CMC Markets (Joint Broker)
Douglas Crippen
Lothbury Financial Services +44-20-3290-0707
Michael Padley
Hall Communications +353-1-660-9377
Don Hall
http://www.kareliandiamondresources.com
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Karelian Diamond Resources Plc
Karelian Diamond Resources Plc - Land Court Hearing Re Lahtojoki Diamond Deposit
13th August 2024, 06:00
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