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Shears Minerals to Buy Nunavut Diamond Mine

By Joel ScanlonJul 22 2010

Shears Minerals (TSXV:SRM) is buying a diamond mine in Nunavut. The Alberta-based exploration company is hoping to pick up the Jericho mine which happens to be Nunavut’s only diamond mine.

Located about 420 km north east of Yellowknife the mine was opened by Tahera Diamond Corporation in 2006.

It has been mined for 1.2 million tonnes of kimberlite from an open pit operation from 2006 to 2008. The mine has already produced more than 780,000 carats of gen quality diamonds. The mine was closed in 2008 as Tahera filed for bankruptcy protection after major losses due to operational problems and soaring petroleum prices.

Shears Minerals has entered into a Purchase and Sale Agreement with the Tahera Diamond Corporation and Benachee Resources Inc. It will make the cash and shares deal worth about $38 million with the companies.

The Chief Executive Officer of Shears Minerals Ltd. Pamela Strand said that they are looking to get the mine running again. The 25% raise in the price of rough diamonds this year has been encouraging for them.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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