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Diamonds|Mining|Pipes|PROJECT
Diamonds|Mining|Pipes|PROJECT
diamonds|mining|pipes|project

Gibb River Diamonds shares surge on Ellendale lease news

The Ellendale mine in Western Australia

The Ellendale mine in Western Australia

21st May 2024

By: Creamer Media Reporter

     

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The share price of Gibb River Diamonds surged 48% on Tuesday on news that the company has been granted key licences that are at the heart of developing the Ellendale project, in Western Australia.

Gibb was granted three mining leases that covered the main portions of the historic workings at the E4 and E9 pipes, together with the extensively bulk-sampled E12 alluvials and their access.

The grant of these mining leases is an important milestone in re-establishing diamond production at Ellendale, which once was one of the world’s biggest diamond producers and the main supplier of fancy yellow diamonds.

Gibb reassumed 100% ownership and control of the Ellendale project from Burgundy Diamonds in March last year.

Gibb’s stock traded at A$0.37 a share on Tuesday afternoon.   

Edited by Creamer Media Reporter

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