Gibb River Diamonds acquisition announcement

Gibb River Diamonds Limited (ASX:GIB) has announced the acquisition of the granted Mining Lease M31/481, which fills the missing link in the Edjudina Gold Project. The acquisition, contiguous with GIB's Mining Licence MLA31/495, is highly prospective for Neta-style gold deposits, with the northern boundary of M31/481 being only 60 metres from GIB's Neta resource. The total consideration for the acquisition is 3 million GIB shares, escrowed for 12 months, and includes an extensive database purchase from ASX listed company Hawthorn Resources Limited (ASX:HAW). The Company is currently assessing targets for a future drilling program.

Executive Commentary on Acquisition

The Board of GIB is excited about the acquisition of Mining Lease M31/481, which strategically fills the gap between the historic Neta and Gawler mines. This acquisition provides excellent ground for targeting and discovering Neta-style gold deposits, with the type-deposit lying only 60 metres north of the M31/481 boundary. The extensive historic workings and mines on M31/481 further enhance the prospectivity of the acquisition. We consider the terms of this acquisition as competitive and fair, and we welcome Hawthorn Resources Limited to the GIB share register. We are also working on generating new exploration targets from the extensive and valuable database acquired from Hawthorn Resources Limited, with a view to drilling the best targets. Further updates will follow, and we are optimistic about the expeditious grant of the mining lease application over the Neta Prospect at Edjudina.

Summary of GIB's Acquisition of M31/481

Gibb River Diamonds (ASX:GIB) has successfully acquired the missing link in the Edjudina Gold Project with the purchase of Mining Lease M31/481 from Hawthorn Resources Limited (ASX:HAW). The acquisition opens up new highly prospective areas for exploration and discovery, being contiguous with GIB's existing mining license and in close proximity to the Neta resource. The Company's excitement about the acquisition is evident in their plans to assess targets for a future drilling program and generate new exploration targets from the extensive database acquired. With the historical gold production and the strategic location of M31/481, GIB aims to capitalize on the prospectivity of the acquisition and continue adding value to GIB shares. The Company's optimism about the expeditious grant of the mining lease application over the Neta Prospect at Edjudina reflects their confidence in the future prospects of the project.