London, England — MININGREVIEW.COM — 09 September 2008 – Gemfields Resources plc – a leading international coloured gemstone producer with production and exploration assets in Zambia and Madagascar – has exercised its option to acquire the entire issued share capital of Oriental Mining s.a.r.l. – a company incorporated in Madagascar.
Revealing this development in a media release issued here, Gemfields explained that Oriental had the rights to 15 exploration licences covering emeralds, rubies, sapphires, tourmalines and garnets in the Antananarivo, Fianarantsoa and Toliara provinces of Madagascar.
“In addition, Oriental has the right to five exploration licences that are pending approval from the Madagascan Ministry of Energy and Mines,” said Gemfields founder and executive vice chairman Rajiv Gupta. “This is an important step in expanding Gemfields’ geographic footprint and gemstone portfolio,” he added.
Gemfields CEO Sean Gilbertson commented: “Madagascar is recognised as one of the most exciting colour gemstone provinces in the world today, with several key discoveries having been made there during the last decade.”