Star Diamond Corporation, based in Toronto, has completed the acquisition of the remaining 50% stake in the Buffalo Hills project located in north central Alberta from its joint venture partner Canterra. The transaction, valued at $1.3 million, marks an important step for Star Diamond as it consolidates ownership of the project.
Canterra, in turn, plans to redirect its focus towards advanced stage copper and gold exploration in the central Newfoundland mining district.
Ewen Mason, President and CEO of Star Diamond, expressed enthusiasm about the acquisition, noting the discovery of fancy yellow diamonds and Type IIa diamonds during the examination of a diamond parcel bulk-sampled in 2010. The exploration efforts at Buffalo Hills began in 1996 and have identified 26 diamond-bearing kimberlites.
Chris Pennimpede, President and CEO of Canterra, commented on the sale: “We are pleased to monetize this non-core asset within Canterra’s project portfolio. With Star Diamond’s dedication to diamond exploration and their existing assets in the region, we are confident they will maximize the value of the Buffalo Hills Project.”
Additionally, Star Diamond now holds 100% ownership of the Fort à la Corne Project in central Saskatchewan, following its acquisition of Rio Tinto’s stake in December last year. The transition follows legal disputes between the two companies regarding exploration expenditures and alleged damage to diamonds.
