An international investor has purchased 71 million shares in mining company Star Diamond that belonged to a previous partner of its Fort à la Corne diamond-exploration project.
The unnamed investor has also expressed interest in assisting the miner with advancing its diamond-exploration program at the Star Orion South site in Saskatchewan, Canada, Star Diamond said last week. The company has been seeking funding since its joint-venture partner, Rio Tinto, pulled out last year to focus on metals and minerals.
Earlier this year, Star Diamond hired Ewan Mason as CEO. It also acquired the other half of its Buffalo Hills Diamond Project from former joint-venture partner Canterra Minerals Corporation.
Additionally, the company plans to offload mining equipment valued at around $10 million through an auctioneer. Those funds will also help advance its diamond exploration.
Image: The Star-Orion South diamond fields. (Star Diamond)
