Obtala Resources has signed an option agreement that gives fellow AIM listed mining group Gemstones of Africa the exclusive right to explore and mine for gemstones on six mining licences and one prospecting licence in Tanzania that are currently held by Obtala.
The six mining licences lie in the Manyara area of Tanzania, adjacent to Lake Manyara
. The area is known for a variety of gemstones including emeralds, alexandrite, ruby, garnet and spinet. These mining licences are contiguous covering a total area of six sqkm. The prospecting licence is located at Matombo, in the Morogoro District, an area known for hosting ruby and other gemstones.
Gemstones chief executive, David Hargreaves, said the company intended to pursue the principle of mine-to-market operation, servicing dedicated customer outlets. "Tanzania is a fertile source of gemstones and offers a progressive investment profile", he said.