Funds raised for diamond mining venture

Canada’s Gem International Resources raised 1.2 million Canadian dollars upon completion of the second phase of a private share placement that earned 400,000 dollars, the company announced in a recently released statement.
The company aims to use the proceeds to prospect for diamonds in Angola, specifically at a concession identified as Dala, situated near the Catoca mine, the world’s fourth largest.
Gem International Resources investor relations director Andrew Philips explained that the region where the company has a concession is among the “most coveted” in Angola, adding “we’re in the right spot.”
Philips said the company’s chief executive, Denis Hayes, had decided to focus on diamond mining in Angola after exploration work in other African countries.