Burgundy Diamond Mines Ltd Elects Not to Exercise the Option Deed with Gibb River Diamonds Ltd to Acquire 100% Ownership of the Ellendale and Blina Projects

Gibb River Diamonds Limited is an Australia-based company, which is involved in mineral exploration and development. The Company operates in the natural resources exploration industry in Australia. The Company conducted three drill programs on the Edjudina Gold Project located in the Eastern Goldfields region of Western Australia. It has acquired an Option to purchase the Edjudina Gold Project, which covers 100% of granted tenement E31/1179. It owns the mining and exploration leases, which cover the Ellendale Diamond Project in West Kimberley, Western Australia. The Ellendale Project has a production of approximately 1.3 million carats. It also retains a 20% interest in Iroquois Zinc Lead Project (E69/2820), which lies approximately 100 kilometers (km) north-east of Wiluna, Western Australia. Its Highland Plains Phosphate Project in the Northern Territory comprises one granted exploration lease, 36.9 square kilometers (km2), and two exploration lease applications, 818.9 km2.