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IGE Moves Towards Commercialization of Alluvial Diamonds

International Gold Exploration (IGE) announced Monday that it has fulfilled its contractual obligations to Endiama in regards to their joint alluvial diamond venture, Luxinge, and will now be closer to commercialization of the Angolan project.

IGE had to fulfill a set number of obligations under its contract with Endiama, Angola's state diamond company, but found the project slightly delayed as Endiama underwent internal changes in its administrative council.

IGE stated that it has received a letter of confirmation from Endiama's new president, Antonio Carlos Sumbula, confirming that IGE has fulfilled its contractual obligations, and signaling that IGE's bail bond (investment guarantee) will soon be returned

"IGE is fully compliant with all obligations according to the contract. IGE have also received confirmation from our partner Endiama that they are satisfied with the current status at Luxinge. This means that we are able to move forward towards commercialization of alluvial diamonds in this promising project. We expect revenues from Luxinge within short," said IGE's CEO, Tomas Fellbom.