BM Diamondcorp Sells Interest in Indonesian Property for Royalty

BM Diamondcorp Inc., a Toronto-based company focusing on the identification and development of high-value gem, diamond and gold deposits, has agreed to sell its 60% interest in the Kumamba heavy-mineral sand project in Irian Jaya, Indonesia. PT Indo Mineratama, BM Diamondcorp’s Indonesian partner, will also sell its 10% interest. The buyer, Aperio International BVI Ltd., is an unrelated entity. In exchange, BM Diamondcorp and PT Indo Mineratama will receive a 2% royalty on mineral sales from the property. Aperio has the right to buy back the royalty on a sliding fee scale up to US$1 million.