Coloured Gemstone producer Fura Gems has entered into an option agreement with Richland Resources Ltd to fully acquire the Capricorn Sapphire project in Queensland, Australia. Fura also announced that it had closed a private place worth $23.2 million (CAD$30.38 million) with Lord of Seven Hills Holdings.
Fura President and CEO Dev Shetty commented, “Our anticipated entry into sapphire gemstone mining in Australia represents the final leg of Fura’s journey to hold properties containing deposits of all the big three coloured gemstones (rubies, emeralds and sapphires). We believe this approach adds value to both the gemstone industry and our shareholders.”
He added, “Although the sapphire project in Australia is already a producing mine, we intend to more clearly delineate the deposit during the second half of this year and scale-up operations in 2020.”
Commenting on the private placement, Shetty said, “We are pleased with the response to our capital raise and we believe that securing this funding will significantly accelerate our plans in Colombia and Mozambique and move the company along the path to revenue generating mining operations.”