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Fura Acquires Yet Another Mozambique Ruby Mining Licence

Fura Gems Inc. announced the acquisition of yeat another ruby mining licence in Mozambique. The announcement comes hot on the heels of Fura having acquired last week, nine ruby licences in the country that gave it the country's largest ruby mining potential.

Fura President and CEO Dev Shetty commented, “We are pleased to further consolidate our position in the main ruby belt of the Montepuez district of Mozambique. The merger of assets with Mustang and Regius announced last week, combined with the acquisition of this licence, now gives Fura further access to both the secondary alluvial and the primary deposit of rubies in the region.”

He added, “In the last 18 months, Fura’s business has grown tremendously. We now have two important silos of colour-gemstones in our portfolio, emeralds from Colombia, the world’s largest emerald supplier in value and rubies from Mozambique, the world’s largest ruby supplier by volume, and where we now have the largest land package in the country. With these assets and our hugely experienced team, we believe we are in a great position to be able to create a world class colour gemstone company. I would like to thank my team in Fura for their passion and dedication, the local partners and the governments of Colombia and Mozambique for their continued support.”

In the latest acquisition, Fura and a wholly owned subsidiary have entered into a share purchase agreement with Azores Overseas Inc. to acquire a 100 percent interest in the licence through its acquisition of 100 percent of the quotas of Mozambican Ruby Ltda. (MRL). The acquisition involved a $381,000 cash payment and the transfer of 2,500,000 Furashares to Azores. Fura also paid $993,900 to discharge some of MRL’s financial liabilities.

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