International Gold Exploration acquires diamond operations in Angola

23 February 2010

Dublin, Ireland, 23 Feb – The International Gold Exploration (IGE) mining company announced on Monday in Dublin an agreement to acquire Efidium, an operational subsidiary of Pangea Diamondfields, which is registered on the Isle of Man.

IGE thus consolidates five diamond-mining operations in Angola, Democratic Republic of Congo and South Africa with its five diamond-mining partnerships in Angola.

Under terms of the agreement, IGE, listed on the Oslo Stock Exchange, will issue 495 million new shares. Per last Friday’s quote they were worth US$48 million or 282 Norwegian kroner.

When the deal is completed, Pangea’s current shareholders will hold 38.4 percent of IGE, which will continue to be quoted on the Oslo exchange, while Pangea will no longer be quoted on the London Stock Exchange.