Stellar Diamonds signs agreement with BHP

According to Mano River Resources Inc., an exploration firm, its majority-owned subsidiary, Stellar Diamonds Ltd. has signed an agreement with BHP Billiton to acquire exploration licenses. The agreement pertains to licenses covering 10,852 sq km in the north of the Democratic Republic of Congo (DRC).

The licenses are currently held by Socerdemi SPRL, a Congolese registered company, in an agreement with BHP. The pact will allow Stellar to acquire BHP’s existing holding of 50% in the project. In the first quarter of 2008, Mano River expects to commence targeting kimberlites in areas of active artisanal diamond mining. Mano River said the exploration will be co-funded after completion of a 500 tonne bulk sample by Stellar.