In June 2014, Bora Bora Resources entered into a binding heads of agreement (HOA) with RS Mines (Pvt) Limited (RSM) to acquire a strategic stake in the Queens Graphite Mines and RSM’s graphene oxide production facilities near Kandy, Sri Lanka. The Queens Mine is 1 of 3 operating mines in the region and is a historical producer of exceptional quality, high grade natural crystalline vein graphite.
Figure 1: Location of the Queens Graphite Mine and central Sri Lankan graphite porjects
The terms of the HOA grant Bora Bora Resources an exclusive period of due diligence over RSM’s assets in order to assess the commercial potential of the Queens Mine and graphite value adding facilities of RSM.
The company’s airborne Versatile Time-Domain Electromagnetic (VTEM) survey that was recently flown covered the Queen’s mining lease. The results over the Queens Mines are highly encouraging, indicating a strong visual VTEM anomaly similar in both size and intensity as that observed over the nearby Kahatagaha Graphite Mine (KGM).
Figure 1: The Queens and Kahatagaha Graphite Mines’ VTEM anomalies
The company continues to perform its due diligence on RSM and the Queens Mine with accounting, legal and other due diligence in progress and a busy exploration program scheduled as per the Exploration Timeline.