Acquisition of Iconic Colombian Emerald Mine, Coscuez

Mumbai, November 01,2017 /PRNewswire/ --

Fura Gems Inc. (TSXV: FUR), a gemstone mining and marketing company, has entered into a share purchase agreement (the 'Share Purchase Agreement') with Emporium HS S.A.S. ('Emporium') by which Fura has agreed to purchase 76% of the issued and outstanding shares of Esmeracol S.A. ('Esmeracol') from Emporium (the 'Transaction').

Key Highlights 

  • Fura to acquire 76.00% interest in Esmeracol for total consideration of US$10.2 million from Emporium;
  • Emporium will continue to hold a 21.71% interest in Esmeracol with the balance of 2.29% held by other minority holders;
  • Esmeracol owns a 100% interest in the mining licence no. 122 - 95M (the 'Coscuez Emerald Mine' or 'Coscuez Licence');
  • The Coscuez Emerald Mine is in the 'Muzo formation' in Boyacá department, Colombia and covers an area of 46 hectares; and,
  • The Coscuez Emerald Mine has been the source for some of the finest emeralds in the world for over 400 years but to date has been operated on a small-scale basis. Fura will modernise the Coscuez Mine with an objective of ramp up the production of emeralds within six months of completion of the Transaction.

Dev Shetty, Fura's President and Chief Executive Officer, commented:

"Fura is delighted to announce the proposed acquisition of the renowned Colombian emerald mine, Coscuez, which has been the source for some of the finest emerald pieces in the world. With the mine, currently in operation on a small-scale basis, Fura with its experienced management team intends to implement a significant investment programme. The programme will see best practice mining methods adopted as well as improving the geological knowledge to gradually modernise the underground mine. Fura will also set-up a marketing platform to promote Colombian emeralds globally." 

"With our vision to create an employee friendly, sustainability-driven and community-centered enterprise, we remain confident in our ability to close this transaction and build a sustainable, transparent and organized supply chain for these iconic Colombian emeralds." 

"We are excited with the opportunity provided to work in the world's largest emerald producing country in value and we look forward working with our partners, local communities, the Government of Colombia and other stakeholders, to organize and transform the sector." 

About Fura Gems Inc

Fura Gems Inc. is a gemstone mining and marketing company which is engaged in the mining, exploration and acquisition of gemstone licences. Group company of Forbes and Manhattan ('F&M'), Toronto-based resource focused merchant banking group, Fura's headquarters are located in Toronto, Canada and its administrative headquarters are located in the Almas Tower, Dubai. Fura is listed on the TSX Venture Exchange under the ticker symbol 'FUR'. Fura is headed by Dev Shetty, President and CEO, who to his credit has developed world's largest emerald mine in Zambia and world's largest ruby mine in Mozambique.

Fura has also entered into a purchase agreement to enter the exploration and mining of rubies in Mozambique through the proposed acquisition of an 80% effective interest in the four ruby licences (4392, 3868, 3869 and 6811) and the submission of an application for an additional ruby licence. Fura is engaged in the exploration of resource properties in Colombia and owns a 100% interest in the emerald licence ECH -121.

For more information about Fura Gems Inc., please contact:
Dev Shetty - President & Chief Executive Officer 
Tel: +971(0)4-240-8760
Media Contact:
Namrata Aswani
ITW Playworx

SOURCE Fura Gems Inc

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