DIAMOND EXPLORATION STRATEGIES LTD. ANNOUNCES TERMINATION OF THE EXPLORATION ALLIANCE AGREEMENT WITH BURGUNDY DIAMOND MINES.ASX.

Burgundy Diamond Mines (“Burgundy”) and Diamond Exploration Strategies (“DES”) entered into an Alliance Agreement on 8 June 2020.

During the initial three year period of this agreement, DES carried out exploration on 8 projects in 16 licences. Numerous exploration targets were identified and investigated and one new lamproite deposit was discovered in eastern Botswana. However, despite being proven to be diamondiferous, this deposit did not meet Burgundy’s grade criteria.

Burgundy terminated the agreement on 7 June 2023, prior to acquiring the Ekati Diamond Mine on 4 July 2023. DES expresses gratitude for the fruitful partnership and wishes Burgundy success in its strategy for producing sustainable and valuable natural diamonds in Canada.