Gibb River Diamonds (ASX:GIB) and Bunuba Corporation seal deal for Ellendale Project

Gibb River Diamonds secured a mining benefits agreement with the Bunuba Dawangarri Aboriginal Corporation.

Under the agreement, Gibb River will pay Bunuba 7% of net profits from the sale of minerals within the agreement area.

Also included is an annual payment of $5,000 for general administrative costs and $10,000 each year when ground-disturbing activity takes place. Bunuba will also be issued with 6 million share options in Gibb River.

The company expects approval from the Western Australia Mines Department for the three key leases for the Ellendale Diamond Project soon.