Gibb River Diamonds (ASX:GIB) has regained complete control of the Ellendale Diamond Project in Western Australia, an opportunity seen as significant to the company.

Gibb River Diamonds' aim is to re-establish diamond production and maximise the value of the output, and says it has a previously reported market capitalisation of more than $690M. 

The company has selected four target areas that offer the best opportunities for re-establishing production and resource studies have commenced.

Gibb River Diamonds' share price is up 20% at 12:38pm AEST.