Gibb River Diamonds (ASX:GIB) has confirmed that Burgundy Diamond Mines (ASX:BDM) have elected not to exercise the Option Deed with them to acquire the Ellendale Diamond Project in the West Kimberley region of Western Australia.
Gibb River now owns the project outright and will continue development of it, which holds potential as a company-making standalone diamond development project.
The company also currently holds nine million shares in Burgundy Diamond Mines, which is proposing a "transformational acquisition" of the Ekati Diamond Mine in Canada's Northwest Territories.
Gibb River says it awaits an update on the acquisition, which could provide value to its shareholders.
Additionally, it has commissioned BM Geological Consultancy to calculate a geological resource for the Neta Gold prospect at Edjudina.