Astro Diamond Mines NL (ARO)

Shares / Stock Code

ARO

Stock Exchange / Sharemarket

ax

Astro Diamond Mines N.L. (ARO) is a mineral exploration company principally focused on the exploration of gold and diamonds. The Company has its tenements mainly in the Kimberley region of Western Australia which have prospectives of significant mineral deposits. It s core projects include Ellendale project and Argyle Dykes project. Astro was listed on the Australian Stock Exchange on 14th of August 1986. ARO is headquartered in Melbourne. Its Ellendale project holds one exploration license which expands over an area of 59 square kilometers. It is situated about eight kilometers south east of the diamondiferous Ellendale lamproite pipe Ellendale 4. Kimberley Diamond Company N.L. carried out mining operations in this region as of June 30, 2007. The Argyle Dykes project is situated west of and in the close proximity of the Argyle diamond mine.

Astro has 80% interest in three projects in the Northern Territory which include Barrow Creek Project, Tanami Project and Mt Peake Project. The Barrow Creek Project is located 5,100 square kilometers of the faulted edge of the Georgina Basin to the southeast of Barrow Creek. The Tanami Project is situated 2,400 square kilometers in the Mt Davidson region east of The Granites Gold Mine and Mt Peake Project is located approximately 7,700 square kilometers of prospective ground situated between the Tanami Project to the northwest and Barrow Creek to the southeast.

Astro Diamond Mines NL History

Astro Diamond Mines NL was established in Western Australia on 3 August 1983 with a purpose of exploring gold and other precious metals. Astro listed on the ASX on 14th of August 1986. During 1986, the Company had contained interests in tenements at Mt Pleasant, where the Company took over 19 square kilometres of ground closet to discoveries at Golden Kilometre and Lady Bountiful for exploration. In 1990, Astro began mining activities on the Northern Lady tenements. It sold out the Northern Lady, Northern Lady Extended and Prospectors tenements later to Centaur Mining & Exploration Limited. Astro took over a 100 percent interest in the Mt Carnage and Wombola Projects in 1993. In April 1994, the company made application for 58 tenements for the purpose expanding its diamond exploration activities. In 1996, Astro acquired the diamond assets of Great Central Mines Limited for $1.5 million. In late 1996, Astro started exploration in china in collaboration of Quantum Mining NL. The Quantum-Astro Joint Venture agreements included five local provincial authorities covering exploration areas.

Astro entered in to an agreement with an Indian company for diamond exploration in Rajasthan, India in early 1999. It made an application in October 1999, for tenements in the Northern Territory of Australia in the same place as the Merlin kimberlite pipes. In June 2000, Astro entered into a joint venture agreement with Conquest Mining NL. In 2002, the Company took a decision to withdraw from the Conquest joint venture and to close the Bow River project due to the exploration activities results and having problems with access to the area. The Company was reamed to Astro Diamond Mines NL in October 2004. In late 2004, Astro acquired 5 new diamond areas in Western Australia, announced on 10 May 2004 through the acquisition of Boldhill Holdings Pty Ltd and East Kimberley Diamonds Corporation Pty Ltd.