Sharecast - The AIM-traded firm said a mining concession over the Lahtojoki diamond deposit had already been approved by the Finnish mining authority, TUKES.
It said the National Land Survey, on the order of TUKES, ws carrying out the proceedings to establish the mining concession for the applied area.
The process had involved a series of public meetings in relation to ground rental compensation for local landowners.
It had reached an “advanced stage” by early 2020, but was then delayed by the onset of the Covid-19 pandemic and the subsequent restrictions on holding public meetings.
The company said the Lahtojoki diamond project consists of a mining concession covering 71 hectares, including a kimberlite pipe over a surface area of 16 hectares.
It said the deposit, as well as containing high-quality colourless gem diamonds, also contains coloured diamonds including pink diamonds, which are “highly sought after” and can command prices up to 20 times that of normal coloured diamonds.
“I am delighted that a firm date has been set for the land survey process, and that we may now look forward to progressing the mining concession in relation to the Lahtojoki diamond deposit,” said chairman Richard Conroy.
At 0822 GMT, shares in Karelian Diamond Resources were up 11.01% at 2.61p.
Reporting by Josh White for Sharecast.com.