Exploration company Min Met has formed a consortium to acquire an option over seven diamond exploration claims of some 5,200 hectares along 22 km of the Santo Inacio River in Minas Gerais, Brazil.

The agreement covers a further diamond exploration claim of around 650 hectares, also adjacent to the Santo Inacio River.

The agreement involves a joint venture and option arrangement with Minco Ventures, Mearim Sociedade de Mineracao and other interested parties (collectively the vendors).

If MinMet exercises its option, the total cost will be $275,000 (€297,716) in cash and 680,000 in new MinMet shares valued at some €340,000 (£267,580).