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Five Star, Spirit Banner nix option over Brazilian diamond assets

Five Star Diamonds Ltd. and Spirit Banner II Capital Corp. mutually terminated a deal granting the latter an option to acquire diamond projects in Brazil.

Five Star said Sept. 26 that it intends to explore opportunities in other commodities due to difficulties in the diamond sector for the past two years.

Meanwhile, the company is reviewing possible acquisitions for new base metal assets while continuing to seek partners for developing its diamond assets.

The company owns a 100% interest in five diamond projects in Brazil: Catalao, Riachao, Maravilha, Verissimo and Alecrim.

Spirit Banner entered into a binding letter to purchase all of Five Star's diamond projects in Brazil in March.