April 21, 2008 17:22 ET

Moydow Amends Joint Venture With Concord on the Dala Diamond Project

TORONTO, ONTARIO--(Marketwire - April 21, 2008) - Moydow Mines International Inc. ("the Company") (TSX:MOY)(AIM:MOY) announces that it has agreed with Concord Minerala LLC ("Concord") to terminate their joint venture with respect to the Dala Diamond Project ("Project") in Angola in exchange for issuing to Concord 4,000,000 common shares of the Company at a price of Cdn$0.20 per share. The Company had entered into an agreement with Concord, a private Nevada company, whereby the Company would transfer its interest in the Project to a joint venture company formed with Concord, and Concord would fund exploration expenditures on the Project. The Company and Concord agreed not to proceed with this joint venture structure and to issue shares to Concord to compensate it for the expenditures it incurred on the Project. The Company now holds a 40% interest in the Project with Empressa Nacional De Diamantes De Angola (Endiama), the Angolan state diamond mining company, holding a 51% interest and Cimader-Comercio Geral Limitada (Cimader), a local Angola company, holding a 9% interest. The Dala Diamond Project, located near Saurimo in north-east Angola, comprises 3,000 square kilometres.

The Company is engaged in the acquisition, exploration and development of mineral properties worldwide. Corporate information is available on the Company's website The Company is listed on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol "MOY".

On behalf of the Board of Directors

Brian Kiernan, President and Chief Executive Officer

Contact Information

  • Moydow Mines International Inc.
    Michael Power
    Vice President, Corporate Development
    (416) 703-3751 or Toll Free: 1-877-211-8877
    (416) 367-3638 (FAX)