AIM-LISTED European Diamonds has finally found diamonds in Finland after helping a local business explore a claim close to its own Lentiira project in the country.



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The group has struck a deal to buy the privately owned company for e150,000 (£99,000), 280,000 shares and royalties on the volumes of gems produced. The find will be seen as a major validation of chief executive Roy Spencer's long held belief that north-west Europe could eventually rival other diamond regions.
Spencer has insisted there are diamond-bearing rocks at Lentiira, near the Lahtojoki find, since European Diamonds' float in 2000.
An insider said: 'The geology in Lahtojoki is exactly the same as mines in north-west Canada. This is big news.'
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