Entertainment Firm Subsidiary ROK Diamonds to Acquire Diamond Mining Source

ROK Diamonds, an online diamond and gemstone jewelry retailer and subsidiary of mobile entertainment company ROK Entertainment Group (REG), has signed a letter of intent with Australian-listed Mineral Commodities Limited (MRC) for the purchase of the Kariba Kono diamondiferous gravel dump in Sierra Leone.

This is the first stage of the divestment of ROK Diamonds from REG, which notes that the acquisition of Kariba Kono would result in the vertical integration of the online diamond retailer, ROK Diamonds, providing it with a mining source of high-quality gemstones.

ROK Diamonds, as a new combined entity, will be spun off from REG, listed as an independent quoted company and will be completely self-financing. REG will retain a 26 percent equity stake in ROK Diamonds and one seat on the board of the enlarged ROK Diamonds.

This process is expected to be completed by March 31, 2009.