March 24 (Reuters) - Burgundy Diamond Mines Ltd BDM.AX :
* BURGUNDY SECURES OPTION TO ACQUIRE ELLENDALE DIAMOND PROJECT
* BURGUNDY TO PAY A$1.7 MILLION IN CASH & ISSUE 4 MILLION FULLY PAID ORDINARY SHARES TO GIBB RIVER DIAMONDS AS FIRST OPTION PAYMENT
* ACQUISITION INCLUDES MINE RENOWNED FOR HIGH-VALUE YELLOW DIAMONDS & HIGHLY PROSPECTIVE ADJOINING ALLUVIAL DIAMOND DEPOSIT
* TOTAL TRANSACTION CONSIDERATION IS A$6.7 MILLION IN CASH, 16 MILLION BURGUNDY FULLY PAID ORDINARY SHARES IN BURGUNDY