March 24 (Reuters) - Burgundy Diamond Mines Ltd BDM.AX :
* SALE OF OPTION OVER ELLENDALE DIAMOND PROJECT
* ENTERED INTO A TWO YEAR OPTION AGREEMENT WITH BURGUNDY DIAMOND MINES
* TOTAL TRANSACTION CONSIDERATION IS $6.7 MILLION IN CASH, 16 MILLION BDM SHARES, AND 1.5% GROSS REVENUE ROYALTY