little boy target.. swallow please

I got some Shares in this Coy, after reading this Announcement, and after following its Progress, from a Mate who was given some sound advice re Moves, and possible takeover By Big Coy's. See Below, Does anyone have an opinion of this stock

Dwyka, BHP Billiton to look for diamonds in India
14:41, Wednesday, 6 November 2002

Sydney - Wednesday - November 6: (RWE) - Dwyka Diamonds Ltd has
signed an alliance agreement with BHP Billiton to explore for and
develop hard rock diamond deposits in India.
During the exploration and early evaluation stages BHP Billiton
will fund 15 per cent of the exploration costs by way of subscription
for Dwyka shares.
Also, Antwerp-based Rosy Blue NV, one of the world's largest
diamond trading and manufacturing companies, will become a shareholder
in Dwyka.
Under the Indian Government's new national mineral policy,
exploration of previously 'reserved' minerals was now allowed by the
private sector, Dwyka said.
As a result, there has been a 'diamond rush' into India by the
major players, notably De Beers, Rio Tinto, BHP Billiton and Ashton.
The Dwyka/BHP Billiton alliance covers some 55,000 square
kilometres of prospective ground in a combination of approved BHP
Billiton licences and licence applications.
The alliance also covers a further 6500 square kilometres of
licence area on which BHP Billiton has been working for two years, which
Dwyka will acquire from Captain SP Singh.
Four known diamondiferous kimberlites have been identified in
this area and these will comprise the immediate targets of the alliance.
Until the program's Steering Committee makes the decision to
proceed to a 200 tonne kimberlite bulk sample on any of the targets, BHP
Billiton has the right to 51 per cent ownership of the target by
refunding 300 per cent to 500 per cent of Dwyka's historical cost
relating to the target's project area.
If BHP Billiton does not exercise its right, Dwyka retains 100
per cent ownership of the licence.
Once BHP Billiton decides to move to 51 per cent of the project,
a joint venture between BHP Billiton and Dwyka will be formed under
which BHP Billiton will be solely responsible for funding 100 per cent
of development through to completion of a bankable feasibility study.
Mine construction and development costs will be funded 51 per
cent by BHP Billiton and 49 per cent by Dwyka and cashflow from mining
will be split on the same basis.
In addition to the BHP Billiton placement, Dwyka intends to
place about 4 million shares, each with one free attaching option.
Shares in Dwyka were up 4c to 60c while BHP Billiton rose 13c to
$9.83 this afternoon.