| Wed 5 Dec 2007, 16:00 | | RDI - Rockwell - Attains outstanding prices for its November diamond tender |
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RDI
RDI
RDI - Rockwell - Attains outstanding prices for its November diamond tender
ROCKWELL DIAMONDS INCORPORATED
(A company incorporated in accordance with the laws of British Columbia,
Canada)
(Incorporation number BCO354545)
(Formerly Rockwell Ventures Inc.)
(South African registration number: 2007/031582/10)
Share code on the JSE Limited: RDI & ISIN: CA77434W1032
Share code on the TSXV: RDI & CUSIP Number: 77434W103
Share code on the OTCBB: RDIAF
("Rockwell")
Rockwell attains outstanding prices for its November diamond tender
December 05, 2007. Vancouver, B.C. - Rockwell reports on its diamond tender
sales completed in November 2007.
At the diamond tender completed on November 28, the Company offered a total of
2,483.33 carats for sale, representing production from the Company`s mining
operations at Wouterspan, Holpan, Klipdam, and its bulk sampling operation at
Makoenskloof for part of October and November 2007.
Rockwell received US$4,996,305 for this tender which equates to US$2,011 per
carat. The year to date average for Rockwell`s diamonds sold is approximately
US$1,643 per carat, which is 9.5% above the Company`s projected average value
for 2007 of US$1,500 per carat.
Operation Sales Average Price
(carats) (US$ per carat)
Wouterspan 927.77 2,249
Holpan 771.07 2,257
Klipdam 495.45 877
Makoenskloof 289.04 2,539
total 2,483.33 2,011
Diamonds recovered during the October and November period were produced at an
operating cost of approximately US$3.30 per tonne or US$990 per carat, which
is marginally above the target cost of US$3.00 per tonne. This reflects
higher operating costs at Makoenskloof where production levels have not yet
reached an optimum level to achieve economies of scale. The strengthening of
the Rand against the US Dollar over this period by almost 6% and increases in
the cost of fuel also contributed to this slight increase in operating cost.
Of the tender revenue, 51% is currently attributable to Rockwell.
This largest stone sold in the latest tender was a 49.73 carat stone recovered
from Makoenskloof. The tender also included an exceptional 7.28 carat
flawless pink diamond recovered from Holpan which achieved a sales price of
US$1,054,000 which equates to US$145,000 per carat (see also Rockwell News
Release dated December 3, 2007).
The average size of the parcel of diamonds sold was 1.69 carats, with 27
stones being over 10 carats in size. The distribution of stones larger than
10 carats was as follows:
10 - 20 carats: 21
21 - 30 carats: 4
31 - 40 carats: 1
41 - 50 carats" 1
President and CEO Dr. John Bristow noted that "Rockwell was most encouraged by
the high average value obtained for this latest sale, particularly considering
that year end sales are generally not as robust and strong as diamond sales
held in the first half of the year. This bodes well for prices of large high
value diamonds in the new year."
For further details on Rockwell Diamonds Inc., please visit the Company`s
website at www.rockwelldiamonds.com or contact Investor Services at (604) 684-
6365 or within North America at 1-800-667-2114.
John Bristow
President and CEO
Johannesburg
5 December 2007
Sponsor
Sasfin Capital
A division of Sasfin Bank Limited
No regulatory authority has approved or disapproved the information contained
in this news release. The TSX Venture Exchange does not accept responsibility
for the adequacy or accuracy of this release.
Forward Looking Statements
This release includes certain statements that may be deemed "forward-looking
statements". Other than statements of historical fact all statements in this
release that address future production, reserve or resource potential,
exploration drilling, exploitation activities and events or developments that
each Company expects are forward-looking statements. Although the Company
believes the expectations expressed in such forward-looking statements are
based on reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially from
those in the forward-looking statements. There is no certainty of the
financing completing. Factors that could cause actual results to differ
materially from those in forward-looking statements include market prices,
exploitation and exploration successes, changes in and the effect of
government policies regarding mining and natural resource exploration and
exploitation, availability of capital and financing, geopolitical uncertainty
and political and economic instability, and general economic, and market or
business conditions. Investors are cautioned that any such statements are not
guarantees of future performance and that actual results or developments may
differ materially from those projected in the forward-looking statements. For
more information on Rockwell, Investors should review Rockwell`s annual Form
20-F filing with the United States Securities and Exchange Commission
www.sec.com and the Company`s home jurisdiction filings that are available at
www.sedar.com.
Date: 05/12/2007 16:00:01 Produced by the JSE SENS Department.
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