| Tue 4 Mar 2008, 15:30 | | RDI - Rockwell Diamonds Incorporated - Second Diam |
|
RDI
RDI
RDI - Rockwell Diamonds Incorporated - Second Diamond Sale 2008
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 TSX: RDI & CUSIP Number: 77434W103
Share code on the OTCBB: RDIAF
("Rockwell")
1020 - 800 WEST PENDER STREET
VANCOUVER, BC
CANADA V6C 2V6
TEL 604 684?6365
FAX 604 684?8092
TOLL FREE 1 800 667?2114
WWW.ROCKWELLDIAMONDS.COM
ROCKWELL ACHIEVES STRONG AVERAGE PRICES FOR ITS SECOND DIAMOND SALE OF 2008
March 4, 2008, Vancouver, BC - Rockwell Diamonds Inc ("Rockwell" or the
"Company") (TSX: RDI; JSE: RDI; OTCBB: RDIAF) reports on its second diamond sale
this year completed on February 28, 2008.
The Company offered a total of 1,843.43 carats for sale, representing production
from the Wouterspan, Holpan, and Klipdam alluvial diamond operations.
Rockwell realized total revenue of US$ 4,520,000 for this sale, representing an
average price of US$2,452 per carat. Sales details from production from the
individual operations are tabulated below.
OPERATION SALES AVERAGE PRICE
(CARATS) (US$ PER CARAT)
Wouterspan 758.03 3,891
Holpan 537.50 2,036
Klipdam 547.90 869
TOTAL 1,843.43 2,452
Like in its January sales, prices achieved for the diamonds sold in February
showed strength in all categories. Prices for top quality white stones were
particularly strong, with strong increases above those achieved for similar
goods in the November 2007 sale. A total of 468 carats, 25% of the total
production sold, were plus 10 carat stones. Distribution of diamonds larger than
10 carats sold in the February tender by Rockwell was as follows:
- 11 stones of 10 - 20 carats
- 3 stones of 21 - 30 carats
- 4 stones of 30 - 40 carats
- 1 stone of 40 - 50 carats
- 1 stone of 60 - 70 carats
The diamonds sold represent production for a 28 day period from mid-January to
mid-February 2008; 68% of the production is plus 2 carats in size, which is
above the average of 60% plus 2 carats diamonds. Six diamonds of D color quality
and over 10 carats in size were recovered. Four of these stones achieved a price
of plus $10,000/carat and two diamonds achieved a price of over $20,000/carat.
The diamonds were produced at an operating cost of approximately US$4.00 per
tonne, or US$1,364 per carat during the period. The increase in operating cost
is attributed primarily due to lower than normal production throughput as the
result of power outages from the National electrical utility grid experienced in
January (see Rockwell News Release January 28 2008) and, to a lesser extent, to
heavy rain storms experienced at all mines during this period.
President and CEO John Bristow noted "The prices achieved for the second tender
were excellent given the nature of the production, which unlike the previous
tender did not include any high quality plus 40-carat stones.
Regarding operating costs and our plans to deal with future power outages, the
Company has conducted a detailed analysis of all its electricity needs, and
introduced electrical usage and costs saving programs at all its operations and
offices. We have also placed orders for four standby diesel generator sets to be
installed at all of the Company`s mines. Delivery time on these generator sets
is nine weeks from mid-February."
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
No regulatory authority has approved or disapproved the information contained in
this news 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.
Johannesburg
4 March 2008
Sponsor
Sasfin Capital
(A division of Sasfin Bank Limited)
Date: 04/03/2008 15:30:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
