| Thu 15 May 2008, 10:16 | | LAF - Lonrho Plc - Lonrho Mining Discovers Excepti |
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LAF
LOLAF
LAF - Lonrho Plc - Lonrho Mining Discovers Exceptional 61 Carat Diamond
Lonrho Plc
(Formerly Lonrho Africa Plc)
(Incorporated and registered in England and Wales)
(Registration number 2805337)
(Share code: LAF; ISIN number: GB0002568813)
("Lonrho" or "the Company")
LONRHO MINING DISCOVERS EXCEPTIONAL 61 CARAT DIAMOND
15 May 2008
Lonrho (AIM: LONR), the conglomerate with a structured portfolio of African
investments, is pleased to announce that Lonrho Mining Ltd (formerly known as
Nare Diamonds) owned 23.01% by Lonrho, has made the following announcement to
the Australian Securities Exchange this morning:
HIGHLIGHTS
- Exceptional 61.30 carat fancy yellow diamond discovered at the
Schmidtsdrift Mine
- The diamond is octahedron in shape and is expected to yield a high value
Australian based diamond exploration and development company Lonrho Mining
Limited (ASX: LOM) ("Lonrho Mining" or the "Company"), today announced that it
had discovered an exceptional 61.30 carat stone at its Schmidtsdrift Mine
located in the Republic of South Africa.
The diamond is a fancy yellow perfect octahedron and is expected to yield a high
value (see Figure1). Further photos of the diamond can be viewed on the
Company`s website at www.lonrhomining.com.
The Schmidtsdrift mine - owned by Nare Diamonds (80%) and the Schmidtsdrift
Communal Property Association (20%) - comprises six contiguous farms along the
western bank of the Vaal River, with a combined area of 320km2.
Since the Company commenced operations in April 2006 up to 30 April 2008, the
Schmidtsdrift mine has produced 16,395 carats of diamonds from 3,255,969 tonnes
at an average grade of 0.5 carats per hundred tons. The production included 328
stones in excess of 5 carats in size, including a rare 235 carat stone, two 66
carat stones and 25 stones between 15 and 50 carats in size.
The latest discovery follows an extensive organizational restructuring at the
Schmidtsdrift Mine.
An earlier announcement by the Company advised of a significant development at
the Company`s Lulo Project in Angola, where it identified a potential 160
kimberlite pipes from a recently completed airborne survey.
Commenting on the discovery, Chief Executive Officer of Lonrho Mining, Charles
Mostert stated:
"This diamond is of extremely high quality and is expected to achieve a very
high value. We are confident that the recently completed operational review at
the Schmidtsdrift mine will continue to have a positive effect and hopefully
yield further diamonds of this quality."
LONRHO ENQUIRIES
Lonrho Plc +44 (0)20 7016 5105
David Lenigas, Executive Chairman +44 (0)7881 825 378
Geoffrey White, Chief Executive +44 (0)7717 307 308
Officer
Emma de Borchgrave, Executive +44 (0)7867 785 177
Director
Pelham PR
Charles Vivian +44 (0) 20 7743 6672
+44 (0) 7977 297903
James MacFarlane +44 (0) 20 7743 6375
+44 (0) 7841 672831
Collins Stewart Europe : NOMAD to
Lonrho
Hugh Field / Simon Alston +44 (0) 20 7523 8350
NOTES TO EDITORS
Background
The Schmidtsdrift diamond mine comprises six contiguous farms along the western
bank of the Vaal River, with a combined area of 320km2 and divided into 24
mining zones.
The Company`s flagship project is the Lulo Diamond Concession located in north
eastern Angola. The Company recently announced the identification of 217
magnetic anomalies from a helicopter borne aeromagnetic and radiometric survey
conducted at Lulo. Other diamond operators in this region have reported that up
to 75% of the targeted magnetic anomalies drilled are kimberlite pipes. Based
on this comparison, approximately 160 of the anomalies on the Lulo concessions
are likely to be kimberlites. Lulo is located an area which many experts
believe will become a prolific region for the production of diamonds. The
Catoca mine, which is approximately 90 kilometers from Lulo, produced
approximately 7 million carats in 2007. Lulo is also adjacent to the Alto Cuilo
concession which is a joint venture between Petra Diamonds and BHP Billiton
where 77 kimberlite pipes have already been discovered.
In addition, the Company owns interests in three other South African diamond
exploration projects.
For more information please visit: www.lonrhomining.com
About LONRHO:
Lonrho Plc is an expanding conglomerate that is rapidly growing a successful
business throughout Africa. The Company`s shares are traded on the London AIM
stock exchange (LONR). Lonrho is strategically focused on the development of
business opportunities in infrastructure, transportation, support services,
hotels and natural resources. The Company has over 19,000 shareholders and
substantial institutional backing to support its mandate to build a profitable
business that plays a fundamental role in the development of the African
economy.
Since 2006, the Company has invested in or acquired control of:
Hotel Cardoso - www.hotelcardoso.co.mz (retained)
Lonrho Mining - www.lonrhomining.com
Luba Freeport - www.lubafreeport.com
Fly540 - www.fly540.com
Swissta Holdings - www.swissta.com
SA Independent Liner Services - www.saliners.com
Bytes and Pieces www.bytespieces.com
Kwikbuild - www.e-kwikbuild.co.za
LonZim - www.lonzim.co.uk
South African sponsor to Lonrho Plc
Java Capital (Proprietary) Limited
Date: 15/05/2008 10:16:03 Produced by the JSE SENS Department.
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