| Thu 24 Feb 2011, 9:30 | | DMC - DiamondCorp plc - Diamond sales |
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DMC
DMC
DMC - DiamondCorp plc - Diamond sales
DiamondCorp plc
JSE share code: DMC
AIM share code: DCP
ISIN: GB00B183ZC46
(Incorporated in England and Wales)
(Registration number 05400982)
(SA company registration number 2007/031444/10)
(`DiamondCorp` or `the Company`)
DIAMOND SALES
DiamondCorp plc, the African diamond mine development and exploration company,
is pleased to announce that 1,321 carats of diamonds recovered from tailings
during plant re-commissioning at the Lace mine were sold at tender in
Johannesburg this week for US$94 per carat.
This compares with US$55 per carat received in September 2008, the last time the
Company tendered tailings diamonds prior to the diamond price collapse in
October 2008, and US$33 per carat received in May 2009 at the bottom of the
market.
The parcel tendered was run-of-mine tailings production, and all diamonds
offered for sale were sold. The parcel was typical Lace tailings production,
with gems ranging from 6 carats down to less than 2mm. The parcel also included
31 per cent boart (non gem) diamonds.
DiamondCorp CEO, Paul Loudon said: `The high sales price achieved for tailings
diamonds underlines the current strength in the diamond market and provides
considerable promise that the Company`s base case of US$120 per carat for
diamonds from the Lace kimberlite will be comfortably exceeded.`
A parcel of diamonds recovered from initial processing of kimberlite from the
Lace pipe is scheduled to be tendered in the June quarter.
London
24 February 2011
AIM Nomad: Cenkos Securities plc
AIM Brokers: Cenkos Securities plc, Fairfax I.S. plc, Ocean Equities Ltd
JSE Sponsor: PSG Capital (Pty) Limited
DiamondCorp plc, Paul Loudon +44 20 7256 2651
Liz Bowman/Ivonne Cantu, Cenkos Securities plc +44 20 7397 8900
Ewan Leggat, Fairfax I.S. plc +44 207 598 5368
Guy Wilkes, Ocean Equities Limited +44 207 786 4370
John-Paul Dicks, PSG Capital (Pty) Limited +27 21 887 9602
Charmane Russell/Marion Brower, Russell & Associates +27 11 880 3924
Date: 24/02/2011 09:30:01 Produced by the JSE SENS Department.
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