| Thu 15 Dec 2011, 12:45 | | DMC - DiamondCorp plc - Insurance Settlement |
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DMC
DMC
DMC - DiamondCorp plc - Insurance Settlement
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`)
INSURANCE SETTLEMENT
DiamondCorp plc, the African diamond mine development and exploration company,
is pleased to announce that its South African operating subsidiary Lace Diamond
Mines (Pty) Limited has reached agreement with Mutual and Federal Insurance
Limited on a claim for damage to timbers and pumps in the vertical shaft at the
Lace mine incurred during heavy rains earlier in the year.
The settlement agreed and received is R27,000,000 (approximately GBP2.07
million) after deductibles. A 5% commission is payable to the settlement agent
Alexander Forbes Risk Services (Pty) Limited.
In the current underground mine development plan, it is proposed that the
vertical shaft at Lace be used for upcast ventilation rather than being re-
equipped for ore hoisting.
London
15 December 2011
AIM Nomad: Fairfax I.S. plc
AIM Brokers: Fairfax I.S. plc, Ocean Equities Ltd
JSE Sponsor: PSG Capital (Pty) Limited
DiamondCorp plc, Paul Loudon +44 20 3151 0970/+27 56 212 2308
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: 15/12/2011 12:45:00 Produced by the JSE SENS Department.
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