Update on the liquidation application and progress
Diamond Core - Update on the liquidation application and progress on release of
annual and interim results
DIAMOND CORE RESOURCES LIMITED
(Formerly Mazal Mining and Exploration Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1998/013468/06)
Share code: DMR ISIN Number: ZAE000045688
("Diamond Core" or "the company")
Update on the liquidation application and
progress on release of annual and interim results
Liquidation application update
As set out in the announcement of 13 August 2003, Leynys Services Limited
("Leynys") a company controlled by a former shareholder of the company, Robert
Nelson, brought an application to liquidate Diamond Core Mining & Exploration
(Pty) Limited ("DME") a wholly owned subsidiary of Diamond Core which holds the
mineral and surface rights at Paardeberg East. Leynys claims that R2.5 million
plus interest is owing to it. DME has always denied this amount to be owing and
persists in such denial.
On Tuesday 30 September 2003, after three days of argument, the High Court of
South Africa (Witwatersrand Local Division) ruled that DME be placed in
provisional liquidation.
The company is investigating all options open to it, including arguing the
application on or before the return date, which has been set down for 18
November 2003, and is also considering arranging for the posting of a guarantee
to ensure the discharge of DME from liquidation.
Progress on release of annual and interim reports
The board will release the annual report for the company for the year ended 30
June 2002 within two weeks of DME being discharged from liquidation.
As the interim report for the company for the six month period ended 31 December
2002 will have to be reviewed, the board intends to combine the review for that
period with the audit for the year ended 30 June 2003. This process will also
be initiated immediately after the liquidation order is lifted. The board
anticipates that these results should be available for publication by the end of
this year.
Corporate adviser
QuestCo (Pty) Limited
Sponsor
Sasfin Corporate Finance
A division of Sasfin Bank Limited
Date: 03/10/2003 03:08:03 PM Produced by the JSE SENS Department
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
