21st Jul 2009 07:00
21st July 2009
GUINEA PRODUCTION UPDATE
16.27 carat stone sold for USD1,000 per carat
The remaining 416.73 carats sold for USD34,000
Overall value of USD116 per carat
Expansion of production underway
The board of West African Diamonds plc, the AIM listed diamond miner (AIM: WAD), is pleased to report on the sale of a sample parcel of diamonds from it's 100% owned Bomboko alluvial diamond mine in Guinea.
The diamond parcel weighing 433 carats was sold in Antwerp for USD50,270. The largest stone, a 16.27 carat gem, was sold for USD1,000 per carat, with the remaining 416.73 carats being sold for USD34,000.
WAD is now expanding production at the Bomboko mine from 3,500 to 35,000 tonnes per month and based on current production expects a grade of 7cpht. The expanded production plant is currently being commissioned and the higher production rate is expected to be in place within eight weeks.
James Campbell, Deputy Chairman of West African Diamonds, commented:
"We are pleased with the progress at the Bomboko Mine. The price per carat from what was a spot sale of a small sample is most encouraging. Combining the carat value with the grade gives an economical return per tonne of gravel mined. We are moving quickly to expand production to 35,000 tonnes per month. All essential equipment is on-site and is currently being commissioned."
Enquiries:
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West African Diamonds plc |
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John Teeling, Chairman |
+ 353 1 833 2833 |
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James Campbell, Deputy Chairman |
+27 83 457 3724 |
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Astaire Securities plc Andrew Raca Jerry Keen |
+44 (0)20 7448 4400 |
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College Hill Paddy Blewer Nick Elwes |
+44 (0) 20 7457 2020 |
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www.westafdiamonds.com
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