16th Oct 2009 15:50
16th October 2009
Plant 11 in Koidu, Sierra Leone, to reopen under new management
The directors of West African Diamonds (WAD), the AIM listed diamond miner, are pleased to announce an agreement with Pyramid Resources, a private Sierra Leone company, to reopen the Plant 11 tailings project near Koidu.
Pyramid, formed by local WAD advisers and management, has taken over the Mining Lease and certain plant and equipment. They will focus on recovering diamonds contained in the 7 million ton diamond tailing dump. WAD has a 5% royalty on production.
John Teeling, Chairman, commented:
"I am delighted with this development and I wish it every success. The WAD project on Plant 11 focused on gold and diamond recovery using a new technology. The new owners will concentrate on recovering diamonds followed by gold recovery. This initiative is good for all, our former workers who get jobs, the local area which gets income, and the State which will get revenue and exports".
This release has been reviewed by Alex van Zyl, Technical Director, West African Diamonds plc. Alex van Zyl (B.Sc. Stellenbosch, B.Sc. Hons. Pretoria) spent a long career in Anglo American in the diamond division, ending up 1990 to 1997 with worldwide responsibility for diamond exploration and evaluation. He was a consultant to De Beers from 1997 to 2002.
Enquiries:
|
West African Diamonds plc |
|||
|
John Teeling, Chairman |
+ 353 1 833 2833 |
||
|
James Campbell, Deputy Chairman |
+27 83 457 3724 |
||
|
Astaire Securities plc Lindsay Mair |
+44 (0)20 7448 4400 |
||
|
College Hill Nick Elwes |
+44 (0) 20 7457 2020 |
||
www.westafdiamonds.com
Related Shares:
Stellar Diamonds