28th Jun 2005 12:00
Namibian Resources PLC28 June 2005 AIM Listed Namibian Resources PLC Progress Report (1) From 1st March 2005 to 6th June 2005 a total of 2096 carats have beenconsigned with a further 443 carats to be sorted from 6th June to the 16th June.Production has increased from 221 in March to at least 1,000 carats in June.The average stone size has increased from .47 in March to .6 carats per stone inJune. Approximately 10% of stones have been in excess of 1 carat. The averagegrade has been approximately 27 carats per 100 tons mined. We estimate our 80%share of valuation to 6th June to be £168,000. During the last week aninitial sampling programme some 50 meters to the East of the Saltztal Westephemeral stream sediment has produced over 300 carats of an average size of .62carats per stone. This is in addition to the indicated 4,200 carats containedin the Saltztal West stream sediment. This is extremely encouraging but furthersampling is required to assess the total extent of this additional resource.Tests on the Saltztal East will be undertaken as soon as possible where verylimited historical sampling many years ago indicated an average stone size of.75 carats. Production to date on the Saltztal West indicated resource is inline with our geological assumptions. (2) Production commenced with our new equipment in late January, Thisproduction was confined to tailings of the old German Kaiser Wilhelms taltailings. The DMS plant has worked at only 30% to 40% capacity due toinadequate water supply and insufficient material from the in field wet and dryscreen. The water problem has been resolved and a Finlay 683 Combi screen hasbeen purchased. This will be operational by end of June and will be more thanadequate to feed the DMS plant on a full 10 hour per day shift. The productiondelays have caused a disappointing result for the year ended 28th February 2005but current production is now very encouraging. An announcement of the resultsfor the year ended 28th February will be made as soon as the audit is completed. Quarterly production figures will be announced in future. (3) Black Empowerment Group A number of resources have been identified and are currently under considerationby the Company. Any further investment will be dependant upon acquiring aresource or resources at the production stage. A further announcement will bemade as soon as we have a positive result. (4) Thanks are due to our staff and management in Namibia for all theirefforts during a difficult period, which is now showing a positive result.Thanks are also due to Namdeb for their support and technical assistance, whichis enabling the company to move toward optimum production. Further Info: Tony Carlton, Chief Executive Namibian Resources Plc. Tel: 020 8726 0900 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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