30th Mar 2006 10:47
Namibian Resources PLC30 March 2006 Namibian Resources Plc 30th March 2006 AIM Listed Namibian Resources Plc Progress Report 1. West Saltztal proves positive beyond known resource but production slow 2. East Saltztal a 6.64 carat stone recovered during sampling with excellent results. Mining has commenced. 3. New Website operational at www.namibianresources.com 4. Cash balances remain adequate for current needs 5. Company expects confirmation of three star rating for NOSA (National Occupational Safety Association) 1. West Saltztal This has produced almost 5,000 carats against the estimated resource of 4,200.A sample trench 120 meters south of the known resource has also proved positive.Water seepage has presented a difficult problem and slowed production due toblinding of the Finlay bottom screen. Further sampling will be delayed until thewater is pumped out over a period of about 4 weeks. The 1.4mm mesh of theFinlay bottom screen will be replaced by a 2mm screen and with the aid of ascrubber production of screened gravel should increase substantially. 2. East Saltztal Sampling of the East Saltztal during the last quarter has produced excellentresults with all trenches positive. A total of 219 stones were recoveredincluding 31 between 1 & 2 carats, 4 between 2 & 3 carats, 1 stone of 3.635 and1 stone of 6.6 carats. The average size diamond from sampling is .66 carats witha grade of 14.8 cpht (carats per 100 tons). Mining has now commenced and the resource is dry with no ground water. Furthersampling is being carried out in order to assess the total volume ofdiamondiferous gravel. Areas have also been identified and marked for futuresampling. Two screens will be operated on East Saltztal whilst the WestSaltztal is being drained after which both resources will be mined in tandem. 3. New Website We are awaiting pictures taken during the last visit by Tony Carlton and DonaldSutherland our consultant geologist. This will include a picture of the 6.6carat stone which appears to have broken off from a larger diamond. 4. Cash Balance We have purchased a 20 ton excavator to accelerate production from the WestSaltztal and also a fresh water truck with hi-lift to distribute fresh waterthroughout the mine. A water desalination plant is being commissioned and willobviate the necessity to travel 100km round trip for fresh water. After thesepurchases the year end cash balances are in excess of £350,000. 5. NOSA We are now at the NOSA 3 star level for safety. This confirms our commitment tothe health safety and welfare of our employees. 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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