19th Jul 2007 07:00
Diamondcorp Plc19 July 2007 Diamondcorp plc ("Diamondcorp" or the "Company") Quarterly Report for the period ending 30 June 2007 19 July 2007 Highlights • Lace mine plant construction completed and production commenced.• Refurbishment of Lace shaft continues.• Investec Bank appointed sponsor for JSE listing. South African Operations - Lace Diamond Mine (Diamondcorp 74%) During the quarter, construction of a 1.6 million tonne per annum dense mediaseparation plant was completed at the Company's 74% owned Lace diamond project("Lace"), near Kroonstad, 200km southwest of Johannesburg. Plant commissioningcommenced in the last week of June, and processing of diamondiferous tailingscommenced in the current month as expected. Processing of tailings will now increase in coming weeks, with monthlyproduction of approximately 12,000 carats of diamonds anticipated when plantdesign capacity is achieved. The first tender of Lace diamonds is scheduled tobe held in Johannesburg in September, and thereafter at approximately six weeklyintervals. During the quarter, the Company continued the refurbishment of the existing 360mdeep 4.6m x 2.7m shaft at Lace, which will be used to extract a bulk sample fromthe 340m level, 100m below the depth of any previous workings at the mine. It isanticipated that the bulk sample will allow the completion of a bankablefeasibility study on Phase Two recommencement of mining from underground atLace. Refurbishment over the next two quarters will involve re-equipping theshaft to approximately 40m where more competent ground conditions areanticipated, and installation of winding gear to facilitate the deeper shaftrefurbishment. Operations - Other During the quarter, the Company continued assessment of a number of diamondproduction opportunities in South Africa. No activities were undertaken on theCompany's exploration properties during the quarter. Corporate During the quarter, management met with potential sponsors for the purposes ofobtaining a listing for its shares in South Africa on the JSE Limited. InvestecBank Limited has been awarded this mandate and has recommended that Diamondcorpseek a full listing on the JSE. For further information, please contact: Paul Loudon, Managing Director and CEODiamondcorp plc+44 20 7256 2651 Joe Nally/Simon SouthwoodCenkos Securities plc+44 20 7397 8900 Robert Smith/Cindy StoutjesdykInvestec Bank Limited+27 11 286 7662 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
DCP.L