Proberly the largest Sapphire mine in the world and the price is under $1.00.
My due diligence took me to a number of Jewelery stores this weekend. I was given several Gems to confirm the Companies claims of quality Sapphires. The Sapphires are well above average Gem quality. Also I was impressed by the size and force that Swarovski has in this market (See news release on the deal with Swarovski).
Attention Business Editors:
Asia Sapphires Limited - Austrian gem processor enters contract with VSE listed sapphire miner
VANCOUVER, Feb. 25 /CNW/ - Asia Sapphires Limited (APL), a Vancouver
listed resource company has announced that its wholly owned subsidiary, Gem
Mining Lao PDR (GML) has entered into a forward sales agreement with Austrian
based gem specialist D. Swarovski & Company.
Gem Mining Lao PDR operates a number of mining areas in a concession in
the sapphire rich province of Bokeo, North Western Laos.
The contract with Swarovski stipulates a minimum supply of 1.8 million
preformed stones per year, and allows for an open ended maximum supply.
Preforms are hand cut from rough sapphire for subsequent processing by
precision machines in Swarovski's Austrian works. The final product is
extremely high precision, high quality sapphire.
The actual amount of sapphire to be delivered to Swarovski is open ended
and will reflect the capacity of the new mining plant now under construction
and which is set to more than double the company's present 2,100 cubic metres
per day alluvial wash production.
Swarovski will invest a total of $US1,993,000 in GML, via its forward
sales agreement. This investment will take place over the next three months
and is timed to coincide with the completion of the expanded sapphire
processing plant. That plant is presently under construction by Lao Thiess
Construction Company Limited, the Laotian subsidiary of Leighton-Theiss.
On the back of the forward sales agreement, Swarovski has also entered
into an option agreement to take up 2,000,000 of Asia Sapphire's shares at a
price of $US1.40 per share. The option is over shares belonging to existing
shareholders. No new shares will be issued to accommodate this option.
Mr. Jeppesen said the new factory would relieve pressures on work space
in the company's number one and number two factories, while allowing a more
rational development of production cultures at the three sites.
''We really have three separate kinds of stone production activity,'' he
said.
''Pre-forming for very high end cutters like Swarovski; production of
very high quality gem stone for the finished jewellery market; production of
high consumption commercial stone for the mass production jewellers.
Separation will facilitate processes and controls, tailored to each kind of
operation.''
Signed
Bjarne Jeppeson Linsday Birrell
President and CEO Executive Vice President
and Director and Director
Asia Sapphires Limited
6-10 Sihom Road, Vientiane, Lao PDR Phone +856 21 213293
email gemlao@loxinfo.co.th Fax +856 21 216134
Our representative office in Vancouver is in care of Messrs Blake,
Cassels & Graydon, Barristers & Solicitors, Suite 2600, Three Bentall Centre,
595 Burrard Street, Vancouver, B.C. Canada, V7X 1L3 to the attention of Mr. R.
Wooder, telephone +604 631-3333.
-30-
For further information: Mr. R. Wooder, Messrs Blake, Cassels &
Graydon, (604) 631-3333
ASIA SAPPHIRES LIMITED has 3 releases in this database.
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