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Gold/Mining/Energy : DIAMONDWORKS DMW.v

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To: POLARBEAR who wrote (15)	3/20/1997 4:43:00 AM
From: POLARBEAR	of 413

Post says diamond mining begun in Angola DiamondWorks Ltd DMW Shares issued 56,518,282 Mar 18 close $2.60 Wed 19 Mar 97 The Financial Post reports in its Wednesday, March 19, edition that DiamondWorks Ltd has started mining diamonds in Angola. A Reuters dispatch to the Globe says DiamondWorks has begun dredging alluvial deposits at its 48 per cent owned Luo property in the province of Lunda Norte. CEO Eric Friedland says the company remains on schedule to begin full-scale commercial production in Angola in May. DiamondWorks says the start of commercial production is a key step and the revenue it generates will help advance exploration. DiamondWorks is hoping to generate cash flow of more than US$400,000 a day from production of up to 1,500 carats daily by year end. Antwerp diamond consultant Luc Rombouts acknowledges that Angola's potential is enormous, but the drawbacks, including tough operating conditions, insecurity, corruption and potential threats to title should not be underestimated.

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