They found it; now they have to get it:
Namibian Minerals Corporation (NAMCO) orders new exploration tool
NASDAQ Trading Symbol: NMCOF
TSE Trading Symbol: NMR
NSE Trading Symbol: NMC
LONDON, Aug. 24 /CNW/ - Namibian Minerals Corporation (NAMCO) today
announced that it has placed a DM2.3 million (US$1.3 million) contract with
Wirth to construct a new exploration tool for operation in Namco's Namibian
and South African concessions.
The German group Wirth is a pioneer of seabed diamond extraction
technology, having developed the first drilling equipment for De Beers Marine
in 1990. Today, De Beers Marine deploys four Wirth drills from its vessels off
the Namibian coast.
The 47 tons exploration tool has been jointly designed by Wirth and
Namco's in-house engineering team. Its vertical drilling system is fitted with
an eight metres long casing and supported by four `legs' to provide stability
on the ocean floor. It is designed to operate in water depths of up to 250
metres, to clear ten 5 sq.m. samples per day and to work in sediment depths of
up to 12 metres.
The tool's unique characteristics include hydraulic power and control
systems fitted on the tool, compared to other conventional marine mining
technology where power and controls are located on the surface vessel. In
addition, a soft landing system has been developed to enable operation in sea
swells of up to five metres.
Exploration is expected to start in mid 2000 at a cost of US$3 million
per annum. The programme will focus on the expansion of the Company's existing
resources in the Luderitz and Hottentot Bay Grants in Namibia as well as
Concession 12b in South Africa. Construction of the tool has commenced in
Germany and completion is expected early next year. A dedicated exploration
vessel will be chartered for the programme.
``Our new exploration tool represents another technological breakthrough
for Namco,' said Peter Looijen, Namco's Operations Director, ``We have
combined Wirth's drilling expertise and our experience from the previous
programme to build a highly accurate and precise system. Furthermore, we have
identified major cost savings by spending US$3 million p.a. compared to US$10
million p.a. in our first phase of exploration.'
Namco has a reputation as an innovator in marine mining technology and
plans to profitably mine more than 260 000 carats of gem quality diamonds this
year from its Namibian operations. It currently holds estimated diamond
resources of 2.9 million carats (measured resources: 942 000 carats, indicated
resources: 484 000 carats, inferred resources 1.5 million carats). Namibia is
the world's fifth largest diamond producer by value and more than 95% of
Namco's production is gem quality.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS OF NAMIBIAN MINERALS
CORPORATION
J.A. Holberton
Chairman & Chief Executive Officer
Neither The Nasdaq National Market, The Toronto Stock Exchange, nor the
Namibian Stock Exchange has reviewed the information herein and they do not
accept responsibility for the adequacy or the accuracy of the above.
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For further information: Megan Williams on mwilliams@nam-corp.com or
tel + 44 171 824 8900
PHIL |
