DiamondWorks Ltd. announces production from the Luo Diamond
Mine in Angola achieves record sales value
VANCOUVER, Sept. 20 /CNW/ - DiamondWorks Ltd. announced today that the company achieved a sales valuation of US$350 per carat for its latest parcel of around 7,000 carats produced at the Luo Mine, northeast Angola. The US$350 price is the highest valuation for a run-of-mine parcel since commercial production began at Luo in July, 1997. The parcel included 25 special stones (diamonds larger than 10.8 carats) with a combined weight of 551 carats. The largest single stone was greater than 85 carats and sold for US$120,000, a valuation of US$1,400 per carat. The previous highest valuation for a parcel from the Luo Mine was US$313 per carat in September, 1998.
DiamondWorks' latest sale also included a parcel of 6,400 carats produced from the Yetwene Mine, located 100 kilometres north of the Luo Mine, at an average value of US$115 per carat. There were no special stones included in this parcel.
The company's monthly production from its Luo and Yetwene mines is
currently averaging between 12,000 and 15,000 carats.
DiamondWorks is a Canada-based diamond mining and exploration company. In addition to the Luo and Yetwene mines in Angola, the company has other diamond concessions in Angola and Sierra Leone, including the Koidu mine.
DiamondWorks' shares trade on the Toronto Stock Exchange under the symbol DMW.
newswire.ca
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Good to see the company getting the news out, hope they do more of this, we need ammunition against First Mary and their paper bombardment. The contrast between company performance and FM's act continues to amaze me. There's a story behind this, bet on it.
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