CAERWINNING DIAMONDS SOLD FOR $511 PER CARAT.
LA JOLLA, Calif. - Global Diamond Resources, Inc., (AGlobal@) is pleased to announce that a parcel of large high quality gemstone diamonds recovered from its mining activities at its Vaal River Caerwinning property was sold for an average price of $511 per carat. This amounts to an increase of 2.2% over the budgeted price of $500 per carat.
The entire run-of-mine production consisting of 690 diamonds with a total weight of 664.82 carats was sold for an amount of $340,095. The price is significant because the average size of the parcel at 0.96 carats per stone was significantly smaller, than the normal range budgeted for of 1.50 carats per stone. The increased prices achieved are in line with the announcement by De Beers Consolidated Mines Limited's ("DBRSY") CSO on Friday September 24, 1999 that prices of diamonds for the USA market will be increased at its next sight.
The Caerwinning property is estimated to contain some 38 million tonnes of diamondiferous alluvial gravel, with a potential to yield more than 400,000 carats of large high quality gemstone diamonds.
The erection of additional production facilities at the Caerwinning property, funded with the $6 million financing completed in December 1998 is the process of being commissioned. These facilities expected to be in full production by October 1, 1999 should treble the production capacity at Caerwinning.
This press release contains forms of forward-looking statements that are based on the Company's beliefs as well as assumptions made by and on information currently available to the Company. Such statements are subject to certain risks, uncertainties and assumptions, which are identified and described in the Company's 1997 Annual Report on Form-10-KSB and subsequent Quarterly Reports on Form 10-QSB on file with the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results will vary materially from those anticipated, estimated, or projected and the variations may be material.
For more information about Global visit our Website at globaldiamond.com or call Eugene Brill at (800) 424-6533 or (858) 459-0045. |
