Going up!!!
DiamondWorks' diamond production for September
DiamondWorks Ltd DMW
Shares issued 150,962,743 Oct 4 close $0.24
Tue 5 Oct 99 News Release
Mr. Bruce Walsham reports
Production at the company's Luo and Yetwene mines in Angola totalled 13,403
carats for the month of September, a new single-month record for the
company. Approximately 46,000 cubic metres of ore was treated, with a grade
in excess of 0.29 of a carat per cubic metre. During the last week of the
month, mining at Luo was concentrated on a new pothole and the resultant
production has been averaging over 400 carats a day from this source.
The highest single-day production levels achieved in September were 619
carats at Yetwene and 669 carats at Luo. The company recovered 34 specials
(diamonds larger than 10 carats in size) in the month. The largest stone,
weighing approximately 85 carats, was valued at $1,400 (U.S.) per carat.
DiamondWorks' president and chief executive officer, Bruce Walsham, said
the company's determined efforts have begun to pay off with regular and
sustained increases in production levels. "We are also pleased with the
average grades achieved and the recent sales valuation of $350 per carat
for production from our Luo mine. While we still have a way to go to get
the company back on a sound financial footing, the improvement in our sales
revenues over the last three months has been most encouraging.
"Over recent months, we have also undertaken a substantial amount of
planning and design work in anticipation of commencing mining on top of the
Camatchia pipe early next year. This is the world's 10th largest
diamondiferous kimberlite pipe and it is located within the Luo
concession."
To date, DiamondWorks has invested in excess of $70-million (U.S.) in
Angola and more than 850 Angolan personnel work at its two mine sites, the
company's logistics base in Lunda Sul province and at the company's
corporate offices in the capital, Luanda.
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