News today:
Namibian Minerals Corporation (Namco) announces second mining licence and ISO
14001 environmental accreditation
NASDAQ Trading Symbol: NMCOF
TSE Trading Symbol: NMR
NSE Trading Symbol: NMC
LONDON, Nov. 12 /CNW/ - Namibian Minerals Corporation (Namco), Africa's
second largest marine diamond producer, today announced the granting of its
second Mining Licence and the award of international environmental ISO 14001
accreditation.
Mining Licence 103A has been granted by the Namibian Ministry of Mines
and Energy for 15 years over 359 sq.km. of the Company's 526 sq.km. Hottentot
Bay Grant (HBG). The new Licence covers 68% of HBG and is in addition to
Namco's Mining Licence 51 which covers 136 sq.km. of the Luderitz Bay Grant.
Namco's total estimated resources in HBG of 651 000 carats (measured
resource estimates: 106 000 carats, indicated resource estimates: 165 000
carats, inferred resource estimates: 380 000 carats) are based on the results
of the first phase of prospecting in the area. The currently defined resource
areas represent less than 2% of the total area of HBG(1).
Namco obtained all necessary regulatory approvals before it obtained its
Mining Licences.
On granting the new Mining Licence, Namibia's Minister of Mines and
Energy, The Hon. Jesaya Nyamu, MP praised Namco for its advanced technology
and for "its good track record and commitment to the development of the
Namibian economy".
Namco also announced today that it has been awarded ISO 14001
accreditation - the first certification for a Namibian registered mining
company.
Namco developed its own Environmental Management Plan Report (EMPR) which
includes 19 monitoring programmes, covering marine environment, waste
management, tailings treatment, mining operation, vessel operation and
supporting services. Namibia's Ministry of Environment and Tourism has
recommended that Namco's EMPR be used as a model for other marine diamond
mining companies.
Namco is Africa's second largest marine diamond producer and has a
reputation as an innovator in marine mining technology. The Company plans to
profitably mine 260 000 carats of gem quality diamonds this year from its
Namibian operations. It recently announced nine month profits of US$16
million, US$0.42 per share and the acquisition of Africa's third largest
marine diamond producer, Ocean Diamond Mining Holdings Ltd. (ODM) Production
growth is expected from the introduction of Namco's second seabed crawler
NamSSol II, which is currently under construction, and from the acquisition of
ODM.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS OF NAMIBIAN MINERALS
CORPORATION
J.A.Holberton
Chairman & Chief Executive Officer
1 Details and definitions of the competent person, resource estimates and
grades are contained in the Company's media release dated 17 August 1999.
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.
This Media Release contains forward looking statements that involve a
number of risks and uncertainties. Among the important factors that could
cause actual results to differ materially from those indicated by such forward
looking statements are operational factors, general economic conditions and
the risk factors detailed from time to time in the Company's periodic reports
and registration statements filed with the Securities and Exchange Commission.
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For further information: Megan Williams, Namco, on tel + 44 171 824 8900
or email mwilliams@nam-corp.com
PHIL |
