DiamondWorks suspends Yetwene operations, to focus on Luo
DiamondWorks Ltd DMW
Shares issued 225,882,743
1999-11-25 close $0.125
Friday Nov 26 1999
Mr. Robert Rainey reports
DiamondWorks has decided to temporarily suspend mining operations at the
Yetwene mine in Northeast Angola. Security and plant maintenance will continue
at Yetwene. All mobile mining equipment is being moved to the company's Luo
mine, 100 kilometres south of Yetwene, thus allowing the company to increase
throughput at that site and complete a river diversion to gain access to riverbed
deposits.
Despite achieving diamond production of more than 8,000 carats a month from
Yetwene, higher than anticipated operating costs, small stone sizes over the past
three months and consequent lower selling prices has adversely affected the mine's
profitability. The company expects that the reduction in revenue resulting from the
shutdown at Yetwene will be offset by the resultant increase in throughput from
the Luo mine, where the stone sizes and values have historically been better than
at Yetwene.
In other news, Jonathan Challis has resigned his position as a director of the
company effective Nov. 23, 1999, to concentrate on other business interests.
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.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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Market seems to be taking this as a negative, we might get some really cheap stock out of this move, and look like geniuses a year down the road. Or maybe morons, eh -g- ... but long-term, i figure they make it big ... could be some hard times in between, though -
Bid Ask
#Ord #Sh Price Price #Sh #Ord
3 17,000 0.11 0.14 20,000 2
1 5,000 0.10 0.15 15,000 2
1 10,000 0.09 0.16 47,000 4
1 5,500 0.08 0.17 6,000 2
1 40,000 0.055 0.21 10,000 1
[edit] - oops, that's out of date now, whole buncha shares traded while i was formatting the depth ... well, philosophy lesson for the day, eh - all things must pass -g- ... cheers |
