Namibian Minerals Corporation (Namco) charters new vessel for exploration
NASDAQ Trading Symbol: NMCOF
TSE Trading Symbol: NMR
NSE Trading Symbol: NMC
LONDON, England, Feb. 11 /CNW/ - Namibian Minerals Corporation (Namco)
today announced it has chartered a new vessel for further exploration of its
Namibian ocean diamond concessions. The exploration programme, using the
latest advances in marine technology, is scheduled to start in the third
quarter of this year.
The objective of the programme is to expand diamond resources to support
forward mine planning. Exploration will focus on areas surrounding the current
mining licenses and on the re-evaluation of sampling results from the recently
acquired Ocean Diamond Mining Ltd.
A five year charter with a purchase option has been agreed on MV
Zacharius, named after Zacharius Lewala who discovered the first diamond in
Namibia in 1908. The 2500 tons vessel with a Dynamic Positioning system is
scheduled to arrive in Cape Town, South Africa later this month. She will
conduct a two month geophysical survey, gathering approximately 4000 line km.
of seismics, before being fitted with Namco's exploration tool, and processing
equipment.
The 50 tons exploration tool has been jointly designed by Wirth and
Namco's engineering team. Wirth is the German pioneer of seabed extraction
drilling technology, having developed four diamond drilling systems for De
Beers Marine since 1990. The tool is designed to operate in water depths of up
to 250 m., to clear ten 5 sq.m. samples per day in two bites and to work in
sediments up to 12 m. thick. Its unique characteristics include hydraulic
power and control systems fitted inside the tool, and a soft landing system to
enable operation in a wider range of sea conditions. The estimated capital
cost of US$5 million includes tool construction, software, launch and recovery
equipment, diamond processing plant and vessel modifications. Operating costs
are estimated at US$4.5 million per annum.
Namco's Chairman and CEO Alastair Holberton said, "The Zacharius gives us
a relatively fast and low cost means of assessing the seabed for
mineralisation and mineability. We estimate it drops our cost per sample by
90% compared with our 1996 exploration programme."
Namco is a leading ocean diamond producer operating off the coast of
Namibia using proprietary marine mining technology. Current diamond resources
exceed 3.5 million carats. Earnings for the nine months ended 30 September
1999 were US$16 million, US$0.42 per share. The Company paid its first
dividend in 1999. Full year results will be announced later this month.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS OF NAMIBIAN
MINERALS CORPORATION.
J. A. Holberton
Chairman & Chief Executive Officer
Neither the Nasdaq Stock Market, The Toronto Stock Exchange, nor the
Namibian Stock Exchange has reviewed the information herein and do not
accept responsibility for the adequacy or the accuracy of the above.
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For further information: please contact Megan Williams, Namco, on tel
+44 171 824 8900 or e-mail mwilliams@nam-corp.com
PHIL |
