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Gold/Mining/Energy : Namibian Minerals Corporation

NMR 7.035

-1.5%

10:05 AM EST

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To: Dan P who wrote (108)	5/10/2000 1:42:00 PM
From: PHILLIP FLOTOW	Read Replies (1) of 124

LONDON, UK, May 10 /CNW/ - Namibian Minerals Corporation (Namco) today announced that South Africa's Securities Regulation Panel (The Panel) has ruled in an appeal hearing that Namco did not act in concert with a local consortium in the Company's US$60 million acquisition of Ocean Diamond Mining Holdings Ltd. (ODM) last year. In addition, the Panel ruled that Namco's general offer of R8.25 per share was the correct offer price, reversing a previous ruling that the offer should have been at R10.00 per share, being the highest price paid by the Consortium. The Company is therefore not required to pay an additional amount of up to US$6.5 million to ODM shareholders. The Company had fully provided for such an eventuality. The Panel has also ruled that The Trans Hex Group should pay 85% and Namco 15% of the Panel's costs of the appeal hearing. "We are extremely pleased by the Panel's ruling. We are impressed with initial results obtained from the ODM operations and look forward to realising the full potential of its excellent assets," said Alastair Holberton, Chairman and CEO of Namco. Namco is Africa's second largest ocean diamond producer that develops and operates breakthrough technology to mine gem quality diamonds off the Namibian coast. In 1999 the Company mined 273 700 carats of diamonds and announced profits of US$17.1 million, or US$0.43 per share. 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. 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. -30- For further information: Megan Williams on tel + 44 20 7824 8900 or email mwilliams@nam-corp.com PHIL

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