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Gold/Mining/Energy : Namibian Minerals Corporation

NMR 7.060

+1.4%

3:59 PM EST

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To: S. Chandra Shekar who wrote ()	2/25/1998 11:47:00 PM
From: Mephisto	Read Replies (1) of 124

I have checked this thread from time to time. The following is the press release from 2/11. I agree that the stock price has surely gone "diving for diamonds". I hope they find alot: Namibian Minerals Corporation (Namco) Announces Investor Visit to Namibia LONDON, Feb. 11 /PRNewswire/ -- Namibian Minerals Corporation (Nasdaq: NMCOF) announces that it has hoisted an international investor trip to its diamond mining operations off the coast of Namibia. The group of 45 people included investors and analysts from the US, UK, Europe, South Africa and Namibia. On Thursday, February 5, the group was received by His Excellency The President Dr. Sam Nujoma at State House. The following day they toured the Company's vessel MV Kovambo which included a viewing of the NamSSol diamond mining system. MV Kovambo commenced commissioning operations in the Company's Luderitz Bay concession in January 1998. Production capacity is scheduled to build up to 100% efficiency by June 1998. The Company has anticipated and allowed for additional enhancements to the mining system during its build up to full production. The enhancements include modifications to the launch and recovery system to considerably speed that process and additional production monitoring techniques. Preliminary diamond grade and diamond size is fully in line with the Company's expectations as previously announced in the results of its bulk sampling programme. The NamSSol is a 120 tons seabed crawler which has been specifically developed for operation off the Coast of Namibia by Namco's Internal project team, Dresser Industries company SubSea Offshore Ltd and Dosco Overseas Engineering Ltd. SubSea is the leader in remote operated vehicle technology and Dosco is a specialist in tracked mining machines having built more than 2600 excavating tools for the mining industry. A mining plan has been developed based on a resource in the Koichab Prospect (a 4 sq.km. area) with an average grade of 0.62 carats/sq.m. The average diamond size is 0.36 carats with an estimated value of circa US$190 per carat. The Koichab Prospect is located some 112 nautical miles from the initial diamond discovery area in Namibia in 1908, which yielded 11 million carats of gem quality diamonds. The Company's full production target is 150,000 carats per annum which will increase total Namibian marine production by 20%. Speaking at a mining conference in Cape Town last week, the Company's Chief Executive Officer Mr. Alastair Holberton said that he was confident that the NamSSol mining system would place Namco alongside industry leaders in terms of production technology and output per vessel. On behalf of the Board of Directors of Namibian Minerals Corporation J.A. Holberton Chairman & Chief Executive Officer Neither the Nasdaq National 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. SOURCE Namibian Minerals Corporation CO: Namibian Minerals Corporation ST: IN: MNG SU: 02/11/98 14:18 EST prnewswire.com

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