Wayne and all,
I just saw this news:
DIAMONDWORKS RECEIVES MORE THAN US$300 A CARAT FROM LATEST PARCEL OF
LUO DIAMONDS
VANCOUVER, Sept. 9 /CNW/ - Bruce Walsham, President, CEO and Chairman of
DiamondWorks Ltd., is pleased to report that the company received an average
of US$313 a carat from last week's sale of diamonds mined at the Luo mine in
Angola. The price represents the highest value received to date by
DiamondWorks.
The sale consisted of 5,300 carats produced from Luo and a further 6,700
carats from initial production at Yetwene, the company's second mine in
Angola. The parcel sold for more than US$2.57 million, representing an
average carat value of US$214. Sales of diamonds for the year to date have
now reached US$10 million.
Production at the new Yetwene mine is now averaging between 250 to 300
carats a day. Now that the plant is approaching its target production rate of
8,500 carats a month, DiamondWorks is investigating options to expand
production at Yetwene by adding extra processing capacity.
At the Luo mine, the company expects to begin stripping and processing of
the alluvial gravels overlying the 28-hectare Camatchia kimberlite pipe within
two weeks. This work is the first step in the large bulk sample the company
plans to undertake to confirm the mining economics at Camatchia, one of the
world's largest known diamond pipes.
Mr. Walsham also announced that the company has initiated work at the
company's Luarica project, about 20 km northeast of the town of Lucapa,
northeastern Angola. An initial test parcel has been recovered from sampling
of alluvial diamond deposits along the Chiumbe River.
DiamondWorks' shares trade on the Toronto Stock Exchange under the symbol
DMW.
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For further information: Bill Trenaman, (604) 669-8871, website
diamondworks.com
PHIL |
