Another story out today:
DiamondWorks completes bridge and river diversion projects at Luo mine,
Angola
VANCOUVER, Oct. 15 /CNW/ - Bruce Walsham, Chairman, CEO and President of
DiamondWorks Ltd., announced today that the company has completed the
construction of a new bridge and river diversion at its Luo diamond mine in
Angola.
The bridge, prefabricated in Canada, has a 62-metre span and is one of
the largest bridges to be erected across the Chicapa River. It has been
designed to carry oretrucks weighing up to 90 tonnes from the Camatchia
kimberlite pipe, located on the west side of the river, to the company's
diamond recovery plant, on the east side of the river.
The river diversion project involved building two 100-metre-long dykes
and rerouting the Chicapa River under the new bridge and through a previously
mined area along the eastern bank of the former river channel. The diversion
exposes the southeastern portion of the Camatchia pipe and allows the company
to begin mining some 700 metres of river channel, as well as alluvial gravels
situated on the west side of the river. The alluvial deposits on the west
side of the Chicapa are essentially intact, unlike the deposits on the east
side which were substantially mined by previous owners before the Luo mine was
acquired by DiamondWorks in 1996.
Mining of the gravels overlying the Camatchia kimberlite is now underway.
The company expects to begin collecting a bulk sample of approximately 100,000
tonnes of kimberlite later this year. The bulk sample will help determine the
economics of mining the pipe. Camatchia, with a surface area of 28 hectares,
is one of the world's largest, undeveloped diamond-bearing pipes. It has been
extensively drilled by DiamondWorks and Diamang, a former mining consortium of
De Beers and the Angolan Government. Based on Diamang's drill data, Watts
Griffis & McOuat of Toronto has estimated that the pipe contains approximately
three million carats in probable reserves to a depth of about 100 metres and
an additional 10 million carats in inferred resources from 100 to 300 metres
below surface.
Further to the company's news release of October 7, 1998, the company
wishes to advise that the amount of the loan has been increased from US$2.0
million to $2.67 million. All other terms remain the same.
DiamondWorks' shares are listed on the Toronto Stock Exchange under the
symbol DMW.
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For further information: Bill Trenaman (604) 669-8871 or view
DiamondWorks' website at diamondworks.com
PHIL |
