DN,
Part of the write-up by John Cummings of the Northern Miner on Nora
Nora Exploration Inc -
Miner says Nora often overlooked
Nora Exploration Inc NXI
1999-02-01 close $0.29
Tuesday Feb 2 1999
In the Feb. 1-7 issue, The Northern Miner's John Cumming writes that Nora Exploration is often overlooked among the ranks of Canada's diamond producers. Nora has been exploiting its 700 square kilometre Otjua concession, which includes 140 kilometres of coastline in Namibia. Nora acquired a 47 per cent interest in Otjua Minerals for $6.5-million (U.S.); the remaining interest is held by Elizabeth Bay Diamond, which is owned by Nora's chairman, Johannes Kleynhans. Otjua Minerals has been producing diamonds since 1990 under contract to Namdeb Diamond Corp., which owns the underlying mineral rights. Nora is attempting to renegotiate its contract with Namdeb. "It's a valid contract, but it's not suitable for a public company such as Nora," president Pierre Leveille says. The contract contains a confidentiality clause prohibiting the disclosure of production or exploration data, making it difficult to promote the company. Another problematic stipulation is that once mining is under way in a designated area, it must be completely mined out before the company can move to another part of the concession. Nora also has interests in several other Namibian concessions.
(c) Copyright 1999 Canjex Publishing Ltd.
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Regards,
John |
