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Gold/Mining/Energy : Rex Diamonds-Sierra Leone
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To: Scott Wilding who wrote (25)3/3/1997 10:18:00 AM
From: Ross Orr   of 41
 
The third quarter was released on Friday with a return to better cash flow numbers after the underground expansion. The following is a reprint of the company's comments on Sierra Leone. The Globe and Mail has a very enlightening article on DiamondWorks this am regarding ownership questions. Of interest to us is the very positive feelings of the market toward Sierra Leone diamonds.

Sierra Leone

"The company undertook an evaluation of the fissure diamond deposits at Tongo Fields in Sierra Leone during late 1996. Dr. Luc Rombouts, an independent diamond geologist, has recommended an immediate engineering program of the lando fissure as a result of his evaluation. In early March, a team led by Stephen Lay, of Mining and Management Consultancy, UK, will visit Sierra Leone. The purpose of their visit will be to evaluate the possibility of fast-tracking development of the Lando fissure to an initial depth of 50 meters. If it is determined that an open pit operation is feasible, it would lead to early cash flow from this fissure."

The rotary pan plant is being set up now and the stripping of the overburden on the alluvials started late last year. This all leads to production from alluvials by June. If the engineering comes back positive on the Lando fissure we could see early open pit mining there as well.

Ross Orr
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