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Gold/Mining/Energy : DIAMONDWORKS DMW.v -- Ignore unavailable to you. Want to Upgrade?

To: marcos who wrote (302)	6/30/1999 4:04:00 PM
From: russet	Read Replies (4) \| Respond to of 413

Some rumors are confirmed. Re: News Releases - Wednesday, June 30, 1999 EKUSENI RESOURCES TO BE ACQUIRED BY NEW MINING CORPORATION OF SOUTH AFRICA =========================================================================== VANCOUVER, CANADA - DiamondWorks Ltd. has been advised that Ekuseni Trust has agreed to sell its holdings in Ekuseni Resources for shares in New Mining Corporation Limited, a South African company listed on the Johannesburg Stock Exchange, which has informed DiamondWorks that it intends to establish itself as a mineral exploration and mining company. Ekuseni Resources owns 29.42% of the issued shares of DiamondWorks and, in the event of the exercise of all DiamondWorks warrants held by Ekuseni Resources, would own 45.46% of the outstanding DiamondWorks shares on an undiluted basis. After completion of the sale of Ekuseni Resources to New Mining Corporation, Ekuseni Trust will own less than 5% of the outstanding shares of New Mining Corporation. The following companies will own more than 5% of the issued share capital of New Mining Corporation: Beneficial Holder Percentage Interest Consolidated African Mines Limited Listed public company 17.7% Midland Molefe Resources (Proprietary) Limited EB Molefe 13.64% Khotso Investment Holdings (SPV) (Proprietary) Limited T. Moseneke 10.86% Njenje Investments (Proprietary) Limited L.G. Njenje 9.33% JCI Gold Limited Listed public company 9.03% The directors of New Mining Corporation are Prof. W. Nkuhlu (Chairman), EB Molefe, HC Buitendag, RB Kebble, M Golding, T Moseneke and G Njenje. The transaction is subject to regulatory approvals. Bruce Walsham, Chairman, President and CEO of DiamondWorks Ltd., announced that HC Buitendag has been appointed to DiamondWorks' board. In addition to being a director on New Mining Corporation, Mr. Buitendag is an executive director of Consolidated African Mines Limited and JCI Gold Limited, both South African listed mining companies. Mr. Walsham also announced that DiamondWorks has appointed Rob Rainey as Chief Financial Officer. Mr. Rainey was appointed a director of DiamondWorks in March, 1999, and will now assume responsibility for the financial control of the company. He replaces Peter Meredith, who will remain a director of the company. DiamondWorks is a Canada-based diamond mining and exploration company. In addition to the producing Luo and Yetwene mines in Angola, DiamondWorks has two other diamond concessions in Angola, five diamond concessions in Sierra Leone, including the Koidu kimberlite diamond mine. The company is also exploring for diamonds in Canada's Northwest Territories. DiamondWorks' shares trade on the Toronto Stock Exchange under the symbol DMW. For further information, please contact: Robert Rainey in Johannesburg at 27-11-373-2271 Bill Trenaman in Vancouver at 604-669-8871 Website: diamondworks.com.