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Gold/Mining/Energy : Namibian Minerals Corporation -- Ignore unavailable to you. Want to Upgrade?

To: PHILLIP FLOTOW who wrote (62)	8/19/1999 12:28:00 PM
From: PHILLIP FLOTOW	Read Replies (1) \| Respond to of 124

More news: Namibian Minerals Corporation (NAMCO) announces appointments to the Board of Ocean Diamond Mining Holdings Ltd. NASDAQ Trading Symbol: NMCOF TSE Trading Symbol:NMR NSE Trading Symbol:NMC LONDON, Aug. 19 /CNW/ - Namibian Minerals Corporation (NAMCO) today announced that its Chairman & CEO Alastair Holberton has been appointed Chairman of the Board of Ocean Diamond Mining Holdings Ltd. (ODM), southern Africa's third largest marine diamond mining group. Namco's Operations Director Peter Looijen has also been appointed to the Board of ODM. Messrs. Holberton and Looijen were appointed at ODM's Annual General Meeting in Cape Town yesterday. At a Board Meeting held immediately after the AGM Mr Holberton was appointed Chairman of the Board. In June 1999 Namco announced its purchase of 34% of ODM, a diamond mining and exploration company holding 20 078 sq.km. of concessions off the coast of Namibia and South Africa. In the year ended 31 March 1999 ODM announced profitable production of 63 074 carats from its three vessels operating off the coast of Namibia. ``These appointments foster stronger links between Namco and ODM,' said Alastair Holberton. ``Both companies are already profitably mining gem quality diamonds from contiguous Namibian concessions.' The other Board Members of ODM are Mr Andr‚ Louw, Managing Director, Mr Michael Rose-Innes, Mr Niel Hoogenhout and Mr Peter Danchin. Mr Ivan Prinsep retired as Chairman after many years valuable contribution. Namco is southern Africa's second largest marine diamond producer, operating off the coast of Namibia using large-scale marine mining technology. The Company is on target to mine at least 260 000 carats this year. Namco's second marine mining system is expected to start operation next year. The Company recently announced half-yearly profits of US$10.6 million or US$0.28 per share. FOR AND ON BEHALF OF THE BOARD OF DIRECTORS OF NAMIBIAN MINERALS CORPORATION J.A.Holberton Chairman & Chief Executive Officer Neither The Nasdaq Stock Market, The Toronto Stock Exchange, nor the Namibian Stock Exchange has reviewed the information herein and do not accept responsibility for the adequacy or the accuracy of the above. For further information: Megan Williams on mwilliams@nam-corp.com or tel + 44 171 824 8900 PHIL