Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: marcos who wrote (365)	10/5/1999 10:26:00 AM
From: russet	Read Replies (1) \| Respond to of 413

Going up!!! DiamondWorks' diamond production for September DiamondWorks Ltd DMW Shares issued 150,962,743 Oct 4 close $0.24 Tue 5 Oct 99 News Release Mr. Bruce Walsham reports Production at the company's Luo and Yetwene mines in Angola totalled 13,403 carats for the month of September, a new single-month record for the company. Approximately 46,000 cubic metres of ore was treated, with a grade in excess of 0.29 of a carat per cubic metre. During the last week of the month, mining at Luo was concentrated on a new pothole and the resultant production has been averaging over 400 carats a day from this source. The highest single-day production levels achieved in September were 619 carats at Yetwene and 669 carats at Luo. The company recovered 34 specials (diamonds larger than 10 carats in size) in the month. The largest stone, weighing approximately 85 carats, was valued at $1,400 (U.S.) per carat. DiamondWorks' president and chief executive officer, Bruce Walsham, said the company's determined efforts have begun to pay off with regular and sustained increases in production levels. "We are also pleased with the average grades achieved and the recent sales valuation of $350 per carat for production from our Luo mine. While we still have a way to go to get the company back on a sound financial footing, the improvement in our sales revenues over the last three months has been most encouraging. "Over recent months, we have also undertaken a substantial amount of planning and design work in anticipation of commencing mining on top of the Camatchia pipe early next year. This is the world's 10th largest diamondiferous kimberlite pipe and it is located within the Luo concession." To date, DiamondWorks has invested in excess of $70-million (U.S.) in Angola and more than 850 Angolan personnel work at its two mine sites, the company's logistics base in Lunda Sul province and at the company's corporate offices in the capital, Luanda. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com