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

To: Dan P who wrote (84)	11/12/1999 10:19:00 AM
From: PHILLIP FLOTOW	Read Replies (1) \| Respond to of 124

News today: Namibian Minerals Corporation (Namco) announces second mining licence and ISO 14001 environmental accreditation NASDAQ Trading Symbol: NMCOF TSE Trading Symbol: NMR NSE Trading Symbol: NMC LONDON, Nov. 12 /CNW/ - Namibian Minerals Corporation (Namco), Africa's second largest marine diamond producer, today announced the granting of its second Mining Licence and the award of international environmental ISO 14001 accreditation. Mining Licence 103A has been granted by the Namibian Ministry of Mines and Energy for 15 years over 359 sq.km. of the Company's 526 sq.km. Hottentot Bay Grant (HBG). The new Licence covers 68% of HBG and is in addition to Namco's Mining Licence 51 which covers 136 sq.km. of the Luderitz Bay Grant. Namco's total estimated resources in HBG of 651 000 carats (measured resource estimates: 106 000 carats, indicated resource estimates: 165 000 carats, inferred resource estimates: 380 000 carats) are based on the results of the first phase of prospecting in the area. The currently defined resource areas represent less than 2% of the total area of HBG(1). Namco obtained all necessary regulatory approvals before it obtained its Mining Licences. On granting the new Mining Licence, Namibia's Minister of Mines and Energy, The Hon. Jesaya Nyamu, MP praised Namco for its advanced technology and for "its good track record and commitment to the development of the Namibian economy". Namco also announced today that it has been awarded ISO 14001 accreditation - the first certification for a Namibian registered mining company. Namco developed its own Environmental Management Plan Report (EMPR) which includes 19 monitoring programmes, covering marine environment, waste management, tailings treatment, mining operation, vessel operation and supporting services. Namibia's Ministry of Environment and Tourism has recommended that Namco's EMPR be used as a model for other marine diamond mining companies. Namco is Africa's second largest marine diamond producer and has a reputation as an innovator in marine mining technology. The Company plans to profitably mine 260 000 carats of gem quality diamonds this year from its Namibian operations. It recently announced nine month profits of US$16 million, US$0.42 per share and the acquisition of Africa's third largest marine diamond producer, Ocean Diamond Mining Holdings Ltd. (ODM) Production growth is expected from the introduction of Namco's second seabed crawler NamSSol II, which is currently under construction, and from the acquisition of ODM. FOR AND ON BEHALF OF THE BOARD OF DIRECTORS OF NAMIBIAN MINERALS CORPORATION J.A.Holberton Chairman & Chief Executive Officer 1 Details and definitions of the competent person, resource estimates and grades are contained in the Company's media release dated 17 August 1999. Neither the Nasdaq National Market, The Toronto Stock Exchange, nor the Namibian Stock Exchange has reviewed the information herein and they do not accept responsibility for the adequacy or the accuracy of the above. This Media Release contains forward looking statements that involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated by such forward looking statements are operational factors, general economic conditions and the risk factors detailed from time to time in the Company's periodic reports and registration statements filed with the Securities and Exchange Commission. -30- For further information: Megan Williams, Namco, on tel + 44 171 824 8900 or email mwilliams@nam-corp.com PHIL