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: Wayne Rumball who wrote (86)	7/6/1998 1:07:00 PM
From: Wayne Rumball	Respond to of 413

From: DiamondWorks Ltd. (DMW) diamondworks.com mailto:info@diamondworks.com --------------------------------------------------------------------------- Re: News Releases - Monday, July 06, 1998 DIAMONDWORKS BEGINS COMMERICAL PRODUCTION =========================================================================== TORONTO AND VANCOUVER STOCK EXCHANGES TRADING SYMBOL: DMW VANCOUVER, CANADA - Bruce Walsham, Chairman, President and CEO of DiamondWorks Ltd., is pleased to announce that the company started commercial diamond production at its new Yetwene mine in northeast Angola on June 29, 1998. Mr. Walsham said that commissioning of the new diamond recovery plant was completed successfully, and the plant is now operating at its design capacity of 100 tonnes per hour. He expects that the first sale of diamonds from the Yetwene mine will occur within the next six weeks. Diamonds from Yetwene will be marketed in Antwerp in partnership with Endiama Selling Corporation, the marketing arm of Angola's state diamond company. DiamondWorks currently has in inventory approximately 10,000 carats from the company's first Angolan diamond mine, the Luo, including the recently recovered 232.6-carat stone. These diamonds will be sold in mid-July. Beginning in August, the company's diamond sales from Luo and Yetwene are expected to take place every five weeks, in conjunction with Endiama's regular valuation dates. Mr. Walsham also announced that Allan Thomas has been appointed as the company's mine manager at Yetwene. Mr. Thomas has more than 20 years' experience in the mining and oil industry, including 12 years operating alluvial diamond mines in Angola. DiamondWorks has produced approximately 65,000 carats at an average carat value of more than US$200 from its Luo mine, which began commercial operations in July 1997. The company expects that the combined alluvial production from the Luo and Yetwene mines will total approximately 180,000 carats a year, with an average value of between US$200 and US$250 a carat. In addition to its two producing diamond mines in Angola, DiamondWorks has interests in other mineral properties in Angola, Lesotho, Sierra Leone, Canada, China and Venezuela. For further information, please contact Bill Trenaman at 604-669-8871, or view DiamondWorks' website at diamondworks.com. =========================================================================== Copyright (c) 1997, 1998 DIAMONDWORKS LTD. All rights reserved. For more information, visit our website at the address diamondworks.com ===========================================================================