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: ISOMAN who wrote (97)	11/9/1998 7:59:00 PM
From: Patrick Laflamm	Read Replies (3) \| Respond to of 413

Monday, November 09, 1998 DiamondWorks Reports Attack on Yetwene Mine in Angola Luanda, Angola - Canadian mining company DiamondWorks Ltd. announced today that a band of approximately 50 armed men staged a hit-and-run assault on its Yetwene diamond mine, in northeast Angola, at approximately 4AM local time on November 8. Preliminary reports indicate that, despite resistance by the company's security contractors, five of the company's operating personnel were killed by the assailants. Four expatriate company personnel are reportedly being held captive by the attackers and a further two remain unaccounted for. Eighteen Angolan nationals were wounded. The company's remaining thirteen expatriate Yetwene personnel were unharmed and have been flown to Luanda. DiamondWorks deeply regrets the senseless loss of life and calls for the international community to condemn this shameful act of violence. The company will take all necessary steps to ensure that the missing expatriate personnel are safely returned to their homes and families as quickly as possible. The identities of the attackers are not yet known. However, initial eyewitness accounts indicate that a number of them were wearing clothing identified with the rebel army of UNITA (National Union for the Total Independence of Angola) and local military and police units. Minesite security has been re-established by the company's two independent Angolan security contractors, Mboji and Teleservices. Security reinforcements have been flown to the mine. Bruce Walsham, DiamondWorks' Chief Executive Officer, is arranging to fly immediately to Angola. He will meet with senior government, military and local officials to secure the release of the captives, to investigate the attack and to formulate a plan for the re-establishment of operations. DiamondWorks has been given assurances that the company has the complete support of Angola's Government of National Unity. The company is calling on all of Angola's leaders, including those of UNITA, to do everything in their power to ensure the safe return of all captives held by the attackers and to bring the perpetrators of the attack to justice. The company is concerned that such horrendous acts of violence could jeopardize future foreign investment in Angola. The company will be seeking relief and assistance from Angola's government. Initial reports from the mine indicate that there was some theft and minor damage to the company's vehicles and communication systems. The mining equipment and diamond processing plant are undamaged. The mine's diamond inventory is intact and has since been removed from the site. At this point it is not possible to say when production will restart. The Yetwene mine has currently been producing diamonds at a rate of between 5,000 and 6,000 carats per month, or roughly 50% of the company's total diamond production. The company's other operations in Angola, including its Luo mine located 100 kilometres south of the Yetwene mine, were not affected. The company will update shareholders on a timely basis as further relevant information is received. Information contacts: For Media: Michael Grunberg, Director, London:+44-171-351-5555 For Investors: Bill Trenaman, VP Corporate Development, Vancouver: +1-604-669-8871.