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

To: Kevin Hamlin who wrote (111)	12/23/1998 12:20:00 AM
From: trypod	Read Replies (1) \| Respond to of 413

Status of operations in Africa DiamondWorks Ltd DMW Shares issued 95,490,979 1998-12-18 close $0.14 Monday Dec 21 1998 Mr. Bruce Walsham reports Angola The company is following every avenue to find its 10 employees missing after the Nov. 8 attack on the company's Yetwene diamond mine in northeastern Angola. There is no new information to report at this time, although the company remains hopeful as to their safety. Good progress had been made in the company's preparations for a resumption of production at the Yetwene mine. Physical security enhancements at the mine, recommended following an extensive review of company's security arrangements, are now nearing completion. DiamondWorks is planning to resume operations at Yetwene in late January. Mr. Walsham cautioned that, while the company has rescheduled payments with a number of its creditors in light of the shutdown at Yetwene, the necessary financing to recommence operations is not yet in place and discussions to this end are still continuing. Each month of lost production is costing the company approximately $2-million (U.S.). Diamond production at DiamondWorks' Luo mine, about 100km south of the Yetwene mine, is averaging about 200 carats a day, approximately 50 per cent higher than the company's previous forecasts. DiamondWorks is currently mining alluvial gravels overlying the 28-hectare Camatchia kimberlite pipe, on the west side of the Chicapa River. Roughly 40 per cent of the diamonds produced from these gravels this month are larger than one carat, including 15 specials (gem diamonds larger than 10 carats). The company currently has approximately 5,000 carats in inventory. Sierra Leone The company has been advised that rebel forces have overrun the town of Koidu and areas surrounding the company's Koidu mine, in eastern Sierra Leone. DiamondWorks has not been active at Koidu since May 1997 due to security concerns. The company has temporarily withdrawn its security personnel from the mine as a precautionary move. ECOMOG, the Nigerian-led peacekeeping force, has also temporarily withdrawn its troops from the Koidu area. An ECOMOG spokesman stated that it intends to return to the area as soon as possible. DiamondWorks plans to send its security team back to the minesite as soon as conditions permit. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com Later:Rick