Second Sale of Bakerville Diamonds
11 Mayo 2009 - 1:00AM
UK Regulatory
TIDMPDF
RNS Number : 9875R
Pangea DiamondFields PLC
11 May 2009
Pangea DiamondFields plc
('Pangea' or the 'Company')
Second Sale of Bakerville Diamonds
Pangea DiamondFields plc (AIM: PDF), the diamond producer and exploration
company, announces the second successful sale by tender of diamonds from its
Bakerville Project ("Bakerville" or "the Project"), which is situated within the
Lichtenburg Diamond Fields approximately 250km west of Johannesburg, South
Africa.
The sale, which took place last week in Johannesburg, yielded an average price
of US$236 per carat from a run of mine parcel of 1,016 carats. To date, some
1,233 carats in total have been sold by tender from the Bakerville project at a
weighted average price of US$449 per carat.
Commenting on the tender outcome, Chief Executive Brett Thompson said, "I am
very pleased with the result of the sale particularly in light of what has been
a challenging time for diamond prices. The average price for the Bakerville
diamonds was the last piece of analysis required to confirm the viability of the
project and this result underscores our confidence in further developing
Bakerville to become, funding permitting, the Company's next commercial scale
operation."
Further information:
+---------------------------+--------------------------+---------------------------+
| Pangea DiamondFields plc | Ambrian Partners Limited | Walbrook PR Ltd |
| | | |
+---------------------------+--------------------------+---------------------------+
| Brett Thompson | Richard Brown / Richard | Louise Goodeve / Leah |
| | Greenfield | Kramer |
+---------------------------+--------------------------+---------------------------+
| T: +27 11 438 4100 | T: +44 (0) 20 7634 4700 | T: +44 (0) 20 7933 8780 |
| | | |
+---------------------------+--------------------------+---------------------------+
Note: The information in this statement has been reviewed by Mr Brett Thompson,
B Eng (Mining), Grad Dip Applied Finance & Investment, FSAIMM, MAusIMM and Mr
Anton Esterhuizen B Sc (Geology), MSc (Mineral Exploration), FGSSA, MSME who are
qualified persons for the purposes of the AIM Guidance Note for Mining, Oil and
Gas Companies. Mr Thompson is Chief Executive Officer of Pangea DiamondFields
plc and has over 24 years experience in mining operations with some 12 years
specifically in diamond mining and exploration. Mr Anton Esterhuizen is Chief
Exploration Officer of Pangea DiamondFields plc and has over 30 years experience
in exploration activities throughout the world and has been the recipient of
numerous awards for his exploration successes.
Notes to Editors:
About Pangea Diamondfields PLC
Pangea DiamondFields plc (AIM: PDF) is an emerging diamond producer and
exploration company with a portfolio of eight projects each with multiple
resource targets, located in the Central African Republic, Democratic Republic
of the Congo, South Africa and Angola. The Company aims to minimise risk by
diversifying its projects geographically.
PDF listed on AIM in October 2006 and is led by a strong management team, with a
track record for creating shareholder value in mineral exploration.
For more information on PDF, please visit:
http://www.pangeadiamondfields.com/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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