Sale of DRC and CAR Diamonds
18 Mayo 2009 - 6:56AM
UK Regulatory
TIDMPDF
RNS Number : 4273S
Pangea DiamondFields PLC
18 May 2009
Pangea DiamondFields plc
('Pangea' or the 'Company')
Sale of DRC and CAR Diamonds
Pangea DiamondFields plc (AIM: PDF), the diamond producer and exploration
company, announces the recent sale by tender of diamonds from its Longatshimo
River and Tshikapa River projects in the Democratic Republic of Congo ("DRC")
projects, as well as its Dimbi project in the Central African Republic ("CAR").
The sale of approximately 5,710 carats which took place last week in Antwerp
raised gross proceeds of US$ 670,000 with the average sale prices achieved being
as follows:
* DRC - 3,710 carats @ US$117 per carat
* CAR - 2,000 carats @ US$116 per carat
Commenting on the sale, Chief Executive Brett Thompson said:
"This sale, in addition to the US$0.23 million raised from the sale of diamonds
from the Bakerville project announced on 11 May 2009, further fortifies our cash
position and provides additional support for the Company to continue pursuing
the development of our current key projects, Cassanguidi in Angola and
Bakerville in South Africa. The sale prices achieved represent a discount of
approximately 30 - 35% to the long term target prices we would expect to achieve
in a normal market for the DRC and CAR projects but were considerably better
than forecast sale prices at this time of 50% below our long term targets."
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 |
| | | |
+---------------------------+--------------------------+---------------------------+
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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