Acquisition of Additional Mining Equipment
10 Agosto 2009 - 1:00AM
UK Regulatory
TIDMPDF
RNS Number : 1246X
Pangea DiamondFields PLC
10 August 2009
Pangea DiamondFields plc
("PDF" or "the Company")
Acquisition of Additional Mining Equipment for Cassanguidi
Pangea DiamondFields plc (AIM: PDF), the mid-tier diamond producer and
exploration company, announces that it has concluded a transaction to acquire
certain mining equipment and processing assets from New Millennium Resources
Limited ("NMR"), for use at its Cassanguidi project in Angola, for a total
consideration of $600,000.
The equipment purchased includes earthmoving equipment critical to the ramp up
to full production at Cassanguidi, specifically two hydraulic excavators, two
front end loaders and two articulated dump trucks as well as various additional
items of processing and ancillary plant. The mining equipment will augment
Cassanguidi's existing equipment and enable the increased processing capacity
already developed at the project to be fully utilised as planned during Q3 2009.
The first items of equipment were dispatched on the 350 km journey to
Cassanguidi over this past weekend and it is expected that all of the equipment
will be transported to site over the next few weeks.
In consideration for the acquisition of equipment, PDF will pay to NMR an
aggregate consideration of $600,000 comprising $250,000 cash and new PDF
ordinary shares to the deemed value of $350,000.
The share based element of the consideration is to be satisfied prior to 6
September 2009 by the issue of such number of ordinary shares to NMR as is equal
to a value of $350,000 at the prevailing exchange rate and a price of the higher
of 2p per share or the 10 day volume weighted average price of PDF's ordinary
shares on AIM prior to the date of issue.
Commenting on this development, Chief Executive Brett Thompson stated, "This
acquisition resolves the outstanding concerns the Company had with mining
sufficient material to feed the upgraded Cassanguidi processing facilities and
will accelerate the ramp up to full production. It also demonstrates the ability
of PDF to identify and unlock value opportunities in the regions in which it
operates."
For more information on PDF, please visit : http://www.pangeadiamondfields.com/
+---------------------------+---------------------------+---------------------------+
| Pangea DiamondFields plc | Ambrian Partners Limited | Walbrook PR Ltd |
+---------------------------+---------------------------+---------------------------+
| Boris Kamstra | Richard Brown/ Richard | Leah Kramer |
| | Greenfield | |
+---------------------------+---------------------------+---------------------------+
| T: +27 11 438 4100 | T: +44 (0) 20 7634 4700 | T: +44 (0) 20 7933 8780 |
+---------------------------+---------------------------+---------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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