Namakwa Diamonds Limited Result of NW Province Tender (7407Y)

TIDMNAD

RNS Number : 7407Y

Namakwa Diamonds Limited

27 February 2013

Namakwa Diamonds Limited (AIM: NAD)

("Namakwa Diamonds" or the "Company")

Result of North West Province Tender

Namakwa Diamonds is pleased to announce that it has successfully closed its recent tender of rough diamonds at CS Diamonds in Kimberley for production from its South African subsidiaries which ran between 18(th) and 21(st) of February 2013. The North West Province production, totalling 1,962 carats, was sold at an average price of US$496 per carat, with an average stone size of 0.50 carats. The sale realised revenues of approximately US$ 0.97 million.

Commenting, Theo Botoulas, Chief Executive Officer of Namakwa Diamonds, said: "The Tender achieved satisfactory results with certain articles selling at above expected premiums. We are pleased with the overall results achieved. Our North West product continues to receive a lot of interest from local and international buyers."

For further information please visit www.namakwadiamonds.com or contact:

 
 Namakwa Diamonds                  Shore Capital 
 Theo Botoulas +27 11 465 4505     Pascal Keane +44 20 7408 4090 
 
 Tavistock Communications 
 Simon Hudson/Kelsey Traynor +44 
  20 7920 3150

About Namakwa Diamonds Limited

Namakwa is a diamond resource group, which seeks to extract maximum value from the marketing and sale of Group mined and contracted production.

The Group's mining activities are focused on the Kao Mine in Lesotho. Operated by Storm Mountain Diamonds, the Kao Mine Pipe Complex presents a c.183Mt kimberlite resource of c.11.6m carats ("cts") (c.3.3Mcts indicated and c.8.3Mcts at Inferred level of confidence), with an additional 1.7m carats at a Deposit level of confidence, in which Namakwa holds a 62.5% interest. The other shareholders are the Government of Lesotho (25%) and Kimberlite Investments Lesotho Limited (12.5%).

The Group also maintains alluvial mining operations in the North West Province of South Africa and resource-development and exploration assets in the Northern Cape Province of South Africa and the offshore marine environment of Namibia. These combined resources add a further c.6.9Mcts at Indicated and Inferred levels of confidence to the Group's Global Resource Inventory to a grand total of 18,535,700 carats as at 31 August 2012.

-ends-

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCPGUQGPUPWPWQ

Namakwa Diamonds (LSE:NAD)
Historical Stock Chart
From Oct 2024 to Nov 2024