DCP.L Regulatory News (DCP)

17 Nov 2009 07:00



DiamondCorp plc

JSE share code: DMC

AIM share code: DCP

ISIN: GB00B183ZC46

 (Incorporated in England and Wales)

 (Registration number 05400982)

 (SA company registration number 2007/031444/10)

('DiamondCorp' or 'the Company')

JWANENG SOUTH DRILLING UPDATE

DiamondCorp, the Southern African diamond mining and exploration company, today announces an update on drilling of the J1 kimberlite target in the Jwaneng South Project Area in Botswana.

HIGHLIGHTS

The first diamond borehole intersects kimberlite from a depth of 17m to the end of the hole at 340.02m vertical depth. 

At least two kimberlite varieties have been positively identified.

The J1 kimberlite lies under shallow Kalahari sand cover.

UPDATE

The Company's first diamond drill hole, J1/001 located in the western portion of the approximately 10 hectare geophysical anomaly outlining the J1 kimberlite target, has been completed to a vertical depth of 340.02m. The drill hole intersected kimberlite from 17m vertically down hole to the end of the bore hole.

Logging of the core reports Kalahari sand to 17m, severely calcretised kimberlite from 17m to 69m, weathered massive volcaniclastic kimberlite ("MVK") from 69m to 74m and 'relatively fresh' MVK kimberlites from 74m to the bottom of the bore hole at 340m.

The bore hole comprises HQ size core (63.m mm diameter) from 17m to 87m, and NQ size core (47.7mm) to the end of the hole.

The drill rig has now been relocated 200 metres to the east-north-east of bore hole J1/001 to test the eastern portion of the anomaly.

At the completion of the second hole, the core will be shipped to MSA Analytical Laboratories in Johannesburg for microdiamond recoveries. Petrographic analyses of the differing kimberlites will be undertaken by Mr Paul Zweistra of VP3 Geoservices (Pty) Limited ("VP3").

DiamondCorp managing director and CEO, Paul Loudon, said: "We are pleased with the rapid progress in drilling J1 and delighted with the shallow sand cover which could facilitate early bulk testing if microdiamond analysis is positive. We look forward to updating the market as the programme progresses." 

DiamondCorp is earning a 77.5 per cent interest in various exploration licences in Botswana from Geoperspectives (Pty) Limited by funding exploration activities. The J1 kimberlite is located 8km southeast of De Beers Jwaneng mine, the richest diamond mine in the world measured by value.

The Competent Person responsible for the technical information contained in this announcement is Mr Paul Zweistra (Pr. Sci. Nat., Registration number 400016/93) a full-time employee of VP3. VP3 and Mr Zweistra have given their permission for their work to be quoted in this announcement.

17 November 2009

London

Sponsor: Investec Bank Limited

For further information, please contact:

Paul Loudon, DiamondCorp plc

+44 20 7256 2651

Joe Nally/Liz Bowman/Ivonne Cantu, Cenkos Securities plc

+44 20 7397 8900

Ana Ribeiro/Tim Blythe, Blythe Weigh Communications

+44 20 7138 3204

Robert Smith/Tanis Crosby, Investec Bank Limited

+27 11 286 7662

Charmane Russell/Matthew Ross, Russell & Associates

+27 11 880 3924