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15 May 2008 08:26
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15Β May 2008
Lonrho Plc
("Lonrho")
LONRHOΒ MININGΒ DISCOVERSΒ EXCEPTIONAL 61Β CARATΒ DIAMOND
Lonrho (AIM: LONR), the conglomerate with a structured portfolio of African investments, is pleased to announce that Lonrho Mining Ltd (formerly known as Nare Diamonds) owned 23.01% by Lonrho, has made the following announcement to the Australian Securities Exchange this morning:
HIGHLIGHTS
ExceptionalΒ 61.30Β caratΒ fancyΒ yellowΒ diamondΒ discoveredΒ atΒ theΒ SchmidtsdriftΒ MineΒ
The diamond is octahedron in shape and is expected to yield a high value
Australian based diamond exploration and development company Lonrho Mining Limited (ASX: LOM) ("Lonrho Mining" or the "Company"), today announcedΒ that it hadΒ discoveredΒ an exceptionalΒ 61.30Β carat stone at its Schmidtsdrift Mine located in the Republic of South Africa.Β
The diamond isΒ aΒ fancyΒ yellowΒ perfectΒ octahedronΒ andΒ is expected to yield a high valueΒ (see Figure1).Β Further photosΒ of theΒ diamondΒ can be viewed on theΒ Company'sΒ website atΒ www.lonrhomining.com.Β
The Schmidtsdrift mine - owned by Nare Diamonds (80%) and the Schmidtsdrift Communal Property Association (20%) -Β comprisesΒ six contiguous farms along the western bank of theΒ VaalΒ River, with a combined area of 320kmΒ².Β
Since the Company commenced operations in April 2006Β up to 30 April 2008, the Schmidtsdrift mine has producedΒ 16,395Β carats of diamonds fromΒ 3,255,969Β tonnes at an average grade ofΒ 0.5Β carats per hundred tons. The production includedΒ 328Β stones in excess of 5 carats in size, including a rare 235 carat stone, two 66 carat stones and 25Β stones between 15 andΒ 50 carats in size.
The latestΒ discovery follows an extensive organizational restructuring at theΒ Schmidtsdrift Mine.Β
An earlierΒ announcementΒ by the Company advisedΒ of a significant development at theΒ Company'sΒ Lulo Project inΒ Angola, where itΒ identifiedΒ a potentialΒ 160 kimberlite pipesΒ from a recently completed airborne survey.
Commenting on theΒ discovery, Chief Executive Officer of Lonrho Mining,Β Charles MostertΒ stated:Β
"This diamond is of extremely high quality and is expected to achieve a veryΒ highΒ value.Β We are confident that the recently completed operational review at the Schmidtsdrift mine will continue toΒ have a positive effect and hopefullyΒ yield furtherΒ diamonds of this quality."
Β Β Figure 1
http://www.rns-pdf.londonstockexchange.com/rns/5136U_-2008-5-15.pdf
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LONRHO ENQUIRIES
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LonrhoΒ Plc |
+44Β (0)20Β 7016Β 5105 |
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DavidΒ Lenigas,Β Executive Chairman |
+44Β (0)7881Β 825Β 378 |
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Geoffrey White, Chief Executive Officer |
+44 (0)7717 307 308 |
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EmmaΒ de Borchgrave,Β ExecutiveΒ Director |
+44Β (0)7867Β 785Β 177 |
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Β |
Β |
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Pelham PR |
Β |
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CharlesΒ Vivian |
+44Β (0)Β 20Β 7743Β 6672 |
|
Β |
+44Β (0)Β 7977Β 297903 |
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James MacFarlane |
+44Β (0)Β 20Β 7743Β 6375 |
|
Β |
+44Β (0)Β 7841 672831 |
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Β |
Β |
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Collins Stewart Europe : NOMAD to Lonrho |
Β |
|
Hugh Field / Simon AlstonΒ |
+44Β (0)Β 20Β 7523Β 8350 |
NOTES TO EDITORS
Background
The Schmidtsdrift diamond mine comprises six contiguous farms along the western bank of theΒ VaalΒ River, with a combined area of 320kmΒ²Β and divided into 24 mining zones.Β Β
The Company's flagship project is the Lulo Diamond Concession locatedΒ inΒ north easternΒ Angola.Β The Company recentlyΒ announced the identification of 217 magnetic anomalies from a helicopter borne aeromagnetic and radiometric survey conducted at Lulo. Other diamond operators in this region have reported that up to 75% of the targeted magnetic anomalies drilled are kimberlite pipes. Based on this comparison, approximately 160 of the anomalies on the Lulo concessions are likely to be kimberlites. Β Lulo is located an area which many experts believe will become a prolific region for the production of diamonds. The Catoca mine, which is approximately 90 kilometers from Lulo, produced approximately 7 million carats in 2007. Lulo is also adjacent to the Alto Cuilo concession which is a joint venture between Petra Diamonds and BHP Billiton where 77 kimberlite pipes have already been discovered.
In addition, the Company owns interests in three other South African diamond exploration projects.
For moreΒ information please visit:Β www.lonrhomining.comΒ
About LONRHO:
Lonrho Plc is an expanding conglomerate that is rapidly growing a successful business throughout Africa. The Company's shares are traded on the London AIM stock exchange (LONR). Lonrho is strategically focused on the development of business opportunities in infrastructure, transportation,Β support services, hotels and natural resources. The Company has over 19,000 shareholders and substantial institutional backing to support its mandate to build a profitable business that plays a fundamental role in the development of the African economy.Β
Β
Since 2006, the Company has invested in or acquired control of:Β
Hotel Cardoso -Β www.hotelcardoso.co.mzΒ Β (retained)
Lonrho Mining -Β www.lonrhomining.comΒ
Luba Freeport -Β www.lubafreeport.comΒ
Fly540 -Β www.fly540.comΒ
Swissta Holdings -Β www.swissta.comΒ
SA Independent Liner Services -Β www.saliners.comΒ
Bytes and PiecesΒ www.bytespieces.comΒ
Kwikbuild -Β www.e-kwikbuild.co.zaΒ
LonZim -Β www.lonzim.co.ukΒ
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