28 Feb 2011 07:00
TanzaniteOne Limited
("TanzaniteOne" or "the Company") (AIM: TNZ)
Exceptional 12,100 Carat Tanzanite Stone Discovered
TanzaniteOne Limited, the gemstones producer and developer, today announces the recovery of the third largest high quality gemstone ever mined in the 10 years operating history of the tanzanite project.
The 12,100 carat (2.42 kg) rough tanzanite stone was discovered recently at the Company's flagship tanzanite project, in the Simanjiro district of Tanzania. The exceptional stone was recovered from Main Shaft, located in the centre of the Company's licence at a vertical depth of just over 450m. The stone was mined from a newly intersected fold structure, with initial indications suggesting an exceptionally high potential grade and quality yield profile from the structure.
Initial examinations have indicated that it is the third largest tanzanite gemstone recovered by the Company and thought to be the third largest tanzanite stone ever found worldwide. The gemstone will now undergo appropriate analysis, including colour and clarity grading. The stone is expected to contain a significant 'A' grade component under the tanzanite classification system. It will most likely be divided into smaller but still exceptionally sized pieces to be cut and polished at the Company's own state of the art, in-house cutting facility which was commissioned in December 2010 at the TanzaniteOne mine site.
Bernard Olivier, TanzaniteOne's Chief Executive commented on the find: "This is an extremely exciting discovery for TanzaniteOne and is further evidence of the continued quality of gemstone that is to be found at depth in this unique part of Africa and indeed the world. Whilst we await the results of expert analysis on this significant discovery, we will continue to realise the potential of our mine, which produced a total of US$ 15.8 million in sales for 2010".
A picture of the tanzanite stone can be viewed using the attached link:
http://www.rns-pdf.londonstockexchange.com/rns/8673B_-2011-2-25.pdf
For more information, please contact:
Willi Boehm, Company Secretary
+61 8 9367 5211
Bernard Olivier, Chief Executive Officer
+61 4089 48182
Nominated Adviser and Broker
Ambrian Partners Limited
Samantha Harris/ Richard Chase
+44 (0) 20 7634 4700
Joint Broker
XCAP Securities PLC
John Grant/Jon Belliss/David Newton
+44 (0) 20 7101 7070
Public Relations
Threadneedle Communications
Laurence Read/ Beth Harris
+44 (0)20 7653 9850
Qualified Person
The information in this announcement relating to exploration and/or prospectively has been reviewed by Dr Bernard Olivier who has sufficient relevant experience to the style of mineralisation and type of deposit under consideration to meet the criteria of a qualified person under the AIM note for mining, oil and gas companies. Dr Olivier is a Member of the Australasian Institute of Mining and Metallurgy and meets the criteria of a qualified person under the AIM guidance note for mining, oil and gas companies. He has compiled and approved the technical disclosures in this announcement.
Notes to the Editor:
The following modified tanzanite grading and classification system is currently being used by the Company:
Grade | Description |
A | Exceptional Colour, Eye Clean |
B | Rare Deep Colour, Eye Clean |
B (SI) | B Colour - Slightly Included |
B (I) | B Colour - Included |
BL | Lighter Colour B grade, Eye Clean |
BL (SI) | B Light - Slightly Included |
BL (I) | B Light - Included |
D | Opaque Material |
TanzaniteOne is the largest and most scientifically advanced miner and supplier of rough tanzanite, a unique position that affords it the opportunity to support and influence the entire channel, from mine to market, ensuring that maximum stakeholder value is achieved at each stage of the process.
Our leading position in the tanzanite market has ensured TanzaniteOne the recognition and respect of its peers and provides the opportunity for expansion into a broader range of PCGs located at various key sites around the world.
TanzaniteOne, which uses state-of-the-art optical sorters and technically advanced processing and sorting methods, has further enhanced its sorting techniques resulting in the unlocking of further value in the B and BL categories. This initiative forms part of the Group's stated refocus on its main production source, lighter but equally brilliant stones. Additional evaluation continues in this area as TanzaniteOne strives to unlock value in this significant portion of its production.
END