Sunrise Res Regulatory News (SRES)

12 Feb 2007 16:30

Sunrise Diamonds PLC12 February 2007 www.sunrisediamonds.com12 February 2007 PLACING TO RAISE £545,000___________________________________________________________________________ Sunrise Diamonds plc ("Sunrise Diamonds" or "the Company") announces that it hasconditionally placed with institutional investors 27,250,000 new ordinary shares("the Placing Shares") of 0.1p each at 2 pence per share (the 'Placing'). ThePlacing will raise £545,000 before expenses and the proceeds will be used tofollow up the encouraging results of the 2006 exploration programme in Finlandand for general working capital purposes. The Placing Shares will represent 21.82% of the enlarged issued share capital ofthe company. The Placing is conditional, inter alia, on the Placing Shares beingadmitted to trading on AIM, which is expected to occur on or around 16 February2007. The Placing Shares will rank pari passu with the existing ordinary sharesin issue and increase the number of ordinary shares in issue to 124,905,278. 2007 Exploration Programme The proceeds of the Placing will enable the Company to follow up the explorationprogramme initiated in 2006. This will include ground investigations anddrilling for kimberlite at targets 295 and 298 and further investigation of 17other priority diamond targets. Kimberlite fragments and a microdiamond werefound in surface sediments in the last sampling round to follow up Target 295.Also in 2006, a 20kg sample of kimberlite boulders from Target 298 returned 27microdiamonds - a high microdiamond content. The Company will also work on evaluation of the commercial potential of severalof the Nordic Diamonds JV pipes and continue target generation in Finland andelsewhere. Further Info: Patrick Cheetham, Sunrise Diamonds plc. Tel: +44 (0)1625-505947.Mob: +44 (0)7767-458751 John Greenhalgh/Ron Marshman, City of London PR Ltd. Tel: +44 ( 0)20-7628-5518 The information in this release has been compiled and reviewed by Mr. PatrickCheetham (MIMMM, MAusIMM) who is a qualified person for the purposes of the AIMGuidance Note for Mining Oil & Gas Companies issued on March 16, 2006. MrCheetham is a Member of the Institute of Materials, Minerals & Mining and also amember of the Australasian Institute of Mining & Metallurgy. This information is provided by RNS The company news service from the London Stock Exchange