23 Nov 2009 12:00
23rd November 2009
Highlights of the Chairman's statement
made at the Annual General Meeting of West African Diamonds,
London, 12 noon, 23rd November 2009
The planned merger with Stellar Diamonds is proceeding well. A relisting of the new enlarged entity is planned for early February 2010. It will create a bigger diamond producer, capable of delivering a robust cash flow, holding an exciting portfolio of advanced kimberlite projects.
The new company will have:
Two producing alluvial diamond mines in Guinea, Bomboko and Mandala, with a resource base of over 1.5 million carats
An advanced stage diamondiferous kimberlite exploration project at Droujba in Guinea
A joint venture with Petra Diamonds on the Koidu dykes in Sierra Leone
A joint venture with Thunderball on the Pipe 3 kimberlite pipe and adjacent dykes in Koidu
A 5% royalty interest on the Plant 11 undersize tailings project in Sierra Leone
Highly prospective diamond ground on the Tongo dykes in Sierra Leone
The combined management team has extensive experience in diamonds in West Africa.
The new enlarged entity will be better placed to take full advantage of the merger and growth opportunities available in West Africa and elsewhere.
Enquiries:
| West African Diamonds plc | |||
| John Teeling, Chairman | + 353 1 833 2833 | ||
| James Campbell, Deputy Chairman | +27 83 457 3724 | ||
| Astaire Securities plc Lindsay Mair | +44 (0)20 7448 4400 | ||
| College Hill Nick Elwes | +44 (0) 20 7457 2020 | ||
www.westafdiamonds.com