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23 Nov 2009 12:00
23rdĀ November 2009Ā
Highlights of the Chairman's statementĀ
made at the Annual General Meeting of West African Diamonds,Ā
London, 12 noon, 23rdĀ November 2009
The planned merger with Stellar Diamonds is proceeding well. A relistingĀ of the new enlarged entity isĀ planned forĀ early FebruaryĀ 2010. It will create a bigger diamond producer, capable of delivering a robustĀ cash flow, holding an excitingĀ portfolio of advanced kimberlite projects.
The new company will have:Ā
Two producing alluvial diamond mines inĀ Guinea, Bomboko andĀ Mandala, with a resource base of over 1.5 million carats
An advanced stage diamondiferous kimberlite exploration project at Droujba inĀ Guinea
A joint venture with Petra Diamonds on the Koidu dykes inĀ 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 inĀ Sierra Leone
Highly prospective diamond ground on the TongoĀ dykes inĀ Sierra Leone
The combined management teamĀ has extensiveĀ experience in diamonds inĀ West Africa.
The newĀ enlargedĀ entity willĀ be better placed to take full advantage of theĀ merger and growth opportunitiesĀ availableĀ inĀ West AfricaĀ and elsewhere.
Enquiries:
|
West African DiamondsĀ plc |
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|
John Teeling, Chairman |
Ā + 353 1 833 2833 |
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James Campbell, Deputy Chairman |
Ā +27 83 457 3724 |
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AstaireĀ Securities plc Lindsay Mair |
+44 (0)20 7448 4400 |
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College Hill Nick Elwes |
+44 (0) 20 7457 2020 |
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www.westafdiamonds.com
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