Stellar Diamonds Regulatory News (STEL)

26 Nov 2008 11:09



26th November 2008

Highlights of Chairman's Statement at AGM

London, Wednesday 26th November 2008

At the AGM held today at 11am, West African Diamonds (AIM: WAD) ('West African Diamonds' or the 'Company') provided an update on its operations, the highlights of which are:

West African Diamonds is active in both Sierra Leone and Guinea

In Guinea, the Bomboko alluvial mine is expected to come on stream in H1 2009 at a rate of 6,000 tonnes of gravel a month, which should produce 900 carats of good quality diamonds each month. Production is expected to double during the first year

Gold traces found in the Bomboko River will be further investigated

An active exploration programme will take place on the Droujba kimberlites including bulk sampling and drilling

In Sierra Leone, we are following up on the good results on our Nimini Hills gold prospect

We are actively pursuing joint ventures on our diamond properties in Sierra Leone

Discussions with interested parties which may lead to a takeover of West African Diamonds continue

Jim MacGregor has decided not to go forward for re-election at the meeting and will step down as a member of the Board at the end of this AGM

No other material information was disclosed during the update. All resolutions were passed at the meeting. Jim MacGregor, a director of the Company, decided not to stand for re-election and hence the proposal for his re-election was not put to the meeting.  Consequently, Mr MacGregor will be standing down from the Board with immediate effect.  He will continue as adviser and consultant to the Company.

Enquiries:

www.westafdiamonds.com