Quarterly Activities Report for the period ended 30 June 2008
31 Julho 2008 - 3:39AM
UK Regulatory
Quarterly Activities Report for the period ended 30 June 2008
DIAMONEX LIMITED
AIM Release
31 July 2008
QUARTERLY ACTIVITIES REPORT
FOR THE FORTH QUARTER ENDING 30 JUNE 2008
Last phase commissioning nearing completion
First diamond sale scheduled for August
Ramping to full production
The 100% owned Lerala diamond mine in eastern Botswana, has an
established 3.7 million carat diamond resource and is scheduled to
produce an average of 330,000 carats per year for 10 years.
PRODUCTION
The Lerala Diamond Mine (DiamonEx 100%)
The commissioning phase for the Lerala Mine commenced in April with
full-scale production of diamonds scheduled for August 2008. First
diamonds will be processed and ready for sale in August 2008 through
WWW International Diamond Consultants - one of the world's leading
diamond marketing and valuation companies (WWW IDC).
Commissioning of the Mine marks the final phase of an 18-month
construction project. The commissioning process has gone well with no
major issues emerging. It has overrun in time due to some technical
issues in plant operation but on the whole the plant has tested well.
The Lerala mine has a brand new purpose built Media Separation Plant
(DMS), with 200 tonne per hour through-put capacity that utilises
state of the art HPGR crushing technology. The Company is also
preparing for its first diamond sale, now planned for the end of
August. Under its mining lease covenants to the Botswana Government
DiamonEx must offer its goods to Botswana registered cutters and
polishers. Simultaneous with the Botswana offering, the Company will
be offering its goods for sale internationally, in Antwerp, with the
best price in a closed tender process securing the diamonds.
Highly regarded diamond valuation agents, WWW International Diamond
Consultants, who represent and act for the world's leading diamond
companies and Governments, have been engaged by DiamonEx to market
its diamonds. This dual sales process is part of a major initiative
of the Botswana Government to grow the diamond beneficiation industry
in Botswana. Importantly however, this sales process ensures that
the best possible price for the diamonds is achieved by allowing the
world market to bid alongside the Botswana diamond cutters.
The installation of 12 synchronised 400 kVa generators (4.8 MW)
ensures the Lerala Mine will be unaffected by electricity supply
problems experienced in Southern Africa.
The economics of the Lerala Mine continue to look strong. Any drop in
sales revenue from the weakening US dollar is offset by an even
weaker Botswana pula resulting in lower operating costs. Since the
company completed its feasibility study in 2005, there has been a
constant increase in rough diamond prices with WWW IDC forecasting
continuing long term growth taking into account the down turn in the
US economy.
EVALUATION
Sloan Mineral Rights, Northern Colorado, USA (Diamonex 100%)
The permitting process to allow work to proceed has been initiated
with the Laramie County, and the company has engaged Fort Collins
based mining services company Tetra Tech, as its consultants in this
matter.
It is anticipated that this process will be completed during the
third quarter
EXPLORATION
Exploration activities continued on the company's Jwaneng and Tuli
properties in Botswana.
CORPORATE
Funding
During the quarter the company raised AUD$1.52 Million through a
Shareholder Share Purchase Plan.
OUTLOOK FOR THE NEXT QUARTER
The company's primary focus for the last quarter of this financial
year is to commission and commence full production at the Lerala Mine
and to be cash flow positive by the end of 2008.
For and on behalf of the Board
Paul Crawford
Company Secretary
For further information contact:
Dan O'Neill Mark Gray
Managing Director Corporate Development
Tel: + 61 7 37208944 Tel: + 61 7 37208944
Fax: + 61 7 37208988 Fax: + 61 7 37208988
Mob: + 61 407596942 Mob: + 61 412899979
Email: diamonex@diamonex.com.au Email: diamonex@diamonex.com.au
Will Souter or Rob Adamson Richard Hail
RFC Corporate Finance Ltd (Nomad) Fox-Davies Capital Ltd (AIM Broker)
Tel: + 612 9250 0050 Tel: + 44 20 7936 5200
+ 612 9250 0041
Email: will.souter@rfc.com.au Email: Richard.Hail@fdcap.com
rob.adamson@rfc.com.au
The information in this report that relates to Exploration Results is
based on information compiled by Mr Dan O'Neill who is a member of
the Australian Institute of Geoscientists and a full time employee of
DiamonEx Limited. Mr O'Neill has sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration and to the activity which they are undertaking to
qualify as Competent Persons as defined in the 2004 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves.' Mr O'Neill consents to the inclusion in
the report of the matters based on his information in the form and
context in which it appears.
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