Developments in Sierra Leone
16 Setembro 2009 - 3:00AM
UK Regulatory
TIDMWAD
RNS Number : 0759Z
West African Diamonds PLC
16 September 2009
16 September 2009
Developments in Sierra Leone
- Joint venture with Thunderball Limited to explore Pipe 3 in Koidu, Sierra
Leone.
- West African Diamonds retains 20% carried interest to the commencement of
production.
The board of West African Diamonds (WAD), the AIM listed diamond miner, is
pleased to announce the formation of a joint venture with Thunderball, a private
Japanese / Sierra Leone company to explore and, if justified, to develop a mine
in and around the diamondiferous Pipe 3 kimberlite in the Koidu area of Sierra
Leone. Pipe 3 is part of a 26 square kilometre licence, which also includes
kimberlite dykes containing high grades of quality diamonds.
Thunderball will immediately begin an intensive exploration of the licence. They
will be operator and 80% shareholder in the venture. WAD holds the remaining 20%
and will be carried for all expenditure up to the commencement of production.
John Teeling, Chairman, said:
"This is a significant and very welcome development for WAD. The focus of WAD on
developing our Bomboko mine in Guinea has meant less time and money have been
devoted to evaluating the potential of the Pipe 3 kimberlite and surrounding
areas in Sierra Leone. Earlier work by WAD produced a grade of 20 carats per
hundred tonnes of high quality gemstones from Pipe 3; we believe the grade could
be higher and the pipe could prove to be even bigger. I am delighted that
Thunderball has plans for immediate exploration, evaluation and, if justified,
development of a hardrock diamond mine on the property. We look forward to
working with them and offering them every support".
This release has been reviewed by Alex van Zyl, Technical Director, West African
Diamonds plc. Alex van Zyl (B.Sc. Stellenbosch, B.Sc. Hons. Pretoria) spent a
long career in Anglo American in the diamond division, ending up 1990 to 1997
with worldwide responsibility for diamond exploration and evaluation. He was a
consultant to De Beers from 1997 to 2002.
Enquiries:
+------------------------------------+-------------------------+-------------------+
| West African Diamonds plc | |
+------------------------------------+---------------------------------------------+
| John Teeling, Chairman | + 353 1 833 2833 |
+------------------------------------+-------------------------+
| James Campbell, Deputy Chairman | +27 83 457 3724 |
+------------------------------------+-------------------------+
| Astaire Securities plc | +44 (0)20 7448 4400 |
| Lindsay Mair | |
+------------------------------------+---------------------------------------------+
| College Hill | +44 (0) 20 7457 2020 |
| Nick Elwes | |
+------------------------------------+-------------------------+-------------------+
www.westafdiamonds.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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