Valuation of recovered diamonds complete

The 10 486 diamonds, weighing 689 carats, that were recovered from the Phase 1 drilling programme have been valued at an average value of P900 a carat by the DTC.

This value is very similar to the Lethlakane mine and significantly above the value per carat in the Orapa Mine.

The AK6 valuation is made up of a modelled P1 000 per carat from the combined Northern and Central lobe and a modelled P750 per carat for the Southern Lobe.

The DTC valuation is considerably above the original basis for modeling AK6 that was set at P840 per carat.

Most of the elements are now available to complete a preliminary economic model that will highlight the attractiveness of developing the AK6 project.

This is expected by the end of September 2006.

The 10-hole second phase programme is well ahead of schedule. Hole 8 has commenced.

Hole 7 drilled to 702 metres in kimberlite in the South Lobe ‘ a record for a 23-inch large diameter drilling (LDD) rig.

The current LDD programme is scheduled to finish in the next few weeks and is expected to deliver 500-600 carats.

The encouraging news flow from AK6 has lead to two separate and simultaneous bulk sampling programmes being scheduled that will follow the current Phase 2 drilling programme to recover an estimated 3 000 carats from 10 000 tonnes of kimberlite ‘ 1 500 from the combined Northern and Central lobes and 1 500 from the Southern Lobe. ‘ The Voice.

July 2006
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