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RNS Number : 9070A
Namibian Resources PLC
19 October 2009
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For Immediate Release
19 October 2009
Namibian Resources Plc
Progress Report
Since the end of the financial year on 28 February 2009, the Company has
maintained its equipment and carried out geological studies to refine the
geological model of the Pomona area and its diamond deposits. Over the last
several months, the diamond market has stabilised and rough diamond prices have
risen overall due to a shortage of high quality product in the size ranges
produced by the Company. Throughout this difficult period, the Directors have
continued to finance the Company with unsecured, interest-free loans.
The Directors are now pleased to announce the following actions.
(1) The Companys wholly owned subsidiary, Sonnberg Diamonds, is shortly to
re-commence production on a limited scale on identified resources.
(2) An additional profitable local producer has been identified and negotiations
with a view to acquisition are continuing, subject to finance. Further
information will be announced as soon as possible.
(3) Subject to finance, it is the Companys intention to purchase further
equipment for Sonnberg to increase previous production levels and to enable
simultaneous mining and sampling.
(4) Finance by a placing is being sought from Institutions and
sophisticated investors to fund increased production.
Shareholders will be informed of progress in due course.
For more information, please contact:
Tony Carlton
Namibia Resources PLC
Tel: 020 8726 0900
Roland Cornish
Beaumont Cornish Limited
Tel: 020 7628 3396
Simon Frost
Priscilla Ross
Keith, Bayley Rogers & Co. Limited
Tel: 0203-100-8300
This information is provided by RNS
The company news service from the London Stock Exchange
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