African Diamonds - The Stock of 2004

"Very occasionally fortune favours the brave. Our strategy has been vindicated.
Our joint venture, in Botswana with De Beers, shows every indication of being a
company maker for African Diamonds. The AK6 discovery near Orapa is a large
pipe with good grades and good quality stones. The pipe was one of eight
contributed by De Beers to our joint venture. The discovery is on track to be
declared commercial in the next year. Current tonnage estimates are 54 million
tons of kimberlite. If the previously announced grades of 25 carats per hundred
tons (cpht) are maintained and if the values of US$138 per carat are maintained
then a 5 million ton a year mine producing in excess of 1 million carats with
revenues of US$150 million is possible. I must caution you that it is still a
prospect but it looks good. De Beers is proposing to spend in excess of $20m on
AK6 in 2006. There is no cost to African Diamonds."