New African Mining AG
New African Mining to sell first diamonds
New African Mining AG / Product Launch Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Press release New African Mining to sell first diamonds New African Mining (NAM) will sell its first diamonds at a public tender in late February. More acquisitions are planned and should set the stage for continuous growth in 2008. Zug/Switzerland, February 14, 2008: New African Mining (WKN A0MSTM, ISIN CH0031078220) the recently launched South African based diamond miner is in production and on the way to meets its targets. The first diamond sales are expected to take place at public tender in Kimberley in late February. The company continually seeks new opportunities which match its requirements of nearby output and profitability. NAM is therefore focusing on growth and plans to acquire additional projects that fit to the company’s expansion strategy. This would eventually transform NAM into a serious mid-tier diamond producer. NAM was created over the past two years to meet the changing investment criteria of the diamond mining industry with a focus on early production and cash flow. Five promising projects, all within a short distance of Kimberly/South Africa, have been indentified. They comprise three underground mines for redevelopment, a large alluvial and a tailings recovery plant. The Kamfersdam tailings recovery unit has experienced some start-up problems but is expected to be fully operational by the end of February. It benefits from a supply of free process water and a wholly-owned, disused quarry to be used for waste disposal. Initial screening of the tailings in the commissioning of the processing plant revealed a high percentage of uncrushed Kimberlite ore. A total of 5.2 million tons of tailings are available for processing at Kamfersdam. The Simolotse underground mine has been completely refurbished and is already producing. Three shafts are being re-equipped, coincident with underground stope development and a complete refurbishment of the surface processing plant and facilities. Carat production at Simolotse in December 07, from both tailings and underground ore, was above forecast. Encouragingly, the proportion of stones weighing more than one carat equaled 54% of recovery. The largest stone weighed 7.8 carats. In order to increase capacity and improve efficiency the processing plant was dismantled and re-built, incorporating two 16 ft rotary pans and a scrubber section. This work is nearing completion. Currently, a stockpile of more than 5 000 tons from underground production is ready for processing. All sites under management will be progressively developed. NAM is building its portfolio towards a targeted production of 200,000 carats per year from its identified projects and plans to be cash flow positive by 2009. Chairman David Hargreaves said: 'We are pleased with the progress achieved in recent months. NAM is well positioned to expand its businesses quickly and to transform the company into a serious mid-tier diamond producer in the near future.' About New African Mining New African Mining (NAM), Zug/Switzerland, is in the business of mining and selling rough diamonds. NAM is structured as a holding company that owns and acquires dumps and mines through its wholly-owned subsidiaries. Up to date industrial mining techniques are being used. For further information please contact: Mail: info@newafricanmining.com Tel +41 44 500 54 17 or Deon Kotze, Director Block 4 B, Phoenix Park, Wesselton Vilage Kimberley / South Africa Tel +27 53 8026310 Mail: dk@newafricanmining.com or David Hargreaves, Chairman Tel +44 (0) 1932 863 365 Mobile +44 (0) 788 443 7468 Mail: mine2mkt@aol.com 14.02.2008 Financial News transmitted by DGAP ----------------------------------------------------------------------
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