New African Mining AG
New African Mining plans take-over
New African Mining AG / Acquisition 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 plans take-over of Simolotse/Loxton mine in Kimberley, South Africa New African Mining (NAM) is intending to purchase the Simolotse/Loxton diamond mine in Kimberley, South Africa, and is presently conducting a due diligence for the same. The production at Simolotse will re-commence 2 to 3 month after the deal is closed. Zug/Switzerland, July 11, 2007 – Simolotse is an underground mine that has been in production since the 1930s. The mine can produce 12,000 tonnes of fissure with an expected yield of over 4,000 carats a month which are mostly gem diamonds in the USD 200-250 per carat range. Simolotse offers reserves for at least 20 years. The basic infrastructure is in good repair and well maintained whereas the development of the mine (extracting new levels) will require capital investment over the next few years. NAM has signed an agreement for a due diligence period ending August 31, 2007. Once the sale is concluded, the mine can be operational and producing diamonds within 2 to 3 months. According to Chairman David Hargreaves, 'We continue to build a portfolio of dumps and old mines. While the dumps are managed with modern fully automated technology and will offer quick cash flow, old mines are going to be professionally developed. We know Simolotse very well as some of our senior management members used to manage this mine a couple of years ago.' 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 DGAP 11.07.2007 ----------------------------------------------------------------------
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