New African Mining AG
New African Mining posted for expansion
New African Mining AG / Letter of Intent 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 posted for expansion New African Mining (NAM) has started production at its first two operations in South Africa. Additionally, a letter of engagement with Libertas Capital has been signed and shall pave the way to substantial funding that will allow NAM to implement its growth strategy rapidly. Zug/Switzerland, March 18, 2008: New African Mining (WKN A0MSTM, ISIN CH0031078220) the recently launched South African based diamond miner has now started production at its first two operations, the Kamfersdam tailings recovery plant and the Loxton underground mine, both located in Kimberley/South Africa. The Kamfersdam plant is now built and has been fully tested. In common with most start-up operations, teething problems were experienced, particularly with the main crusher. This is being rectified under warranty and full production is expected shortly. Although the quantity of diamonds produced to date is small, quality is above forecast. At the Loxton mine a full refurbishment of both the underground and surface is being completed. It should result in a high-efficiency, long life operation. Here too, problems with the processing plant have been indentified and are being rectified. The next two projects in the pipeline are the high grade Bellsbank underground mine and the Kamfersdam underground mine. A thorough surface inspection has been made of the Bellsbank property. Sound infrastructure remains at two shafts including winders and headgear. Refurbishment work is expected to begin within the next weeks. Furthermore, opportunities for expansion continue to be recognized and pursued. To this end a letter of engagement has been signed with the well-known financial group Libertas Capital with a view to a substantial fund raising. It is our intention to use future funding to spur NAM’s expansion in order to increase shareholder value. 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 18.03.2008 Financial News transmitted by DGAP ----------------------------------------------------------------------
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