New African Mining AG
New African Mining provides the basis for strong growth in 2008
New African Mining AG / Forecast 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 provides the basis for strong growth in 2008 The first diamonds will be produced before year end and more acquisitions are in the pipeline. This will set the stage for a rapid expansion in 2008. We currently estimate that we will achieve a pre-tax profit of USD 13.6 million in 2008. Zug/Switzerland, November 22, 2007: New African Mining (NAM) is pleased to announce that the company is well on course to produce the first diamonds before year end. This will set the stage for strong growth in 2008 and the years to come. We currently estimate that we will achieve a cash flow of USD 25.9 million and a pre-tax profit of USD 13.6 million in 2008. At the Kamfersdam dump recovery operation in Kimberley/South Africa, the plant is being completed and transported to site from next week. Commissioning of the plant will start immediately once all equipment is on site. A stockpile of approximately 150 000 tons has been transported to the processing site already. We expect to produce 9 000 carats from this stockpile. An agreement to buy the Kamfersdam underground mine, which is estimated to contain at least 925’000 carat has been concluded. Planning for the re-opening of this operation is in progress. The Simolotse mine is already under NAM management and the refurbishment of the plant is nearly completed. Processing of ore and tailings is expected to commence on Monday. The hoisting of ore from underground has already commenced and a stockpile of approximately 600 tons is available for processing. Underground development work to open new workplaces is progressing well and is on schedule. Chairman David Hargreaves said: 'We are convinced that our strategy will lead to rapid growth in the years ahead. NAM is well positioned to quickly build a strong portfolio of dumps and mines and thereby deliver substantial 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 22.11.2007 Financial News transmitted by DGAP ----------------------------------------------------------------------
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