New African Mining AG
New African Mining starting up production at the Simolotse mine
New African Mining AG / Contract 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 starting up production at the Simolotse mine New African Mining (NAM) is about to start production at the Simolotse diamond mine in Kimberley, South Africa, and the first diamonds should be recovered in November. Zug/Switzerland, October 30, 2007 – The owners of the Simolotse diamond mine in Kimberley (South Africa) have agreed to sell their mine to New African Mining. The contract has been signed and the due diligence process has been successfully completed. The deadline for finalisation of the contract will be extended to 31 January 2008 to facilitate the completion of some Governmental approvals and other conditions precedent. NAM has already taken over the management of the mine and new staff is being hired and all necessary equipment is being made operational. Underground operations will start at the beginning of November. The processing plant is expected to process the first ore mid to late November 2007 which will result in the recovery of the first diamonds. 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 yieldof 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. NAM Chairman David Hargreaves commented on this promising outlook as follows: 'Simolotse fits perfectly into our portfolio of dumps and old mines. Our management team knows the mine very well and this will lead to a superior performance over the coming years. We are convinced that Simolotse will add substantial value to NAM and that this acquisition will further strengthen our growth strategy.' 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 30.10.2007 Financial News transmitted by DGAP ----------------------------------------------------------------------
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