Excellent Price for Cassanguidi Diamonds
10 Novembre 2009 - 8:00AM
UK Regulatory
TIDMPDF
RNS Number : 2328C
Pangea DiamondFields PLC
10 November 2009
Pangea DiamondFields plc
('Pangea' or the 'Company')
Excellent Price for Cassanguidi Diamonds
Pangea DiamondFields plc (AIM: PDF), the diamond producer and exploration
company, announces the results from the most recent sale of diamonds from its
Cassanguidi Project ('Cassanguidi' or 'the Project'), which is situated 80 km
East of Dundo, in the Lunda Norte Province, Angola.
The sale of 1,964 carats, which took place last week in Luanda and was
facilitated by state-run diamond trading company SODIAM, yielded an average
price of US$147.50 per carat. This represents approximately 82% of the Company's
target price of $180.00 per carat, a target which was set prior to the fall in
the price of diamonds, and is well in excess of the currently budgeted level of
70% of the target price.
Commenting on the tender outcome, Chief Executive Boris Kamstra said, "The price
obtained for this parcel represents a significant improvement in rough diamond
prices in Angola, adding credence to our expansion of this project. Our team on
the ground is making good progress toward bringing this project to full
production despite seasonally adverse weather and the usual logistical
challenges. At present, the project is still on track to be at full capacity by
the year end."
Further information:
+---------------------------+--------------------------+---------------------------+
| Pangea DiamondFields plc | Ambrian Partners Limited | Walbrook PR Ltd |
| | | |
+---------------------------+--------------------------+---------------------------+
| Boris Kamstra | Richard Brown / Richard | Louise Goodeve / Leah |
| | Greenfield | Kramer |
+---------------------------+--------------------------+---------------------------+
| T: +27 11 438 4100 | T: +44 (0) 20 7634 4700 | T: +44 (0) 20 7933 8780 |
| | | |
+---------------------------+--------------------------+---------------------------+
Notes to Editors:
About Pangea Diamondfields PLC
Pangea DiamondFields plc (AIM: PDF) is an emerging diamond producer and
exploration company with a portfolio of seven projects each with multiple
resource targets, located in the Central African Republic, Democratic Republic
of the Congo, South Africa and Angola. The Company aims to minimise risk by
diversifying its projects geographically.
PDF listed on AIM in October 2006 and is led by a strong management team, with a
track record for creating shareholder value in mineral exploration.
For more information on PDF, please visit:
http://www.pangeadiamondfields.com/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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