🕐11.08.11 - 15:54 Uhr
FW: LUCARA DIAMOND NEWS RELEASE - LITIGATION UPDATE
People,
Look at this.
Imagine how much you as shareholders lost in African
Diamonds as this spurious claim was spread far and wide.
It is good for Botswana Diamonds as it restricts any royalty to one
specific licence.
John
From: Sophia Shane [mailto:]
Sent: 10 August 2011 21:33
Subject: Lucara Diamond News Release - Litigation Update
Good afternoon!
Please find enclosed a news release issued this afternoon.
If you have
any questions or require further information, please do not hesitate to
call.
Best regards,
Sophia Shane
Ph.
604 689 7842
NEWS RELEASE
LUCARA LITIGATION UPDATE
August 10, 2011 (LUC-TSXV, LUC-BSE)...
As has previously been reported
by Lucara Diamond Corp.
("Lucara" or "the Company"), in April 2010,
legal proceedings were initiated against African Diamonds Plc, Lucaras
wholly-owned subsidiary, by two former directors of African Diamonds
claiming entitlement to a 3% royalty on production from the AK6 diamond
project.
The claim was heard in the Botswana High Court in early June, 2011.
The
High Court delivered its ruling today, dismissing the claims against
African Diamonds, with costs awarded against the plaintiffs.
The
plaintiffs have 30 days to seek to appeal the ruling.
Lucara is a well positioned emerging new diamond producer.
The Company
has an experienced board and management team with years of diamond
development expertise.
The Companys two key assets are the AK6 diamond
mine in Botswana and the Mothae diamond mine in Lesotho.
The 100% owned
AK6 project is in the construction stage with mine commissioning
scheduled to commence in the fourth quarter of 2011.
The 75% owned
Mothae mine is currently in the trial mining stage.
Both Mothae and AK6
are world class assets with tonnage and throughput upside; diamond
values from both could significantly increase with the continued
recovery of Type IIA and large stones.
On Behalf of the Board,
William Lamb
President and CEO
Forward Looking Statements: This document contains statements about
expected or anticipated future events and financial results of Lucara
that are forward-looking in nature and are based on Lucaras current
expectations, estimates and projections.
This forward-looking
information is subject to certain risks and uncertainties, such as legal
and political risk, civil unrest, general economic, market and business
conditions, the regulatory process and actions, technical issues, new
legislation, competitive and general economic factors and conditions,
the uncertainties resulting from potential delays or changes in plans,
the occurrence of unexpected events and managements capacity to execute
and implement its future plans.
The actual results, activities,
performance or achievements of Lucara may differ materially from those
projected by management.
A discussion of factors that may affect
Lucaras actual results, performance, achievements or financial position
is contained in the filings by Lucara with the Canadian provincial
securities regulatory authorities on the system for electronic document
analysis and retrieval ("SEDAR") at www.sedar.com.
For further information, please contact:
Sophia Shane, Corporate Development (604) 689-7842
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.