Please find attached and below the announcement by Gem Diamonds Limited regarding the recovery
of the World’s 20th largest rough diamond with potential to
yield the largest polished
round diamond in history
Due to be
released tomorrow, 22nd September
at 07.00
Please see PDF attachment for additional information
and notes to editors.
Joint News
Release
22 September 2008
GEM
DIAMONDS LIMITED
“Gem
Diamonds” or “the Company”
And
THE
GOVERNMENT OF THE KINGDOM
OF LESOTHO
“The
Government of Lesotho”
RECOVERY
OF HISTORIC 478 CARAT WHITE DIAMOND
Gem Diamonds, the FTSE 250 listed
diamond company, in partnership with the Government of the Kingdom of Lesotho,
is delighted to announce the recovery on Monday 8 September of a historic
diamond from the Let¹eng Mine in Lesotho.
Subsequent to its recovery, the
diamond was transferred to Antwerp
where it underwent acidisation and provisional analysis. Weighing 478
carats, it was determined to be a type II D colour diamond, the highest colour
grading available for a white diamond. Furthermore the diamond is of
outstanding clarity with no inclusions visible in its rough form.
It has
the potential to yield one of the largest flawless D colour round polished
diamonds in history.
The diamond, which is yet to be
named, ranks as the 20th largest rough diamond ever to be recovered. It
is the third significant recovery from the Let¹eng Mine in as many years,
following the 603 carat Lesotho Promise and the 493 carat Let¹eng Legacy
recovered in 2006 and 2007 respectively. Including the 601 carat Lesotho
Brown, recovered in 1960, the Let¹eng Mine has now produced four of the
world’s 20 largest rough diamonds and the three largest diamonds
recovered this century.
Commenting on the recovery, Minister
Monyane Moleleki, the Minister of Natural Resources for Lesotho said:
“Once again Let¹eng
has proved its ability to produce extraordinary diamonds and continues to place
Lesotho
at the forefront of diamond producing countries. We will continue to
proudly develop this asset and the rare diamonds that it produces to their
maximum value for the benefit of the people of Lesotho.”
Clifford Elphick, Chief Executive Officer of Gem
Diamonds, added:
“Preliminary
examination of this remarkable diamond indicates that it will yield a record
breaking polished stone of the very best colour and clarity. Let¹eng
continues to reward its shareholders with the production of these significant
diamonds and to confirm its position as one of the great mines in the diamond
industry. With a further 45 years of life remaining, we expect Let¹eng to
make history for many years to come.”
For further information:
Gem Diamonds Limited
Richard Chetwode
Tel: +44 203 043 0290
Gem Diamond Technical Services
Angela Parr
Tel: +27 11 560 9600
Pelham PR
Candice Sgroi
Tel: +44 207 743 6376
James Henderson
Tel: +44 207 743 6673
NOTES
TO EDITORS
About
Gem Diamonds
Gem Diamonds is a global diamond company that is pursuing an
accelerated growth strategy through targeted acquisitions and the development
of its existing assets.
The Company’s portfolio comprises producing kimberlite,
lamproite and alluvial mines, development projects, exploration assets as well
as a diamond beneficiation centre.
Operations are situated in Angola, Australia,
Botswana, CAR, DRC, Dubai, Lesotho
and Indonesia.
Gem Diamonds has a specific focus towards higher value diamonds, a
segment of the market expected to deliver superior long term returns.
The Company produces some of the world’s most remarkable
white diamonds from its Let¹eng mine, rare fancy and vivid yellow diamonds from
its Ellendale mine and an array of coloured diamonds from its Cempaka mine.
In February 2007, Gem Diamonds listed on the London Stock Exchange
and raised US$600 million (net of expenses) to fund development of its existing
assets as well as to pursue acquisitive growth opportunities.
Gem Diamonds
trades under the code GEMD.
At the time of this announcement the market
capitalisation of the company is approximately US$850 million.
Let¹eng Diamond Mine – the world’s
most significant diamond mine
The Let¹eng Mine is owned by the Let¹eng Diamond Company which is
70% owned by Gem Diamonds and 30% by the Government of Lesotho.
Let¹eng mine was operated by De Beers between 1977 and 1982 and
the mine was reopened in 2004 before being acquired by Gem Diamonds in 2006.
This
478 carat rough diamond recovered at the mine is the 20th largest
rough diamond to ever be recovered.
It is the fourth largest diamond to be
recovered from the Let¹eng Mine.
In the
mid 1960’s the 601ct Lesotho Brown diamond (16th largest) was
recovered from the Let¹eng Mine, it was followed by the 603ct Lesotho Promise
(15th largest) in August 2006 and the Let¹eng Legacy (18th largest) in September 2007.
James MacFarlane
Account Manager
+44 (0)20 7743
6375 M +44 (0)7841 672 831
NO 1
CORNHILL LONDON
EC3V 3ND
FAX +44 (0)20 7743 6671
WWW.PELHAMPR.COM
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