🕐22.09.08 - 10:12 Uhr
AFD: AK06 Diamond Discovery, Orapa, Botswana
22 September 2008
AK06 Diamond Discovery, Orapa, Botswana
* Mining Licence negotiations at an advanced stage - 30
September completion targeted
* Retention Licence application not considered by Botswana
Government
* Diamond marketing terms agreed between De Beers and the
Botswana Government
African Diamonds plc, ("African Diamonds") the AIM and Botswana listed
diamond explorer (AIM: AFD), is pleased to announce progress towards the
development of the AK06 discovery in Botswana.
African Diamonds holds a
28.38% interest in the project.
The Director of Mines of Botswana has informed the parties that the
Retention Licence applied for by De Beers was not considered and in his
view was not formally lodged, as a Mining Licence application was still
pending.
This was the advice given by African Diamonds to De Beers prior
to the submission of the Retention Licence.
The rejection of this
advice, amongst other matters, started the court and arbitration
proceedings against De Beers and Boteti.
African Diamonds has been notified by De Beers that agreement has been
reached between De Beers and the Botswana Government on the marketing of
AK06 diamonds.
The diamonds will be marketed through the Diamond Trading
Company Botswana in a similar fashion to current Debswana production.
Debswana is an equal joint venture between De Beers and the Botswana
government.
Of greater significance is the strong encouragement given by the
Botswana government to the three parties involved in the AK06 discovery
to complete Mining Licence negotiations by 30 September 2008, so that a
Mining Licence can be awarded.
Detailed discussions between the parties
and the State officials make African Diamonds directors optimistic that
this deadline can be reached.
In the light of the progress being made toward a Mining Licence, the
directors of African Diamonds have agreed to seek deferment of a court
case scheduled for the Botswana High Court on 22 September 2008.
John Teeling, Chairman of African Diamonds commented:
"Significant progress has been made toward agreement on the terms of a
Mining Licence for the AK06 diamond discovery in Orapa.
Earlier attempts
by De Beers to defer the project were rejected by the Botswana
government.
Difficulties with the marketing of the diamonds have been
ironed out.
African Diamonds is satisfied with the new agreement.
Final
details are now being worked out to enable agreement on the terms of a
Mining Licence to be completed by 30 September.
Our court case is on
hold."
This release has been approved by Alex van Zyl, Technical Director,
African Diamonds.
Alex van Zyl (B.Sc.
Stellenbosch, B.Sc.
Hons.
Pretoria) spent a long career in Anglo American in the diamond division,
ending up 1990 to 1997 with worldwide responsibility for diamond
exploration and evaluation.
He was a consultant to De Beers from 1997 to
2002.
Further information:
African Diamonds Plc
John Teeling Tel: +353 1
8332833
Alex van Zyl Tel: +27 83 261
2956
James AH Campbell Tel: +27 83 457 3724
RBC Capital Markets
Andrew Smith Tel: +44 20 7029
7882
Martin Eales Tel: +44 20 7029
7881
College Hill
Paddy Blewer Tel: +44 (0) 20
7457 2020
Nick Elwes Tel +44 (0) 20
7457 2020
www.afdiamonds.com
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