African Diamonds plc

Published : June 10th, 2010

Drilling to start on 3 Botswana kimberlites - AK8, AK9 and BK5

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Keywords :   Botswana | Diamond |

10 June 2010

Drilling to start on 3 Botswana kimberlites - AK8, AK9 and BK5.

 

  • The AK6 mine is scheduled to start in Q3 2011
  • An 800 hole reverse circulation drilling programme will begin shortly on the AK8, AK9, BK5 kimberlites in Orapa, Botswana
  • A thorough review of six years of drilling and prospecting data suggests that grades could be higher in AK8 and AK9 and that the size of BK5 may triple
  • The  three kimberlites are 100% owned by African Diamonds

 

Board approval is expected at the end of June for the final AK6 feasibility studies (African Diamonds 40% and Lucara 60%). The mine remains scheduled to come on stream in Q3 2011. African Diamonds is ramping up exploration on its 100% owned Botswana exploration licences. The focus will be on three Orapa kimberlites each with the potential to be stand alone or feeder mines to the AK6 mine.

 

Following a detailed review of earlier work done on kimberlites AK8, AK9 and BK5, an 800 reverse circulation drill hole programme will commence in the coming weeks at a cost of approximately $1m.  The purpose of the drilling is to accurately delineate the size of each kimberlite and to estimate microdiamond and heavy mineral grades.

 

The results should enable African Diamonds to move to engineering and financial studies on whether or not the kimberlites can be developed as open pit mines on a stand alone basis or as feeder mines to the AK6 mine.

 

The close to surface/outcropping areas of the AK8 and AK9 kimberlites, where extensive data already exists, will be the principal targets. BK5 is at an earlier stage of exploration but has significant potential.

 

The AK8, AK9 & BK5 kimberlites

 

All three contain diamonds.

 

AK8 is situated approximately 10km from AK6 and 10km away from Debswana?s Orapa Mine. It is a two lobe, 5 hectare kimberlite. The pipe is estimated to contain 20M tonnes of kimberlite to a depth of 300m. The Diamond grade is estimated to be between 5-10 carats per hundred tonnes (cpht). There is insufficient data to make an estimate of the Diamond value. The latest assessment of AK8 suggests that there could be filtering of the


earlier drill grades. There may be an economic opportunity on the kimberlite lobe outcropping on the surface.

 

AK9 is a 3 hectare kimberlite pipe, also situated 10km away from AK6. The pipe is estimated to contain 11M tonnes to a depth of 250m. The Diamond grade is estimated to be between 5-10cpht with upside potential. There is insufficient data to make an estimate of the Diamond value. As with AK8, a re-assessment of the kimberlite suggests that there could be filtering of the drill grades and so higher grades are possible. There is a potential economic opportunity with the portion of the kimberlite outcropping on the surface.

 

BK5 is recorded as having a surface extent of 2.7 hectares but recent work by African Diamonds suggests the anomaly is at least seven hectares in size. Much of the kimberlite is at surface and historical records suggest a grade of around seven cpht.

 

John Teeling, chairman, commented ?The focus of the past two years has been on AK6.  It is now time to evaluate our other assets in the Orapa region.  African Diamonds holds 100% of some of the very best Diamond ground in Botswana, containing over 20 known kimberlites.  During the past six years extensive exploration has been undertaken on this ground at a cost of millions of dollars.  Three discoveries in Orapa, the AK8, AK9 and BK5 kimberlites, contain diamonds and may, in part or as a whole, become commercial mines.

 

?We have spent the past three months re-assessing the prospecting and drilling data on AK8, AK9 and BK5.  We will shortly begin a drilling programme of up to 800 reverse circulation drill holes to clarify the size, grade and value per carat of each of the three pipes.?

 

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

James AH Campbell                                               Tel: +27 83 457 3724

Finn Cap

Matthew Robinson, Corporate Finance           Tel: +44 (0) 20 7600 1658

Henrik Persson, Corporate Finance

Joanna Weaving, Corporate Broking               

College Hill

Nick Elwes                                                              Tel: +44 (0) 20 7457 2020

 

www.afdiamonds.com

 

Data and Statistics for these countries : Botswana | All
Gold and Silver Prices for these countries : Botswana | All

African Diamonds plc

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African Diamonds is a diamonds development stage company based in Ireland.

Its main asset in development is AK6 in Botswana and its main exploration property is AK8 in Botswana.

African Diamonds is listed in United Kingdom. Its market capitalisation is GBX 3.9 billions as of today (US$ 6.1 billions, € 4.6 billions).

Its stock quote reached its lowest recent point on October 17, 2003 at GBX 10.00, and its highest recent level on February 17, 2006 at GBX 99.75.

African Diamonds has 100 532 266 shares outstanding.

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12/16/2008Preliminary Results for Year Ended 30 June 2008
8/12/2008AK6 Mining Licence, Orapa, Botswana Update
7/30/2008Update on AK6 Developments
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