Highlights of AGM Chairman's Statement

23 November 2009
Highlights of the Chairman’s statement made at the Annual General Meeting of West African Diamonds, London, 12 noon, 23rd November 2009

 

  • The planned merger with Stellar Diamonds is proceeding well.  A relisting of the new enlarged entity is planned for early February 2010.  It will create a bigger diamond producer, capable of delivering a robust cash flow, holding an exciting portfolio of advanced kimberlite projects. 

 

  • The new company will have:

(a)    Two producing alluvial diamond mines in Guinea, Bomboko and Mandala, with a resource base of over 1.5 million carats

(b)    An advanced stage diamondiferous kimberlite exploration project at Droujba in Guinea

(c)    A joint venture with Petra Diamonds on the Koidu dykes in Sierra Leone

(d)    A joint venture with Thunderball on the Pipe 3 kimberlite pipe and adjacent dykes in Koidu

(e)    A 5% royalty interest on the Plant 11 undersize tailings project in Sierra Leone

(f)     Highly prospective diamond ground on the Tongo dykes in Sierra Leone

 

  • The combined management team has extensive experience in diamonds in West Africa. 

 

  • The new enlarged entity will be better placed to take full advantage of the merger and growth opportunities available in West Africa and elsewhere. 


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