Evaluation Projects - Pipe 3 & Dykes

Pipe 3

Re-treatment of the old tailings, oversize & untreated material completed during 2007 have upgraded the deposit to 19cpht and $228/ct
Licence covers 6.5 sq.miles in the Koidu diamond region of Sierra Leone
- Pipe 3 is adjacent to the Energem/Koidu Holdings Mine which is producing from Pipes 1 & 2
Circa 20,000 tonnes bulk sampling of Pipe 3 by WAD in 2005
- produced over 5,600 diamonds totalling over 1,100 carats, one 7.22 ct diamond recovered
- high average value per carat of US$198 per ct
- plant inefficiencies resulted in poor diamond recovery
Progress:
- Audit of Pipe 3 material using DMS/grease plant. Recoverable grade improved from 5 to 19cpht
- Ground geophysical survey completed: satellite body discovered and tonnage estimate upgraded
Plan is to diamond drill the pipe to establish the volume and the nature of the contiguous kimberlite dykes
Early stage joint venture discussions underway

Dykes

Fourteen kms of dyke zones have been mapped adjacent to Pipe 3 in Koidu.
- historical sampling produced 96.4 cts from 70 m3 kimberlite representing 65 cpht
- 4 dyke zones have been identified and all dykes sampled to date have been diamondiferous
- WAD recovered three gemstone diamonds, each over 1 ct, from Dyke Zone 1
- total lengths measured to date in excess of 14,800 metres, average width 60cm.
- potential substantial kimberlite resource.
The licences are contiguous with the Mano River/Petra JV properties and SLDC properties.
The Lion 1 dyke, currently being developed as an underground mine by Mano River/Petra, continues into WAD ground. Grades there are reported to be above 65 cpht.
Evaluation of the dykes is planned for 2008

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