http://www.afdiamonds.com/




RNS Number:8054A
African Diamonds PLC
14 July 2004

AFRICAN DIAMONDS plc.

Exploration Update



African Diamonds plc (AIM: AFD) the diamond exploration company, wishes to
report significant progress on a number of fronts in its joint venture with De
Beers to explore for and, if successful, develop new diamond mines in Botswana.


* A detailed airborne survey of the 1300 sq kilometre Orapa licences has
been completed. Analysis of the results has revealed new, very significant,
targets which will be subject to further detailed investigation in the near
future.


* An area of the under-explored 1000 sq km licence north of the Orapa mine,
is currently being surveyed using the airborne Bell Geospace system. This
state of the art technique will hopefully indicate previously undiscovered,
possibly large, kimberlite pipes.


* The 29 known kimberlites on the joint venture licences, are being explored
with detailed ground geophysics. Early results indicate that some of
the kimberlites may be larger than previously believed.


* A substantial drilling programme, including wide diameter drilling,
will commence this month.


* Results of 100 tonne bulk samples already taken from kimberlites AK6
and AK10 will be available during the next quarter.


* Earlier exploration by African Diamonds on the Serowe licence, 120 kms
southeast of Orapa, produced significant diamond indicators. These findings
are being re-analysed and evaluated by De Beers. The conclusions will
determine the next step in exploration. Additional licenses in this area are
expected to be awarded to the joint venture.



In addition, the Company reports that trial mining has begun on Pipe 3 in Sierra
Leone and is producing diamonds. Commissioning is proceeding but has had
significant delays due to operational issues.



John Teeling, Chairman of African Diamonds plc, said:


"The value of a joint venture with a world class partner is shown here. In three
months, our partner has carried out exploration which would have taken us years
to complete and cost millions. I am delighted with the results emerging and I
anticipate there is more to come. We believe that our ground is premier class -
the findings support that view. Flying the Bell system and drilling the
kimberlite targets foretell exciting times in the coming months.


"Commencing trial mining on Pipe 3 in Sierra Leone has taken significantly
longer then anticipated but it has begun and is producing diamonds. African
Diamonds should be in a position to provide a detailed update shortly."



Contacts:

African Diamonds Plc
John Teeling Tel: +353 1 8332833
Mark Scowcroft Tel: +27 11 447 4997


Redleaf Communications
Emma Kane/James White Tel: +44 (0) 20 7955 1410


Rowan Dartington
Ian Rice Tel: +44 (0) 117 933 0020



Notes to Editors:

* African Diamonds and De Beers announced the signing of the agreement to
establish a joint venture company to explore for, and if successful, develop
new diamond mines in Botswana on 22 April 2004;


* Ownership of the joint venture is initially 49% African Diamonds and
51% De Beers with De Beers funding the joint venture through to bankable
feasibility study. De Beers' shareholding will rise to 70% upon completion of
the first bankable feasibility study. The size of any mine resulting from the
joint venture will decide whether it is managed by De Beers or African
Diamonds with larger mines operated by De Beers and those below an agreed
threshold operated by African Diamonds, who will receive a preferential
profit share in those operations of Newco.


* Further information on African Diamonds plc is available at the Company's
website: www.afdiamonds.com





This information is provided by RNS
The company news service from the London Stock Exchange
END

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RNS Number:3339B
African Diamonds PLC
29 July 2004


Koidu Mining Update

African Diamonds is pleased to announce that the commissioning of its Pipe 3
bulk sample trial mine in the Koidu diamond region of Sierra Leone is well
advanced. The pipe is fully prepared for mining while the washing plant is
currently processing 60 tonnes per day. Work continues on the plant to improve
efficiency of operation and throughput.

Ore currently being processed consists of low-grade surface material including
decomposed kimberlite breccia that was stockpiled during mine preparation. It is
intended that 10,000 tonnes will be processed to establish grade and quality. To
date over 800 tonnes of material have been washed from a surface stock pile of
1,500 tonnes. More than 140 diamonds, around 40 per cent of which are thought to
be gem quality, including one stone weighting in excess of 6 carats, have been
recovered. Once the stock pile is processed, the plant will move on to
undisturbed, slightly weathered and fresh kimberlite from the current floor of
Pipe 3.

John Teeling, Chairman of African Diamonds said, "Our objective in trial mining
Pipe 3 is to establish the commerciality of the pipe for full-scale mining. We
have established that the pipe is bigger then first thought, and contains
diamonds. Once the 10,000 ton sample is processed we will know the grade,
quality and weight of the diamonds".


This information is provided by RNS
The company news service from the London Stock Exchange
END
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No idea m8 ...... just been keeping an occasional eye on the stock

Cynic

The chart is looking rather interesting at the moment, do you think it is on a verge of a breakout?

At last... the long awaited positive little bounce today with more to come maybe!

The Telegraph carry an interesting article today!



SUNDAY TELEGRAPH



Botswana diamond project 'in the top 10'

By Edward Simpkins

(Filed: 09/07/2006)



African Diamonds, the Aim-listed gemstone exploration company chaired by John Teeling, is expected to announce this week that it has significantly upgraded the size of its find in Botswana and to say that it believes the resource could become one of the world's 10 largest diamond mines.

The company has a joint venture with De Beers, the diamond giant, which owns 51 per cent of the project and can acquire up to 70 per cent by funding the exploration work near to its existing mine at Orapa in Botswana.

The resource was discovered by a young De Beer's geologist, Mark Scowcroft, who left the company after failing to convince it that its geological models were incorrect. He applied for licences over the area and together with African Diamonds set up an exploration project on the site. De Beers was forced to buy back in when Scowcroft was proved correct.

Now, it seems that the resource, known as AK6, is even richer than had been thought. A drilling campaign and testing of rock samples by De Beers has revealed that the size of the kimberlite deposits, the volcanic rock containing diamonds, is much larger than estimated. It has also discovered that part of the deposit contains rare class two diamonds that are chemically pure and tend to be larger than ordinary stones. Both the 45-carat Hope diamond in the Smithsonian in New York and the Cullinan diamonds, part of the Crown Jewels, are class two gems.

The discovery of the stones is expected to raise the overall value of the proposed mine to around $150 per carat and production to an expected 1.5m carats per year. Under previous predictions, analysts had expected the mine to produce revenues of around $3.6bn (1.95bn) and attributed a value of $6 per share to African Diamond's shares. That figure is now expected to be revised substantially upwards.

The new geological model the miners are working from also indicates that there is a 50 per cent chance of making a further similar discovery nearby and drilling is expected to confirm that over the next few months.

The company's other diamond exploration assets in Sierra Leone and Guinea will be spun off into a company called West African Diamonds. African Diamonds' shareholders will receive shares in WAD on a four-for-one basis and the company is expected to be listed on Aim later this year when it will also raise money to bring two projects in Sierra Leone into production.



http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2006/07/09/cngems09.xml

thanks for the very interesting read Andy!

R88ave,

I think we will see some positive price action tomorrow!

Defo.....hopefully not just tomorrow..
How much do you think these shares will be worth once the production starts? Is there any other firm that is in production with similar size to compare?

Personally I think this firm has the potential to become a target for a takeover with the prospect of AK6 project. There are a few large share holders with the likes of Firestone Diamond, De Beers etc...

steadily rising quitely with large chunks of buy late today, I have notice this has happened on last two days....must be a good sign

as mentioned by some kind soul (no not you soul*!!), AFD may be worth looking at again ..... said person suggested a target price of 250p, but where he got that figure i do not know ...... however, it is indisputable that AFD has very productive deposits and i suspect the fall of sp from its high of about 175p has more to do with inertia and lack of new news than anything negative.

before diving back in (held them previously and took profit [too early!]), may wait until recovering above 200 dma, though current level looks reasonably well supported anyway

All quiet on this post

Some volume in recent days suggests at least a short term bottom. With what I think, from the recent reports and company web page, some more news on the detailed value of their main Kimberlite plus drilling news on nearby kimberlite. It could be a bottom as stock looks way too low on valuation of main find

60m tonnes of resource, 25 carats per 100 tonnes. Us$138/carat
It looks like co fully carried but will cut full holding to 30% by start

DeBeers interest shows quality of mine and if the stock gets much cheaper surely they will show an interest in taking it out

See a investment co -- Blackrock Inv --- takes 5% stake

Given size of AFD suggests co has done some NPV calculations on the main find and see plenty of upside at these depressed levels

Also looking through the shareholdere list noted the DeBeers holding, which supports my comment, re why DeBeers don't take this out if it really has upside exploraqtion potential and main fine clearly shows future cashflows will return big premium to shareholders.? Why did DeBeers buy the small stake ? Is it normal policy for them?

Well this one seems to have gone well, as usual I have no idea why

Well, this is almost a dream stock jumps c50% from lows in early Feb --- good for all. Now we are almost back to same level --- too good to resist

Behaving nicely -- good stock to trade as your always underpinned by the fact that its real value is probably north of 200p IMHO

wow! had forgoten about this share ..... what a terrifying roller-coaster of a chart

Not a thrill seeker eh cynic ??

Neither are DeBeers and they own 5% despite owning 51% of the main project.

Would expect them to want more at these levels too

my post of 27/9 makes interesting re-reading .... well i think so anyway!

not so sure I'm carrried away with it, cynic :-)