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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Kimcor | LSE:KIM | London | Ordinary Share | GB00B0TNHV95 | ORD 0.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.325 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8096S KimCor Diamonds plc 22 April 2008 22 April 2008 KimCor Diamonds plc ("KimCor" or the "Company") Operations Update KimCor, the AIM quoted diamond exploration and development company, is pleased to provide the market with an update on current operations. The recently modified processing plants are operating to capacity and good progress has been made on the remaining capital programmes. Highlights * SMI4 tailings plant operating to design capacity following the Phase 1 modifications; * SMI4 is achieving its budgeted recoverable grade of 6 carats per hundred tonnes ("cpht"); * SMI4 Phase 2 construction remains on schedule for production rates to increase to 150,000 tonnes per month ("tpm") during May; * Newlands processing plant is operating to design capacity and is achieving recoverable diamond grades in line with budget; * Hoisting of kimberlite ore has recommenced at Blaauwbosch mine 3 months ahead of schedule; * Nooitgedacht alluvial mine continues to achieve recovered grades in excess of budget. Martyn Churchouse, CEO of KimCor, commented: "The modified plants are performing to specification and the Company has now reached the point where it can look forward to extended periods of production which will enable us to provide shareholders with regular updates of production and diamond sales". SMI4 The SMI4 plant is processing tailings at a rate of approximately 2,000 tonnes per day with a recovered grade averaging 6cpht. The Phase 2 expansion scheduled for completion during May is expected to result in monthly diamond production of approximately 9,000 carats or 108,000 carats per annum. Newlands The Newlands plant is operating to a capacity of 30,000tpm. At present 5,000tpm of kimberlite ore and 25,000tpm of tailings are being processed monthly. Within the next few months, the rate of processing of kimberlite ore is expected to increase as new mining faces are developed underground. By December year end, the Company has set itself target of 14,000tpm of kimberlite ore production with the balance of 16,000tpm being tailing processing. Nooitgedacht Nooitgedacht has achieved an average recovered grade of 1.5cpht, fifty per cent above budget. Production rates have been maintained at the improved level of 30,000 tpm. The Company is currently considering the purchase and installation of mobile diamond recovery pans to further increase production rates. Blaauwbosch Priority underground development has been completed 3 months ahead of schedule and the hoisting of kimberlite ore has recommenced on the mine. For the foreseeable future mining costs are expected to be low as approximately 120,000 tonnes of kimberlite in remnant pillars will be mined from 145m Level to surface. Recoverable grades are expected to be diluted by internal waste but this lower grade should be offset by the absence of drilling and blasting required to mine the pillars. At the same time further development work is continuing below the 145m Level to access the remaining indicated 1.09 million tonnes of kimberlite ore with a recoverable grade of 30cpht. Enquiries: KimCor Diamonds plc Tel: 020 3178 6179 Martyn Churchouse Strand Partners Limited Tel: 020 7409 3494 Simon Raggett Warren Pearce Victoria Milne-Taylor Bishopsgate Communications Ltd Tel: 020 7562 3350 Maxine Barnes Nick Rome This information is provided by RNS The company news service from the London Stock Exchange END MSCBIGDSBBDGGIB
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