Namakwa Diamonds Limited Result of North West Tender (1183S)

TIDMNAD

RNS Number : 1183S

Namakwa Diamonds Limited

27 November 2012

27 November 2012

Namakwa Diamonds Limited (AIM: NAD)

("Namakwa Diamonds" or the "Company")

Result of North West Tender

Namakwa Diamonds is pleased to announce that it has successfully closed its recent tender of rough diamonds at CS Diamonds in Kimberley for production from its South African subsidiaries which ran between 19 and 22 November 2012. The North West production, totalling 3,163 carats, was sold at an average price of US$537 per carat, with an average stone size of 0.47 carats. The sale realised revenues of approximately US$ 1,698,156 million.

Commenting, Theo Botoulas, Chief Executive Officer of Namakwa Diamonds, said: "The South African production continues to perform to expectation and revenues derived are key in establishing a core revenue base for the Company as a whole."

For further information please visit www.namakwadiamonds.com or contact:

 
 Namakwa Diamonds                     Shore Capital 
                        +27 11 465                   [phone] 
 Theo Botoulas           4505         Pascal Keane    4090 
 
 Tavistock Communications 
 Simon Hudson/Kelsey    [phone] 
  Traynor                3150 
 

About Namakwa Diamonds Limited

Namakwa is a diamond resource group, which seeks to extract maximum value from the marketing and sale of Group mined and contracted production.

The Group's mining activities are focused on the Kao Mine in Lesotho. Operated by Storm Mountain Diamonds, the Kao Mine Pipe Complex presents a c.183Mt kimberlite resource of c.11.6m carats ("cts") (c.3.3Mcts indicated and c.8.3Mcts at Inferred level of confidence), with an additional 1.7m carats at a Deposit level of confidence, in which Namakwa holds a 62.5% interest. The other shareholders are the Government of Lesotho (25%) and Kimberlite Investments Lesotho Limited (12.5%).

The Group also maintains alluvial mining operations in the North West Province of South Africa and resource-development and exploration assets in the Northern Cape Province of South Africa and the offshore marine environment of Namibia. These combined resources add a further c.6.9Mcts at Indicated and Inferred levels of confidence to the Group's Global Resource Inventory to a grand total of 18,535,700 carats as at 31 August 2012.

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