ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for monitor Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.

MTP Midatech Pharma PLC

0.2851
0.00 (0.00%)
After Hours
Last Updated: 01:00:00
Delayed by 15 minutes
Name Symbol Market Type
Midatech Pharma PLC NASDAQ:MTP NASDAQ Depository Receipt
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  0.00 0.00% 0.2851 0.284 0.30 0 01:00:00

Motapa Recovers 23.4 Carat Type IIa Diamond From Mothae

07/10/2008 2:00pm

Marketwired Canada


Motapa Diamonds Inc. (TSX VENTURE:MTP) and partner Lucara Diamond Corp. (TSX
VENTURE:LUC) are pleased to report the recovery of a 23.4 carat type IIa diamond
in the initial stage of Phase 2 bulk sampling at the Mothae project in Lesotho.
The diamond is a white anhedral stone that has been confirmed as a type IIa
diamond using a frequency specific ultra-violet light type IIa tester developed
by the Swiss Gemological Institute. Type IIa diamonds provide a high proportion
of the world's highest value stones on account of their exceptional colour
clarity, which is ascribed to having no detectable nitrogen within the diamond
crystal structure. Type IIa diamonds also typically have a coarse size
distribution and can be present as very large stones. The presence of a
population of type IIa diamonds in any kimberlite greatly enhances its economic
potential.


Additional type IIa diamonds have been identified among the diamonds recovered
during the audit of recovery tailings from Phase 1 of the Mothae bulk sample.
Motapa's original identification of Mothae as a large, low-grade kimberlite
suitable to bulk sample was premised on the potential for Mothae to produce such
diamonds. The identification of a population of type IIa stones in diamonds
recovered from Mothae, and the recovery of the 23.4 carat, white type IIa
diamond is a major step forward for the project.


Phase 2 of the Mothae bulk sample program, in which up to 70,000 tonnes of
kimberlite will be processed, commenced in mid-August. Approximately 50,000
tonnes of kimberlite have been mined and stockpiled and processing of this
material was started in mid-September. The 23.4 carat type IIa diamond was
recovered from the C kimberlite domain of the Mothae pipe. The volumetric extent
of domain C is not well constrained; based on current information, domain C
appears to be the largest kimberlite domain within the Mothae pipe, making up
approximately one third of the surface area.


Planned maintenance and repair work on the process plant crushing circuit is
currently in progress and kimberlite processing is expected to resume by
mid-October. A preliminary valuation of recovered diamonds is planned for
November, 2008, and completion of Phase 2 sample processing is anticipated in
February, 2009.


Motapa's CEO, Dr. Larry Ott, noted : "The recovery of this large type IIa
diamond is a very positive development for the project. Statistical analysis of
results from phase 1 of the program indicated that these large stones were
likely to occur in the Mothae kimberlite, and this was a primary motivator for
proceeding with phase 2. The presence of large type IIa diamonds in the Mothae
kimberlite, together with the higher than anticipated grade bodes well for the
commercial viability of the project. We are greatly looking forward to
additional results of this final phase of the bulk sample."


The sampling program is being carried out under the supervision of Dr. Tom
Nowicki of Mineral Services Canada, a Qualified Person in terms of NI43-101.


On behalf of the Board

MOTAPA DIAMONDS INC.

This news release may contain assumptions, estimates, and other forward-looking
statements regarding future events. Such forward-looking statements involve
inherent risks and uncertainties and are subject to factors, many of which are
beyond the Company's control that may cause actual results or performance to
differ materially from those currently anticipated in such statements.


1 Year Midatech Pharma Chart

1 Year Midatech Pharma Chart

1 Month Midatech Pharma Chart

1 Month Midatech Pharma Chart

Your Recent History

Delayed Upgrade Clock