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RNS Number:7203U Reefton Mining N.L. 28 January 2004 Reefton Mining N.L ("Reefton" or "The Company") 28 January 2004 QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDED 31 DECEMBER 2003 HIGHLIGHTS SKELETON COAST DIAMONDS Namibia * Beaches continue to yield diamonds as exploration advances for a further 22 kilometres northwards. * 45 kilometres of diamondiferous beaches established. * Sampling has recovered 590 diamonds for 141.75 carats. The diamonds are of exceptionally high quality. Largest recovered is 2.3 carats. * Bulk sampling returned grades of; 2.11, 2.16, 2.37, 2.66, 3.54, 3.72, and 15.22 carats per hundred tonnes (cpht). * Reconnaisance samples returned up to 5.26 cpht. * Four beach gravel series have been identified along the coast; o The Modern Beach -- sampling returned a diamond grade of 12.96 cpht, o The 10 Metre Beach series - extensively developed along the coast, with grades of up to 15.22 cpht. o The 30 Metre Beach series - returned diamonds up to 1.6 carats in size, o A fourth series between 50 and 90 metres elevation are yet to be tested. * Finalised agreement to acquire 80% of a further concession covering 90 kilometres of coastline. SKELETON COAST DIAMOND PROJECT - NAMIBIA Exploration For the field period ending in mid December, all of the sites sampled returned diamonds with a recovery of 327 diamonds for 79.98 carats. The total diamond recovery to date is 590 diamonds for 141.75 carats. The diamonds are of exceptional high quality, clarity, colour and crystal shapes, ranging up to 2.3 carats in size, and averaging 0.24 carats. The on going programme of exploration and bulk sampling has now extended the presence of known diamondiferous modern and fossil beach gravels to over 45 kilometres of the Company's concessions. The concession area has been divided into sectors (see attached map) based on the rivers and landforms which affected the deposition of the gravels. Landsat image interpretation and air photograph studies of the concessions indicate that the same gravel beaches as those at Mowe Bay, persist in Reefton's concessions for a further 200 kilometres to the north of Mowe Bay toward the Angolan border. Based upon the results received to date, there is every expectation that the gravel beaches are diamondiferous throughout Reefton's concessions. Recorded diamond production from old prospecting sites to the north at Rocky Point, Sarusas and Cape Fria, and to the south at Henties Bay support this. Mowe Bay Sector Diamonds have been recovered over a length of 22 kilometres in this sector (see map). The beach gravels are estimated to exceed 15,000,000 tonnes. Four beach series have been determined of which three have been tested by drilling, trenching and sampling. 1. The Modern Beach -- The dynamic marine processes are still actively depositing and concentrating diamonds in the concession areas. Preliminary sampling returned 7 diamonds totaling 1.4 carats representing a grade of 12.96 carats per hundred tonnes from a 10.8 tonne sample. 2. The 10 Metre Beach Series - This well preserved extensive gravel beach is a focus of the programme, and contains up to five (5) individual gravel beaches. The individual beaches are inter-layered and overlap one another from 5 to 12 metres in elevation above sea level (collectively termed the 10 Metre Beach Series). The beach series is up to 500 metres in width and sampling has returned grades of up to 15.22 carats per hundred tonnes. Segments of this beach in the Mowe Bay Sector were selected as target areas for bulk sampling. They are each located up to 10 kilometres apart. The intervening areas contain continuous gravel, thin sand cover or erosion surfaces and exploration will continue to infill between the target resource areas. Westies Area - The largest diamond was 2.3 carats. Grades of 2.16 cpht (360 tonne sample), 2.66 cpht (360 tonne sample), 3.72 (18 tonne sample)and 15.22 cpht (62.5 tonne sample) have been returned. T15 Area - Located 10 kilometres south of Westies the 10 metre beach series is well preserved in this locality and is 200 to 500 metres wide. The fossil beaches continue for at least three kilometres to the south and 5 kilometres to the north. Samples returned 22 diamonds for 7.34 carats averaging 0.33 carats. A 16.9 tonne sample returned 2.37 cpht. T21 Area - Located 10 kilometres to the north of Westies, 37 diamonds totalling 8.465 carats, have been recovered from preliminary sampling of this 10 metre beach series. Grades returned were 3.54 cpht (80 tonne sample) and 2.11 cpht (18 tonne sample). The extensions of these gravels are concealed by shallow dune sand and deposits of the Hoarusib River. 3. The 30 Metre Beach Series -- comprises at least three (3) inter-layered beaches from 20 to 30 metres in elevation (collectively termed 30 Metre Beach Series) over a width of up to 400 metres. It is located 1.5 to 2 kilometres inland from the existing shoreline. Preliminary sampling has returned 9 diamonds for 4.27 carats averaging 0.47 carats. A 36 tonne sample returned a grade of 5.26 cpht with the largest diamond of 1.6 carats in size. 4. The fourth beach series is the oldest and is located further inland from the Namibian coast beneath shallow wind blown sand. This series of beach gravels occurs along the continental cliff line from 50 to 90 metres elevation in Reefton's concessions. The samples recovered from trenches were screened at 2mm to 14mm. The product was scrubbed through a wet trommel before processing through the 10 tonne per hour Dense Media Separation (DMS) plant utilising ferro-silicon as the media. Rocky Bay Sector Exploration commenced advancing 22 kilometres further north into the Rocky Point Sector (see map) and reconnaissance samples returned immediate positve results from small samples. This sector contains similar beach deposits to the Mowe Bay Sector and is estimated to contain in excess of 10,000,000 tonnes of gravel. T206 Area - Area T206, contains four parallel north-south trenching fossil beaches. All of the beaches contain high percentages of gravel and large boulders, indicating a high energy environment where a greater concentration of diamonds is expected. Samples returned grades of up to 0.87 cpht (37.4 tonne sample). T208 Area - T208, located another 3 kilometres to the north, comprises a large number of preserved fossil beach ridges. The lower section of the two metre thick gravels is similar to T206. The quantity of diamonds is yet to be determined for this area with bulk samples awaiting processing. Regional geology of the diamond deposits of the west coast of Africa The same diamondiferous beach gravels occur from the border of Angola in the north, through Diamond Area 1&2 in Namibia, and Namaqualand (South Africa) to the Oliphants River in the south, a distance of almost 2000 kilometres. These beach gravels have been mined on a vast scale since the discovery of their diamond content in 1908. The source of the diamonds spread over this highly prospective coast line is the remarkably rich diamondiferous interior of southern Africa. Many large modern and fossil river systems drained vast areas of the interior containing diamoniferous kimberlite rocks, transporting the diamonds thousands of kilometres to the ocean where marine processes concentrated the gravels. Acquisition of EPL 2742 - Kunene River, Skeleton Coast, Namibia The company finalised an agreement to acquire an 80% interest in EPL 2742. This concession adjoins the company's existing concessions, to the north, bringing the total coverage of the diamond bearing beach deposits held by the company to 310 kilometres. Further to the north in Angola, a corridor of diamondiferous kimberlites trend south east into this concession area. This corridor contains kimberlites and extensive rich alluvial diamond deposits. X-Ray diamond Sorter A new FlowSort diamond sorter has been purchased in South Africa and will be delivered by early February 2004. These robust compact units are based on leading edge technology ideal for the coastal environment. They have been produced in Africa for over 10 years. This acquisition will remedy a constraint in the bulk sample process system and allow a vast improvement in the speed of processing concentrate and obtaining results of diamond content. Corporate Developments During the quarter the Company appointed Grant Thornton UK as its new AIM Nominated Advisor. In addition the Company also appointed Hoodless Brennan and Partners Plc - London as its new AIM Broker and placed 11,021,815 ordinary shares to Hoodless Brennan to raise #205,436 (A$514,292)in working capital. This report accurately reflects information compiled by Mr G.R. Hemming, MAusIMM.,MAIG., a Director of Roscoria Pty Ltd, who is a competent person as defined by the Australasian Code for Reporting of Identified Minerals Resources and Ore Reserves and accurately reflects the information compiled by the competent person. This information is provided by RNS The company news service from the London Stock Exchange END MSCBGGDBLDDGGSI
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