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Share Name | Share Symbol | Market | Type |
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Motapa Diamonds Com Npv | TSXV:MTP | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Motapa Diamonds Inc. (TSX VENTURE:MTP) has filed its interim consolidated financial statements and its Management Discussion and Analysis for the 3 months ended May 31, 2008 with regulatory authorities through SEDAR. The interim consolidated financial statements were prepared by management in accordance with Canadian generally accepted accounting principals and were not reviewed by Motapa's auditors. Overview Highlights of Motapa's exploration activities during its first quarter of fiscal 2009 are: - Mothae, Lesotho: With completion of the erection and commissioning of the processing plant in late February, processing of the planned 30,000 tonne composite bulk sample commenced. Processing of individual samples from different kimberlite phases during the quarter provided an early indication of the diamond potential of these phases, with a total of 480 diamonds, together weighing 234.7 carats, having been recovered by quarter end. By the end of the Phase 1 sample this number had increased to 1,296 diamonds weighing a total of 585.15 carats, with tailings audit results still outstanding. - Kavango, Namibia: Additional analytical results on kimberlite indicator minerals recovered from stratigraphic drill tests carried out in 2007 have been received. The recovery of ilmenite, chrome, diopside and additional pyrope garnet mineral chemistry provide encouragement for a local diamond bearing kimberlite source. Reverse circulation drilling commenced in early May with a further 15 holes planned. Ground gravity surveys were also completed over previously identified magnetic targets located adjacent to 3 previous drill holes which had returned high indicator mineral recoveries. The Kavango project is being funded by Namdeb Diamond Corporation. - Uranium project, Gabon: Work included collection of closely spaced stream geochemistry and rock chip samples as well as prospecting with hand-held scintillation counters. Additionally, a helicopter-borne time domain electromagnetic geophysical survey was completed during May 2008. Uranium exploration work in Gabon is being funded and directed by Cameco Corporation and Pitchstone Exploration Ltd in terms of an option agreement with Motapa. In addition, based on the non-kimberlitic geochemical signature from the 13 samples collected from drill holes completed in 2007, Stornoway Diamond Corporation has elected to not fund any further work on the Sua Pan project in Botswana and has therefore forfeited its right to earn a 50% interest in this project. Further, the Kashiji Plain license expired on May 14, 2008 and having no further assets, the Mulonga Plain Joint Venture in Zambia was terminated. Cash and cash equivalents decreased during the period by $611,545 (2007: $3,759,003 increase) largely as a result of the increased expenditure on the Mothae kimberlite, which were partly offset by the significant increase in accounts payable at quarter end. Exploration expenditure for the quarter ended May 31, 2008 totaled $1,271,198 (2007: $404,047) almost exclusively due to expenditure of $1,257,540 (2007: $79,692) on the bulk sampling program at the Mothae kimberlite in Lesotho. The Kavango project in Namibia was advanced with minimal spending by the Company as our joint venture partner, Namdeb Diamond Corporation, funded all exploration work during this quarter. The Gabon uranium project also progressed during the quarter with all required funding provided by our joint venture partners, Cameco Corporation and Pitchstone Exploration Ltd. Corporate expenditure (excluding stock option expenses) for the period ended May 31, 2008 totaled $200,253 (2007: $183,354) due to personnel costs of $89,400 (2007: $99,226), auditing and accounting services of $28,282 (2007: $21,317) and investor relations services of $23,634 (2007: $nil). Motapa recognized an incentive stock option expense of $1,512 (2007: $5,616) in the current quarter. On behalf of the Board MOTAPA DIAMONDS INC. Dr. Larry Ott, Chief Executive Officer 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.
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