African Diamonds Share Discussion Threads

[arf dysg] 03/11/2010 14:05

Thanks Currypasty.

Look! Lucara's up! Lucara's up! Lucara's up! Lucara's up!



U S E ___ T H E ____ F O R C E , ____ L U C !!!

[jungle jim] 03/11/2010 07:26

Thank's Curry.

[arf dysg] 02/11/2010 17:44

CURRYPASTY, thank you. How about the words "Lucara share price" next to the chart? Sorry to bother you :)

[jungle jim] 02/11/2010 15:30

Curry as the short-term Luc price is now very relevant to us, could we have a bigger LUC chart in the header, perhaps over a shorter timescale? My knackered eyesight is having a bit of trouble seeing what's going on in the little chart.

[the_curmudgeon] 02/11/2010 14:15

lucara on the move up again early doors

[adamao] 02/11/2010 13:14

Great to see some +ve price action for a change. Regarding the Microsearch litigation I've been told the parties were in court in Botswana yesterday! I don't have the ruling yet but I'm working on it.

[hatto] 02/11/2010 13:07

100,000 (Buy) Trade @ 40p just gone through.

[hatto] 02/11/2010 12:46

RNS on LUC.....

======


Lucara Announces Formal Approval for AK6 Diamond Mine Construction
Lucara Diamond Corp. (TSX:LUC)
Intraday Stock Chart
Today : Tuesday 2 November 2010

Lucara Diamond Corp. ("Lucara" or the "Company") (TSX VENTURE: LUC) and joint venture partner African Diamonds plc ("AFD") are pleased to announce the formal, positive decision to proceed with the construction of the AK6 diamond mine in Botswana. Construction of AK6 will begin over the next couple of months with full commissioning of the new mine targeted to be achieved in early 2012. AK6 will be one of the very few new hard rock diamond mines coming into production in the near term to meet the growing strong demand for high quality diamonds.

Project development activities commenced upon completion of the feasibility study in June of this year with the selection of Dowding Reynard and Associates ("DRA") as the EPCM contractor. DRA's focus areas have been the critical path activities which ensure that the ramp-up to full production in Q1, 2012 is achieved. These activities included the placing of orders for long lead time equipment, including the autogeneous mill and crushers, as well as the award of the earthworks contract for the site civil works and the access road upgrade. The earthworks contractor mobilized to site in September. Detailed engineering has also been advanced in support of the project schedule which is on track.

An agreement with the Botswana Power Corp. for the supply of bulk power has been concluded and the contract for the powerline construction has been issued for tender.

Senior staff have been recruited, including the CEO, General Manager, Finance Manager, Safety, Health Environment and Community Relations Manager, and the Human Resources Manager. Excellent progress has been made on environment and community relations tasks, human resource policy, staff housing, and recruitment timelines to ensure operational capacity in support of the project development and transition to operations.

Mr. William Lamb, Lucara's President and CEO, commented, "We are very pleased that the decision to proceed with the full development and construction of a mine on the AK6 diamond project has been made. Even more encouraging is that the critical path activities are already well advanced, helping to ensure that our commissioning schedule is met. In less than 1.5 years we anticipate Lucara to become one of the very limited number of producing hard rock diamond miners in the world. This, coupled with the increasing demand for high quality diamonds puts Lucara in a strong position for future growth."

Mr. Lamb further added, "The recruitment of a strong mine management team, who are an integral part of the project development team, will enable a smooth transition into operations".

On Behalf of the Board,

William Lamb, President and CEO

Forward-looking Information

This document contains statements about expected or anticipated future events and financial results of Lucara that are forward-looking in nature and are based on Lucara's current expectations, estimates and projections. This forward-looking information is subject to certain risks and uncertainties, such as legal and political risk, civil unrest, general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management's capacity to execute and implement its future plans. The actual results, activities, performance or achievements of Lucara may differ materially from those projected by management. A discussion of factors that may affect Lucara's actual results, performance, achievements or financial position is contained in the filings by Lucara with the Canadian provincial securities regulatory authorities, including Lucara's 2009 annual MD&A filed on April 27, 2010 on the system for electronic document analysis and retrieval ("SEDAR") at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:

Lucara Diamond Corp.

Sophia Shane

[phone]

[phone] (FAX)

[e-mail]

www.lucaradiamond.com

[rainfall] 02/11/2010 12:41

just posting to say good luck.

[hatto] 02/11/2010 12:39

Be interesting to see how LUC's share price reacts to the above news when it opens from 1.30pm later....

Let's be honest if one is going to hold LUC longer/ish term then AFD's share price is irrelevant.

[chapchip] 02/11/2010 12:30

coco..you back in or still sold out ?

[yarisverso] 02/11/2010 12:19

Curry, can you moderate F10 on the PNG thread, please?

[cocorico2009] 02/11/2010 12:14

red finish?

[emilio] 02/11/2010 12:10

FOOOOOOOOOOOOOOOKRAMMMMMMMMMM
he will be here soon!

[emilio] 02/11/2010 12:10

Hi Curry nice to see you again!
i will call now for FOOOOOOOOOOOOOOOKRAM!

[currypasty] 02/11/2010 12:04

AK6 Update

� Project development on track
� Long-lead items ordered
� Senior staff engaged

African Diamonds plc ('AFD') and joint venture partners Lucara Diamond Corp. Inc
('Lucara') are pleased to announce that a formal decision to proceed with the
development and construction of the AK6 diamond project in Botswana has been
made at a recent meeting of the Boteti Mining Pty Ltd ('Boteti') joint venture
board.
Project development activities commenced upon completion of the feasibility
study in June of this year with the selection of Dowding Reynard and Associates
("DRA") as the Engineering, Procurement, Construction and Management ("EPCM")
contractor. DRA's focus areas have been the critical schedule activities which
ensure that the production target of Q1 2012 is achieved with commissioning
starting in Q4 2011. These activities included the placing of orders for long
lead time equipment, including the autogeneous mill and crushers, as well as the
award of the earthworks contract for the site civil works and the access road
upgrade. The earthworks contract mobilized to site in September. Detailed
engineering has also been advanced in support of the project schedule which is
on track.
An agreement with the Botswana Power Corp. for the supply of bulk power has been
concluded and the power line contract has been issued for tender.
Senior staff have been recruited, including the CEO, General Manager, Finance
Manager, Safety, Health Environment and Community Relations Manager, and the
Human Resources Manager, all of these are local appointments with the exception
of the Finance Manager. Significant progress has been made on environment and
community relations tasks, human resource policy, staff housing, and
recruitment. This ensures operational capacity for the project development and
the transition to operations.

John Teeling, Chairman, said:
"I am delighted at the progress being made on the development of AK6. The target
of Q4 2011 commissioning is in sight with a ramp up of production during 2012.
The demand for quality diamonds remains strong while the supply is at best flat.
When AK6 comes on stream it will be one of a limited number of kimberlite
diamond mines in production.
On 26th November 2010 shareholders in African Diamonds vote on the acquisition
of AFD by Lucara. This proposal is supported by directors and other major
shareholders so we are confident that it will be accepted. The financial and
technical strength of Lucara will ensure the rapid development of AK6."
02 November 2010

[asmodeus] 02/11/2010 12:02

I'm a bit surprised that in the Acquision Document, received this morning, there doesn't appear to be a financial statement for Lucara. On page 70 (not P69, as indexed), it just says the statements are available at www.sedar.com and at Lucara's website at www.lucaradiamond.com .

[teemore] 02/11/2010 11:36

I agree with yar-the strong currencies are the Canadian dollar,Swiss franc,Swedish krone and Norwegian krona -all of which did not have banking crisis. I'd rather at this time be in any of the aforemention currencies!

[hatto] 02/11/2010 11:35

Hi coco.....I have been watching LUC's share price closely since I bought into AFD @ 39.2p & it is very lightly traded. Certainly short term I think 95c is more likely than 85c.

Certainly LUC would not welcome another bidder & I personally think that if we have to accept a paper offer then LUC will be a good option.

[cocorico2009] 02/11/2010 11:27

hatto not quite true - when the deal was announced LUC was @90 and then in fact weakened, it is only recently that LUC share price has 'recovered' to @90, and temporarily tipped slightly higher.

i also agree with yar, that the overriding consideration is the exchange rate.

fwiw - i dont think there is another bid coming before Xmas and with the legal action i wouldn't be surprised if things get a little messy in the short term.

NIAI, DYOR & ATJ

GLA
coco

[euclid] 02/11/2010 11:13

Yes, I agree.

[hatto] 02/11/2010 11:07

Hi euclid......I think most AFD shareholders feel that LUC has got the best of the deal.....therefor one might assume that current LUC holders are pleased.

Also since the deal was announced LUC's share price has been stronger.

Also the doubts of AFD being able to raise its share of the necessary finance has been removed.

[buck316] 02/11/2010 11:05

I hope your right yarisverso. We have paid in euro when the sterling was much higher so we currently have two losses to deal with the share drop and the exchange rate. Hopefully we wont have more.

[euclid] 02/11/2010 10:52

One thing to bear in mind is that LUC will be issuing 80M shares to us, so they are diluting from 215M to about 300M. By the same token they are gaining 40% of AK6 so their NAV increases accordingly.

[yarisverso] 02/11/2010 10:46

Buck - the C$ is one of the strongest currencies in the world. It is commodity based (look at the potash bid by BHP), and is the biggest exporter of oil to the USA. The £ one of the weakest currencies in the world. Only one way, imho, that the conversion rate will go.