Karelian Diamond Res. Result of AGM

 
TIDMKDR 
 
21 December 2017 
 
                        Karelian Diamond Resources Plc 
 
                           ("KDR" or the "Company") 
 
                                 AGM Statement 
 
                                 Result of AGM 
 
At today's Annual General Meeting ("AGM") of Karelian Diamond Resources Plc 
(AIM: KDR), the diamond exploration company focused on Finland, the Chairman, 
Professor Richard Conroy made the following comments: 
 
"Karelian has had a very successful year. The team discovered a diamond in a 
till sample taken in the Kuhmo region of Finland. The discovery of a diamond in 
a till exploration sample is an extremely rare event and we are now engaged in 
an exploration programme to discover the source of the diamond.  It is a 
12-sided, curved and twinned dodecahedron, greenish in colour and 0.8mm in 
diameter.  Recent sampling indicates that we are getting close to finding its 
source. 
 
"We have also discovered a new Kimberlite body at Riihivaara. Kimberlite 
indicator minerals have been analysed and the results showed that the geotherm 
is prospective for diamonds. It has been sampled to a model depth of more than 
200km, which is well into the diamond stability field and it is therefore 
likely to be diamondiferous. 
 
"Your Company has also acquired a mining concession over the Lahtojoki diamond 
deposit in the Kaavi region and has received a Preliminary Economic Assessment 
on the deposit. A total non JORC resource estimate of 2,225,000 carats was 
calculated in the study with recovery estimated at 95%. We believe that the 
deposit can become a profitable open pit mine and the recently discovered 
additional potential resource adds to its financial attractiveness. 
 
"We are therefore now continuing to assess the Lahtojoki deposit with a view to 
mine development of what would be the first diamond in Europe outside Russia 
and in Kuhmo to discover the source of the green diamond. We have made good 
progress this year and remain very optimistic regarding the future. 
 
James P. Jones, the Company's Finance Director, has retired from the board of 
directors by rotation and did not seek re-election at the AGM. On behalf of the 
board I would like to thank Jim for his fantastic contribution to the Company." 
 
All resolutions were duly passed. 
 
Accordingly, the capital reorganisation of the Company's shares will take place 
and the issued and unissued ordinary shares will be consolidated into 
23,378,067 new ordinary shares of EUR0.00025 each ("Consolidated Shares"). The 
effect of the consolidation is to reduce the number of ordinary shares in issue 
by a multiple of 25. Immediately following the proposed consolidation, each 
existing shareholder will hold 1 Consolidated Share in place of each 25 
existing ordinary shares. New certificates representing the Consolidated Shares 
will be issued as soon as practicable after the record date. 
 
Following the capital reorganisation, the issued share capital will comprise 
23,378,076 ordinary shares of EUR0.00025 each. 
 
Application has been made to the London Stock Exchange for the Consolidated 
Shares to be admitted to trading on AIM. It is expected that Admission will 
become effective and that dealings in the Consolidated Shares on AIM will 
commence on 22 December 2017. 
 
Further Information: 
 
Professor Richard Conroy, Chairman, Karelian Diamond           Tel: [phone] 
Resources plc 
 
Virginia Bull / Nick Harriss/ James Thomas, Allenby            Tel: 
Capital Limited (Nomad)                              [phone] 
 
Jon Belliss / Elliot Hance, Beaufort Securities Plc            Tel: 
(Broker)                                             [phone] 
 
Michael Padley, Lothbury Financial Services Limited            Tel: 
                                                     [phone] 
 
Don Hall, Hall Communications                                  Tel: [phone] 
 
http://www.kareliandiamondresources.com 
 
 
 
END 
 

(END) Dow Jones Newswires

December 21, 2017 08:46 ET (13:46 GMT)