Pangea Diamond Share Discussion Threads

[smilewithme] 03/6/2007 10:27

cestnous,

LOL! Different news paper - same author - did my head in trying to spot differences.

Am still fascinated this thing has had no affect on sp, up or down.

But as we know this is only a sideline for PDF/ Rob Still - indeed invested for Dimbi, not this fun.....

but good to get the publicity.

[cestnous] 03/6/2007 10:09

SWM Nice find - well worth reading twice!

[smilewithme] 03/6/2007 00:05

We find it at the top of a steep, narrow valley, protected by razor wire and guards with pump-action shotguns.

It's just a bare patch of rock with some new machinery waiting to be put to work, but the experts say it could be worth $320 million or more.

The guard on the gate has clearly been warned of our arrival. He won't even consider letting us in, but is happy to have his picture taken.

Down in the valley, we meet two women panning for diamonds in the freezing river.

They tell us they're hungry, so we buy four or five tiny stones for $20.

Then we give $20 to a young girl with a baby on her back, and ask her to share it with the children who have gathered around.

She breaks into a dance, punching the air, shaking her hips and singing with joy.

Hereabouts, 20 bucks is a fortune, even though they're sitting on Bondy's diamond mine.

Eight-thousand kilometres away in Mayfair, rich men make millions by funding projects like Kao, and the Bentleys, Jags and BMWs sit nose to tail in the lunchtime rush.

It's just like the Monopoly board intended. In the restaurants and bars, all the talk is of deals, deals and deals.

London is riding the wave of a huge mining boom and diamonds are flavour of the month. Prices are rising, stones are in short supply and big money can be found if you know who to go to.

Three floors above the luxury-car logjam, in a scruffy old Georgian terrace, is the office of South African mining engineer Michael Smith who has been in the industry forever.

Modestly dressed and quietly spoken, with white hair and steel-rimmed glasses, he has the facts and figures about Kao at his fingertips.

Mr Smith shares his tiny office with three other mining analysts who make a living by stitching up deals in Angola, Tanzania, the Congo, Zimbabwe and other far-flung places.

And they're among the best in the business, even though they eat sandwiches for lunch.

It was Mr Smith and his former partner, Robert Nelson, who brought Mr Bond into the Kao deal in 2003, and who later gave him a free ride into Madagascar Oil, from which Mr Bond should make almost $1 billion.

And this is how it happened.

The pair of them were sitting in the foyer of the Carlton Towers Hotel, in Sloane Square, trying to figure out how to finance the project, and who should walk in but you-know-who. Mr Bond had known Mr Nelson since their days in Perth, so naturally he bounced up to say hello.

From there, it was simple: Mr Smith and Mr Nelson told Mr Bond their problem. He said, ``No problem'', and before long he had 25 per cent of the action on the promise that he would bring in the funds they needed.

And so he did, up to a point.

Mr Bond rounded up some of his best mates from Australia, such as Lindsay Sanford and Greg Kennedy, and got them to tip $7 million into a new Gibraltar company called Lesotho Diamonds Corporation, which would indirectly own the Kao mine and its mining licence.

The plan was to raise enough money to discover whether Kao had sufficient diamonds in its kimberlite pipes, then get the whole thing up and running by 2004.

But three years later, the Kao mine is still not in production and Mr Bond has increased his share of the project to 48 per cent, to the dismay of his fellow shareholders.

Meanwhile, millions of dollars have been squandered and even Mr Bond's best pals have turned against him.

To cap it all, we still don't know whether the prospect is all it's cracked up to be, because no bulk sampling of the ore has been done to see how many diamonds it contains.

So bitter are shareholders at what Mr Bond has done to their company that a group of them -- led by Mr Smith -- is determined to kick Mr Bond out by selling their stake to someone who will run it properly.

Their first attempt to get rid of Mr Bond, late last year, collapsed when Mr Nelson declined to join the rebellion.

The second push is now under way, with the rebels handing over their 48 per cent of the company to Pangea Diamond Fields Plc, a London-listed exploration company run by South African entrepreneur Rob Still.

It's not just the lack of progress at Kao that has made shareholders' blood boil.

It's that Mr Bond has tried to claim the project as his own and made it impossible to raise funds in the City of London.

The Sunday Times has a list of 10 stockbrokers who have refused to be associated with Lesotho Diamonds since 2003 because they do not want to be linked to a former jailbird and fraudster.

Two brokers initially overcame their reluctance, then pulled back in a hurry when Mr Bond went to a mining conference in Cape Town in February 2004 and bragged to everyone about his diamond mine.

But the dissidents are also angry about how Mr Bond is spending their money.

Lesotho Diamonds has a big, lavish London office in St James's St, just around the corner from the Ritz Hotel, in one of the most expensive parts of London.

Mr Smith believes it is costing $192,000 a month, or more than $2.3 million a year. That, he says, is ridiculous for a company that has an unproven patch of dirt in Africa.

In fact, Lesotho Diamonds probably doesn't need a London office at all.

But Mr Bond certainly does. And he appears to use it to run several other companies in his "Strategic Investments'' group.

Mr Bond collects a consultancy fee from Lesotho Diamonds of at least $360,000 a year (some shareholders say it's twice that figure).

And whenever he travels for the company he goes first-class. Worse still, according to the rebels, he has picked up share options, royalties and warrants that have given him more and more of the company and more and more of the action at everyone else's expense.

Having started with 25 per cent of Lesotho Diamonds, he's now nudging 50 per cent.

One of Mr Bond's most loyal backers brands his behaviour as "rape and pillage'' in an email to shareholders.

And he lays down a challenge: "Ask yourself: in four years, has Alan Bond achieved any value for our shares? Do you believe he has the reputation to list this company? Do you trust Alan Bond to look after your interests?

"No to any of the above, and you should be looking at doing something about it.''

Another shareholder complains: "He presents himself as someone who has done his time, paid the price, but he just hasn't learnt his lesson.

"He still operates as if the 1980s never went away. Like Gordon Gekko and greed is good. He has a complete lack of understanding that the world has changed.''

Other rebel shareholders and former executives use words like "marauding'', ``hijack'' and "amoral'' to describe what Mr Bond has done.

But they can't help conceding that he's impressive and has "a brilliant mind''.

"His understanding of the processes, of geology, of ways of financing is extraordinary,'' one of them said.

Mr Bond attempted to sell some diamond leases in the Democratic Republic of Congo to the company for $US15 million ($A18 million).

In early May, the chairman of Lesotho Diamonds, Morven Hay, trumpeted this transaction (which would have increased Mr Bond's stake and cemented his control) as ``a great coup for the company'' that had taken six months of negotiations.

What Mr Hay failed to mention was that Mr Bond had been negotiating with himself, because he and the company's chief executive, Nathan Balakrishnan, were the ones who were selling the leases and the ones who stood to receive millions of dollars.

Mr Hay also failed to identify exactly what the company was buying, so shareholders were unable to judge whether the leases were fairly priced.

But Congo experts suspect they may be worth only one-tenth of what Mr Bond was trying to sell them for.

If these suspicions are correct, then it is little wonder shareholders are alarmed. But so far, it hasn't gone ahead.

Amid threats of legal action from rebel shareholders, the company opted to postpone the deal for at least six months.

But back to the current battle for control of Lesotho Diamonds between Mr Bond and Mr Still.

The South African entrepreneur is worth several hundred million dollars, but he works out of a small suburban office suite in Johannesburg.

He has a good record of getting projects like Kao into production and claims not to understand why Mr Bond won't let him in. "The irony is, I'm good for the company,'' he said.

"I can help him out because no broker in his right mind is going to fund the project with Bond in charge.''

Mr Still says there's a 30 per cent chance the Kao mine is worth the $300 million the experts say, and a 30 per cent chance it's worth a lot more.

There's also a 40 per cent chance it's worth nothing at all.

But Mr Still has already staked nearly $24 million as a down payment to buy Lesotho Diamonds shares, so he's obviously a believer.

Last week he flew to London to see Mr Bond and, according to the rebels, refused his offer to buy him out. The dissident shareholders say it's unlikely that the once-bankrupt businessman could find the cash, anyway.

But they also believe Mr Still is in for the long haul. He is reported to have told Mr Bond: ``I'm not going away, boy.'' There can't be many people, one suspects, who talk to Mr Bond like this.

Mr Still has also told Mr Bond he wants two seats on the Lesotho Diamonds board so he can have some influence on the company. He wants to close the London office and focus all money and effort on getting the mine into production.

But here's the rub: Lesotho Diamonds is a Gibraltar company and Gibraltar law (based on pre-1930s British corporate law) gives Mr Still no right to representation.

In fact, the directors of Lesotho Diamonds don't even have to accept him as a shareholder.

Under the company's articles of association, they can simply refuse to transfer the shares.

Mr Still hopes that public pressure (and perhaps a word from the authorities in London) will force Mr Bond and his board to do the decent thing.

"You can't live in the City of London, raise money in the City of London and play by the rules of Outer Mongolia,'' he said.

But for the moment, it's a stalemate. It's a tribute to Mr Bond's fighting skills that he still has a chance of victory. A mystery is why He wants so desperately to win.

He's 68, and he should make close to $1 billion when Madagascar Oil lists on the Toronto exchange next year.

So why doesn't he just kick back, relax and let others develop the Kao mine?

"It's pathological,'' one shareholder said. "He just can't help himself.''

"Another said: "It's all about ego.'' "Bondy wants to return to Perth dressed in a toga, with $1 billion in his bank account.''

[smilewithme] 02/6/2007 21:01

This is what PDF are up against...



The official Alan Bond website boasts that while Lesotho "is one of the poorest countries in the world, with an estimated 58 per cent of the population living below the poverty line, investment from companies like Lesotho Diamonds Corporation will enhance the quality of life for all''.

[wilmot] 01/6/2007 12:41

I added a couple of k this morning.

[smilewithme] 01/6/2007 10:32

No activity here as usual.

What a chart

---------------------------____---_____------

Bit bored but in this for the overnight 5 bagger we could see if they hit the big time at Dimbi.

[smelleroo] 31/5/2007 21:16

how will the fund raise of £40m effect the share price (i.e. dilutive) ? There seems to be a lot of upside to this company. Naturally the big risks apart from unsuccessful drilling results, are political and security. I do like this company and will continue to research. Glad to see the house brokers are still backing the stock! LOL!

Smile - i have seen your posts on the slv thread. I am in weatherly (WTI) which could be a multi bagger in time!

Found this, tad bit old (March 2007) -

Pangea DiamondFields

A company formed explicitly to exploit the favourable fundamentals and economics of the diamond market, and of alluvial diamonds in particular, is Pangea DiamondFields [AIM:PDF], which began life in 2003 and listed on AIM in October 2006.

It now holds a portfolio of 8 projects in 24 target areas covering over 3,000 square kilometres in four African countries; CAR, DRC, Angola and South Africa. Three of these countries are already major diamond producers, ranking in the top half dozen in the world. The diamond and mineral industry in the Central African Republic, by contrast, is small, though this is attributed more to its remote location than its geology; Pangea considers its project in the CAR to be the most prospective in their portfolio.

The projects, which are well summarised on Pangea's website, are at varying development stages with one at the trial mining stage, three at bulk sampling and the remainder split equally between early and advanced exploration. Pangea's interest ranges from 33% in Angola (because of the requirements of the state), through 74% in South Africa (where the BEE partners have a 26% share), to up to a maximum of 85%-100% in the DRC and CAR.

Pangea's Mission and Strategy

Pangea's mission is to become a significant producer of diamonds in Africa. Its immediate objective is to select and progress up to three projects to mine development by the end of 2009, and to grow these to optimum scale by modular expansion thereafter. The company has a clearly defined thought process and business strategy to achieve this, which runs broadly along the following lines:

The fundamentals for the diamond market are positive. Alluvial diamonds are currently particularly attractive.

For the reasons outlined above.
Africa is highly prospective for diamonds.

In 2005 66% of world diamond production by value and 58% by weight originated from Africa according to figures published by De Beers. 76% of all the diamonds ever mined are from Africa.
The management team has considerable experience: of successful exploration, of Africa, and of diamonds.


CEO, Rob Still and Chief Exploration Officer, Anton Esterhuizen and others from the Pangea Exploration stable have more than 20 years experience of exploration in Africa. As shown in the chart they have discovered, or been associated with, a number of successful African exploration projects in gold, copper, cobalt, platinum, vanadium, mineral sands and other commodities.

Rob Still has been involved in bringing 7 companies to the market. Anton Esterhuizen has been likened to a well-decorated geo-soldier! He has won numerous awards including the Society for Mining. Metallurgy and Exploration's Robert M. Dreyer Award in 2006 for outstanding achievements in applied economic geology. Brett Thompson, Chief Operating Officer for Pangea, has extensive experience in the diamond industry of underground and open-pit kimberlite mining, and the mining of alluvial and marine deposits.
Costs of alluvial projects are relatively cheap, especially in the early evaluative stages.

Pangea has a cost model which summarises indicative costs at each stage of an alluvial project. It typically costs $11-$12 million to explore for, and build, a one-module mine which can process gravel at a maximum rate of 1.2 million tonnes per annum (Mtpa; 750,00tpa allowing for availability) – though of course exact costs will depend on the project's location and size.


Management believe that success in exploration and mine development can be related to option theory; the company should seek to maximise the number of options available to it while minimising the costs and risks.

There are a number of strands to this model. Firstly Pangea has adopted a strategy of acquiring, assessing and evaluating a large number of early-stage prospects. Only those which pass a rigorous evaluation programme proceed to the next stage.

Secondly alluvial projects are favoured as these have a short lead time, low capital costs and a fast track to production. Additionally, as can be seen from the cost model above, initial investments are low.

Thirdly costs are kept as low as possible in order to extract the most exploration effort per dollar spent. Pangea does not have expensive offices, nor do they use helicopters or high tech equipment in the early stages. Local labour, picks and shovels are used wherever feasible and the exploration team tries to use any available existing data sources rather than to reinvent the wheel. For example the project in the Central African Republic was initially identified using Google Earth to locate an area with the appropriate physical geography. The projects in the DRC have been researched using historic data from the Belgian Congo era, which is now stored in the Museum for Central Africa in Belgium. The equipment used is as near-standard in design and as transportable as possible so that it can be re-used elsewhere if a project is shown to be unattractive. If however a project proves to be attractive it can be developed incrementally at each stage

Fourthly political risks are reduced by having assets in more than one country, while technical and financial risks are reduced by using the modular approach to mine development.
Current Project Status

Pangea is particularly excited about the Dimbi project in the CAR where the diamond potential has previously gone virtually unnoticed. Early indications have suggested high grades, and the project covers a large area so has high tonnage potential. So far 200 auger holes and a number of large pits have been completed and mining equipment and a bulk sampling plant was commissioned on site in January.

The company is also enthusiastic about the Tshikapa projects in the DRC which is at the advanced exploration phase and has an inferred resource of 28 million m3 with a grade of 0.39cts/ m3. Bulk sampling will begin in mid-2007.

Two projects in South Africa, at Bakerville and Harts River are also both at the bulk sampling phase. Bakerville is located in an area of outstanding historic diamond production from a series of runs and potholes which were eroded in the limestone bedrock by palaeo rivers. These runs and rivers are ideal trap sites for diamonds and runs have been found in the past with grades of 5 carats per 100 tonnes and up to 10times this in potholes. New potholes and runs have been identified by Pangea using modern ground gravity surveys. A single pothole could potentially contain up to one million carats.

The most advanced project is Cassanguidi in Angola which is at the pilot mining stage and where production is running at 2,500 to 3,000 carats per month. However average diamond revenue from sales to Sodiam, the marketing arm of Endiama, have been below expectations and plans to develop the project further will be deferred until there is a mechanism in place to ensure sales at market-related levels can be achieved on a sustainable basis.

Market Capitalisation

Pangea held $24.5 million in cash at the end of January 2007 which is anticipated to last until the end of 2008 on the current exploration and development programme.

At today's price of 61 pence the company is valued at around £71 million ($137 million). The shareholding in Pangea has been tightly held and there has been little trading to date in the equity since it listed in October 2006. With so many projects on a fast track however there is likely to be considerable news flow over the next 12 to 18 months.

In September 2006, house broker Ambrian conducted a peer group analysis of the 20 diamond companies on AIM in which it identified a top group which had "company-making exploration discoveries and/or production, and a transitional group, which had good quality projects and management and could be on the cusp of a rerating.

Ambrian estimated that if successful Pangea could produce upwards of 500,000 carats per year from three of its projects, which would justify a rerating from the transitional group to the top group allowing it to be valued alongside for example Petra [AIM:PDL], Sierra Leone Diamonds [AIM:SLD] and Kimberley Diamonds [ASX:KIM; AIM:KDC].

Summary

Of course there is no guarantee of success in alluvial mining. Moreover revenue from a project can be variable, affected by potholes or traps, or by a "nugget effect" whereby a few high value diamonds can make or break the revenue for a period. Security is clearly an issue, as is the political risk associated with each of the host countries. In Angola, production currently has to be sold through Sodiam and revenues to date have proved disappointing. For the South African projects there is uncertainty surrounding the implementation of the new mining legislation.

Nevertheless, Pangea DiamondFields has positioned itself in an industry with promising fundamentals, in a continent which it knows well and which has dominance in the diamond market. The team have an excellent track record of success and they have taken clear steps to optimise success, to reduce costs, to minimise political, technical and financial risk and to negotiate on pricing in Angola. They are on a fast track route to full production at three mines by the end of the decade.

Cash is already being generated (revenue could be several million dollars this year) as diamonds can be sold even at the bulk sampling stage. With so many projects there is good prospect of news flow in the months to come. There is also a long shot possibility of very exciting news; finding the primary source of diamonds in the CAR or DRC for example, or finding diamond potholes in Bakerville.

This is a company with a vision.

[wilmot] 31/5/2007 20:30

Make the most of the silence. It will get noisy when PDF breaks out upwards and it gets on everyone's radar!

[scotty1] 30/5/2007 10:35

It is at the top mate :)

[smilewithme] 30/5/2007 10:35

Very lonely here!

[smilewithme] 29/5/2007 22:50

On this basis we retain our BUY recommendation on Pangea without hesitation; the current portfolio alone justifies this.




Ambrian
24th May 2007
Pangea DiamondFields plc
-
LDC battle warms up
Buy
Pangea DiamondFields plc (AIM:PDF)
Mkt Cap: £73.2m
Price: 62.5p
BUY
LDC battle warms up
Pangea (PDF) has requisitioned an Extraordinary General Meeting (EGM) of the shareholders of Lesotho Diamond Corporation (LDC) in order to appoint two Pangea executives to the Board of LDC. LDC has refused to accept the proposed appointments to date. Pangea holds irrevocable rights over 48% of the currently issued capital of LDC following its conditional offer to shareholders in LDC announced on May 2nd. LDC holds 93% in the Kao Diamond Project in Lesotho, a diamondiferous kimberlite pipe with SAMREC compliant proven and probable reserves of 147Mt @ 6.9cpht (carats per hundred tonnes).
Comment
The battle for control of the Kao Diamond Project is beginning to warm up. The LDC Board dragging its heels on Pangea's proposed Board appointments and is seeking to undermine Pangea's offer with poison-pill style tactics by attempting to dilute-down Pangea's holding with the issue of large amounts of stock to other investors. Whether this is in the interests of current shareholders is questionable.
The motivations of the Board are perhaps signalled by the proposed £40m fund raising for a bulk sampling programme set to commence in July. While we have seen no cost projections for this exercise the amount seems excessive and potentially gives away equity in the Company cheaply, before value can be added through positive results. Conversely, if unsuccessful, the excess cash will have to be alternatively deployed or returned.
And so we expect the story to develop; PDF now conditionally has an effective 44% stake in Kao, an attractive prize which would complement their existing portfolio of diamond development assets and LDC is unwilling to cede control or, apparently, come to the negotiating table. In our view, Pangea makes an attractive investor for LDC. They have an exploration pedigree second to none and have demonstrated they can get things done. Within 12 months of its IPO and admission to AIM Pangea DiamondFields will have constructed and commissioned three new bulk sampling plants in three different African countries and continue to bulk sample a fourth project and pilot mine a fifth.
On this basis we retain our BUY recommendation on Pangea without hesitation; the current portfolio alone justifies this. Kao represents an attractive opportunity as one of the world's largest undeveloped kimberlite pipes and bears comparison with Gem Diamonds' (AIM:GEM; £679 million) Letseng mine. But for so long as LDC is impaired and the Kao project undeveloped its worth is significantly diminished.

[smilewithme] 29/5/2007 13:41

Wow - someone bought 250,000 shares at 64.5p

Maybe the price aint so stable after all...

[smilewithme] 29/5/2007 11:55

wilmot

thanks - agree entirely.

also, I like the stability of the share price.

plus PDF have been rec'd to me by someone senior, on the ground in Africa.

[wilmot] 27/5/2007 18:35

- buying in around offer price
- large number of prospects
- good chance of news flow from the projects in 2007
- lack of posting on this thread (company overlooked)

Overall - more upside than downside

[smilewithme] 25/5/2007 21:22

Ah welcome - nice to have some company.

Why did you decide to get in?

:-)

[smilewithme] 25/5/2007 15:33

Interesting...

[smilewithme] 25/5/2007 15:33

Lesotho invites Pangea for talks
Friday , 25 May 2007
•· Nominations To Board "Premature" Without Recognised Shareholding

•· LDC Underlines Faith In Kao Project By Going Straight To Phase II Funding

•· Decision Taken In Interests Of Both Shareholders And People Of Lesotho

•· Good All-Round Headway Being Made At Mine Site

Lesotho Diamond Corporation's independent directors are arranging a meeting with the CEO of AIM-listed Pangea Diamond Fields to discuss matters of mutual interest, said the company today. The company owns the Kao Diamond Project - one of the world's largest undeveloped diamond pipes - which is soon to enter first production.

This follows Pangea providing Lesotho with assurances of 110m proxies which would represent 43p.c. of Lesotho's shares, but not the 48p.c. claimed, said Lesotho's executive chairman Mr. Morven Hay today. Family trusts associated with Australian businessman Alan Bond account for 38p.c. of Lesotho and supportive investors another 14p.c., he confirmed.

Rejecting nominations of two Pangea nominations to the Board, Mr. Hay said: "It would be premature for the Board of Lesotho to support the nominations since Pangea is not currently a shareholder and, indeed, may never become a shareholder of Lesotho."

The Board, he added, noted that there could be a conflict of interest in the activities with Pangea as Lesotho grows into a diversified diamond mining company. There is also the fact that Pangea has been unable to favourably enhance its share price since its flotation a year ago and has not developed any mining operations from its exploratory sites, even though some of its staff may have previous mining experience.

Meanwhile, good headway is being made at the project itself, states the company, with the mining platform built, overburden cleared, a tailings dam almost completed, and a 1.8Mw of generating plant assembled. Much of the work completed in a mountainous hard-to-access location which in January-February suffered its highest rainfall for 70 years can be used as the infrastructure base for Phase II production.

Mr. Hay observes that negative comments made publicly by Pangea on Lesotho's capital raisings of between $US29m to $US59m are unjustified. "Dissident shareholders have complained in the past that the company was not raising enough money. We would appear damned if we do and damned if we don't. The Board of Lesotho totally repudiates Pangea's comments and has sufficient faith in the Kao Diamond Project to raise the entire Phase II funding forthwith. The Lesotho Board feels it is not only acting in the interests of all its shareholders but also in the interests of Lesotho and the people of Lesotho as both project stakeholders and shareholders (with up to a 20p.c. stake)."

Lesotho is publishing its audited financial results for the year ended March 2007 in a few weeks' time and will be holding its annual meeting in Gibraltar, where the company is registered, on Friday 7th September. Last year's meeting was held on 12th September.

PHOTOS OF KAO MINE PROJECT AVAILABLE AT THIS OFFICE

Further information:

Morven Hay, Lesotho Diamond Corporation, 020 7659 5200

Wendy Baldock, Investor Relations, Lesotho Diamond Corporation, 020 7659 5200

John Greenhalgh/Ron Marshman, City of London PR Ltd, 020 7628 5518

[kickstart] 24/5/2007 09:20

Looks like the war has begun !

[smilewithme] 24/5/2007 09:02

Pangea Diamondfields PDF Requisitions LDC EGM

RNS Number:1441X
Pangea DiamondFields PLC
24 May 2007

May 24, 2007


Pangea DiamondFields plc
("PDF" or "the Company")



PDF requisitions extraordinary general meeting of
Lesotho Diamond Corporation (LDC)



PDF announces today that it has:



* formally requisitioned the board of LDC to convene an extraordinary
general meeting of the shareholders of Lesotho Diamond Corporation plc ("LDC
") to appoint two highly experienced PDF mining executives to the board of
LDC;


* reconfirmed that it seeks to play a constructive role in the development
of the LDC Group and the Kao Project and as such has requested the LDC Board
to reconsider their premature refusal for board representation having
regard to the proposed nominees;



* again requested the LDC Board meet with PDF to discuss, amongst other
things, the manner in which PDF can best contribute towards the successful
development of the LDC Group and the Kao Project.





Responding to LDC's release of 18 May 2007, Rob Still, Chief Executive of PDF,
made the following comment:

"PDF has nominated Bill Nairn and Brett Thompson, two experienced mining
engineers, to the board of LDC. Bill and Brett collectively have over 60 years
of technical mining experience. These nominees will be in a position to support
and advise LDC with the achievement of its objectives and there can be little
doubt that their addition to the LDC Board would be beneficial to the company."

As disclosed on 17th May, PDF now has the irrevocable right to acquire some 48%
of the current issued share capital of LDC, although this percentage will be
diluted after the conversion of convertible notes and warrants in LDC and the
impact of any further funds raised in that company. Subject to PDF exercising
its rights to take ownership of these shares in LDC, we would expect that
independent directors of LDC, acting in their fiduciary capacity for the benefit
of all LDC shareholders, would welcome the PDF board nominees.


LDC has repeatedly announced its intention to raise further funds from, inter
alia, River Diamonds, an AIM listed company, and from a "strategic investor from
the Middle East". PDF is supportive in principle of these efforts and believes
that its board nominees will strengthen the management and corporate governance
of LDC and so assist in this fund-raising process. PDF is also supportive of a
suitable nominee of River Diamonds being appointed to the LDC board subject to
that company exercising its option to invest in LDC.

PDF notes that the LDC board has proposed raising funds in excess of #40
million. Given that LDC is planning to commence a bulk sampling programme
designed to test the grades and diamond values at its Kao Project in July 2007,
PDF questions the business rationale of raising funds in excess of that required
for this purpose and prior to the results of this programme being available.

PDF notes that the board of LDC has deferred its plans to acquire undisclosed
mining concessions in the DRC from a company that the LDC board belatedly
reported is owned by family trusts and entities associated with Mr Bond and Mr
Balakrishnan, the company CEO, and that it has been granted a six month option
on the proposed acquisition. PDF reiterates its expectation that full details of
this proposed acquisition, including details of the related party and fiduciary
matters, will be submitted to shareholders for their approval before any option
is exercised or any acquisition is made by LDC.

PDF also notes that the LDC board claims to have majority shareholder support
for all its actions and plans, and PDF simply notes that this claim remains
untested unless and until these plans are put to shareholders in a general
meeting for approval.



Reference is made to the press releases issued by PDF dated May 17, 2007 and May
2, 2007.





ENDS



Further Information:


Pangea DiamondFields plc Ambrian Partners Limited Parkgreen Communications
Rob Still (CEO) Richard Brown Justine Howarth
T: [phone] T: [phone] T: [phone]

Michelle Jenkins (Investor
relations)
T: [phone]
M: [phone]

[smilewithme] 23/5/2007 15:24

LOL! Well sort of close, I guess.

Nice to have some company here.

So lonely, I KNOW AM IN RIGHT PLACE!