Acquisition of Additional Mining Equipment

 

TIDMPDF 
 
RNS Number : 1246X 
Pangea DiamondFields PLC 
10 August 2009 
 

 
 
 
 
 
 
 
 
 
 
Pangea DiamondFields plc 
("PDF" or "the Company") 
 
 
Acquisition of Additional Mining Equipment for Cassanguidi 
 
 
Pangea DiamondFields plc (AIM: PDF), the mid-tier diamond producer and 
exploration company, announces that it has concluded a transaction to acquire 
certain mining equipment and processing assets from New Millennium Resources 
Limited ("NMR"), for use at its Cassanguidi project in Angola, for a total 
consideration of $600,000. 
 
 
The equipment purchased includes earthmoving equipment critical to the ramp up 
to full production at Cassanguidi, specifically two hydraulic excavators, two 
front end loaders and two articulated dump trucks as well as various additional 
items of processing and ancillary plant. The mining equipment will augment 
Cassanguidi's existing equipment and enable the increased processing capacity 
already developed at the project to be fully utilised as planned during Q3 2009. 
The first items of equipment were dispatched on the 350 km journey to 
Cassanguidi over this past weekend and it is expected that all of the equipment 
will be transported to site over the next few weeks. 
In consideration for the acquisition of equipment, PDF will pay to NMR an 
aggregate consideration of $600,000 comprising $250,000 cash and new PDF 
ordinary shares to the deemed value of $350,000. 
 
 
The share based element of the consideration is to be satisfied prior to 6 
September 2009 by the issue of such number of ordinary shares to NMR as is equal 
to a value of $350,000 at the prevailing exchange rate and a price of the higher 
of 2p per share or the 10 day volume weighted average price of PDF's ordinary 
shares on AIM prior to the date of issue. 
Commenting on this development, Chief Executive Brett Thompson stated, "This 
acquisition resolves the outstanding concerns the Company had with mining 
sufficient material to feed the upgraded Cassanguidi processing facilities and 
will accelerate the ramp up to full production. It also demonstrates the ability 
of PDF to identify and unlock value opportunities in the regions in which it 
operates." 
 
 
 
 
For more information on PDF, please visit : http://www.pangeadiamondfields.com/ 
 
 
 
 
+---------------------------+---------------------------+---------------------------+ 
| Pangea DiamondFields plc  | Ambrian Partners Limited  | Walbrook PR Ltd           | 
+---------------------------+---------------------------+---------------------------+ 
| Boris Kamstra             | Richard Brown/ Richard    | Leah Kramer               | 
|                           | Greenfield                |                           | 
+---------------------------+---------------------------+---------------------------+ 
| T: [phone]        | T: [phone]   | T: [phone]   | 
+---------------------------+---------------------------+---------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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