Sale of DRC and CAR Diamonds

 

TIDMPDF 
 
RNS Number : 4273S 
Pangea DiamondFields PLC 
18 May 2009 
 

 
 
 
 
Pangea DiamondFields plc 
('Pangea' or the 'Company') 
 
 
Sale of DRC and CAR Diamonds 
 
 
Pangea DiamondFields plc (AIM: PDF), the diamond producer and exploration 
company, announces the recent sale by tender of diamonds from its Longatshimo 
River and Tshikapa River projects in the Democratic Republic of Congo ("DRC") 
projects, as well as its Dimbi project in the Central African Republic ("CAR"). 
 
 
The sale of approximately 5,710 carats which took place last week in Antwerp 
raised gross proceeds of US$ 670,000 with the average sale prices achieved being 
as follows: 
 
  *  DRC - 3,710 carats @ US$117 per carat 
  *  CAR - 2,000 carats @ US$116 per carat 
 
 
 
Commenting on the sale, Chief Executive Brett Thompson said: 
 
 
"This sale, in addition to the US$0.23 million raised from the sale of diamonds 
from the Bakerville project announced on 11 May 2009, further fortifies our cash 
position and provides additional support for the Company to continue pursuing 
the development of our current key projects, Cassanguidi in Angola and 
Bakerville in South Africa. The sale prices achieved represent a discount of 
approximately 30 - 35% to the long term target prices we would expect to achieve 
in a normal market for the DRC and CAR projects but were considerably better 
than forecast sale prices at this time of 50% below our long term targets." 
 
 
Further information: 
 
 
+---------------------------+--------------------------+---------------------------+ 
| Pangea DiamondFields plc  | Ambrian Partners Limited | Walbrook PR Ltd           | 
|                           |                          |                           | 
+---------------------------+--------------------------+---------------------------+ 
| Brett Thompson            | Richard Brown / Richard  | Louise Goodeve / Leah     | 
|                           | Greenfield               | Kramer                    | 
+---------------------------+--------------------------+---------------------------+ 
| T: [phone]        | T: [phone]  | T: [phone]   | 
|                           |                          |                           | 
+---------------------------+--------------------------+---------------------------+ 
 
 
Notes to Editors: 
 
 
About Pangea Diamondfields PLC 
 
 
Pangea DiamondFields plc (AIM: PDF) is an emerging diamond producer and 
exploration company with a portfolio of eight projects each with multiple 
resource targets, located in the Central African Republic, Democratic Republic 
of the Congo, South Africa and Angola. The Company aims to minimise risk by 
diversifying its projects geographically. 
 
 
PDF listed on AIM in October 2006 and is led by a strong management team, with a 
track record for creating shareholder value in mineral exploration. 
 
 For more information on PDF, please visit: 
http://www.pangeadiamondfields.com/ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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