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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
River Diamonds | LSE:RVD | London | Ordinary Share | GB00B00SV774 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.875 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:1963R River Diamonds PLC 31 March 2008 River Diamonds PLC (the 'Company' or 'River Diamonds') Trading Update from the Vatukoula Gold Mine in Fiji River Diamonds would like to announce a Trading update from the Vatukoula Gold Mine in Fiji. In the 6 month period to end December 2007, efforts have been focused on re-commissioning the mine. Key milestones reached at the mine during this period are: * Pouring of the first 503 ounces of gold since the mine was placed on care and maintenance in December 2006; * Re - commissioning of operational shafts and ore and waste passes; * Commencement of mining with 1,211 tonnes of ore grading at 10.59 grams of gold per tonne being hauled to the surface; and * Preparation of the Treatment Plant for commissioning. Since the beginning of January 2008, mining of ore has continued at the mine with 11,992 tonnes of ore extracted grading at 11.03 grams of gold per tonne. Therefore there is currently 13,203 tonnes of ore in stockpile ready to be processed (approximately 4,667 ounces of gold). Mining operations will be accelerated forthwith to achieve the mine's initial production schedule of 110,000 ounces of gold per annum. Ore from mining activities is being stockpiled at surface and underground. Maintenance of the crushing and flotation sections of the Treatment Plant is almost complete. Processing of the ore is scheduled to commence in April 2008 once the funds from the placing have been made available to the Company. In addition, since 13th March 2008 a further 301 ounces of gold has been poured. This gold was recovered during the maintenance of the Treatment Plant. In the six month period to 31 December 2007, expenditures of approximately £5.5 million have been incurred at the mine. These expenditures have been primarily in relation to the re-commissioning of the mine, and part payment of historic creditors. There were no revenues from the mine over that period as gold produced had not been sold during the period. The mine currently has 526 staff and will build up in the next 5 weeks to approximately 700 people. Qualified Person Kiran Morzaria B.Eng (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School. Kiran is the Finance Director of River Diamonds. He is a fellow of the Geological Society. Notes to Editors River Diamonds indirectly owns a 19% interest in the share capital of Westech Gold Pty Ltd ("Westech") which, through its wholly owned direct and indirect subsidiaries, owns the mining rights and associated assets of the Vatukoula Gold Mine in Fiji. Westech is indirectly controlled by Red Lion Management, a global merchant bank based in Vancouver. On 14 December 2007 River Diamonds announced that it had signed a conditional sale and purchase agreement (the 'Agreement') to acquire the remaining 80% of Viso Gero International Inc. ('VGI') not already held by it from Viso Gero Global Inc and which contemplates that VGI will acquire the remaining 6% of Westech on or before the completion of the Agreement (collectively the 'Acquisitions '). Therefore, subject to completion of the Acquisitions, River Diamonds will own 100% of VGI and will indirectly, through Westech and its indirect subsidiaries, hold a 100% interest in the Vatukoula Gold Mine in Fiji and associated assets, rights and entitlements. The Company also announced on 14 December 2007 that it had conditionally placed shares to raise gross proceeds of £4,699,000. The transaction constitutes a reverse takeover under the AIM Rules for Companies and thereby required shareholder approval which was granted at the general meeting held on 31 March 2008 with dealings in the enlarged group scheduled to commence on 1 April 2008. Glossary of Technical Terms Crushing: A milling process to reduce size into relatively coarse particles by stamps, crushers, or rolls. Decline: An inclined tunnel-like excavation into the ground to allow vehicle and equipment access for the mining of ore bodies. Flotation: A milling process in which valuable mineral particles are induced to become attached to bubbles and float as others sink. Ore: The naturally occurring material from which a mineral or minerals of economic value can be extracted profitably or to satisfy social or political objectives. The term is generally but not always used to refer to metalliferous material, and is often modified by the names of the valuable constituent; e.g., iron ore.; ore mineral. Shaft: An excavation of limited area compared with its depth; made for finding or mining ore or coal, raising water, ore, rock, or coal, hoisting and lowering workers and material, or ventilating underground workings. The term is often specific applied to a vertical shaft, as distinguished from an incline or inclined shaft. A shaft is provided with a hoisting engine at the top for handling workers, rock, and supplies; or it may be used only in connection with pumping or ventilating operations. Enquiries River Diamonds plc Colin Orr Ewing 020 7352 4117 Kiran Morzaria 020 7016 5100 W.H. Ireland Limited James Joyce 020 7220 1666 David Porter Hichens, Harrison & Co plc 020 7382 7785 Dave Paxton Parkgreen Communications 020 7851 7480 Beth Harris/Laura Llewelyn This information is provided by RNS The company news service from the London Stock Exchange END TSTEFLFXVXBFBBB
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