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Market: AIM
Sector: General Mining - Diamonds & Gemstones
EPIC: AFD
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African Diamonds
www.afdiamonds.com

African Diamonds was established to develop diamond mines in Botswana and West Africa. The target is to have a producing mine within three years. Having a balanced portfolio of projects will help reach the objective. The current portfolio of the Company consists of:
JV in Botswana with Lucara to fast track the development of our licences to our goal of large gem stone quality diamond mine;
late stage exploration projects which are known to contain diamonds or diamond indicator minerals; and
early stage high potential concessions, both alluvial and hardrock.

Full African Diamonds profile here
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African Diamonds notified of De Beers reducing stake to 4.5 pct from 5.8 pct

11th Mar 2010, 3:54 pm African Diamonds notified of De Beers reducing stake to 4.5 pct from 5.8 pct

African Diamonds PLC (AIM: AFD)  said it has today received  notification sent by letter, dated 8 March 2010, to its Dublin office that on 4 March 2010, De Beers SA reduced its holding in the company resulting in the crossing of a threshold of greater than 1 percent.

Its holding in African Diamonds is now reduced to 4.5 percent from 5.8 percent.

African Diamond’s AK6 project in Orapa, Botswana, is being developed through a joint venture between African Diamonds and Lucara Diamond Corp (TSX-V: LUC), an associate of Lundin Group. African Diamonds currently has a 30% interest in the project and Lucara owns the remaining 70%.

Last month, African Diamonds received the latest valuation of diamonds from its AK6 mine in Botswana, and at US$162 a carat, the valuation exceeded the company’s previous projections. Furthermore the valuation is US$23 per carat higher than prices used in the current AK6 development studies. The new valuation also indicates the possibility of a US$200 per carat value at production.

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