Update on AK6 Resource


 

TIDMAFD 
 
RNS Number : 3694J 
African Diamonds PLC 
30 March 2010 
 
 
 
 
30th March 2010 
 
 
                             Update on AK6 Resource 
 
 
The Directors of African Diamonds plc (AIM: AFD), the Botswana diamond company, 
are pleased to report that a resource update has been completed on the AK6 
discovery in Botswana.  The resource update was conducted as part of an ongoing 
feasibility study and concurrent with the NI43-101 report which has been filed 
by Lucara, our joint venture partner. 
 
The new report estimates an indicated resource of just over 51 million tonnes at 
an average grade of 22 carats per hundred tonnes (cpht) and an average modelled 
diamond value of US$194 per carat, and an inferred resource of approximately 20 
million tonnes at an average grade of 19 cpht and an average modelled diamond 
value of US$183 per carat.  This compares to an indicated resource of 40 million 
tonnes and an inferred resource of 31 million tonnes in earlier estimates. 
 
The following table summarises the new resource estimate: 
 
AK6 Diamond Resource 
 
Resource                                             Tonnes 
  Grade - cpht      Modelled 
Class                Pipe                             (x1000) 
    (+1mm)           Value (US$/ct) 
Indicated         Centre/North              11,100                   26 
                  223 
(Surface 
to 400 m)        South                          40,128                  20 
                      183 
 
                        Total                            51,228 
 22                             194 
 
Inferred           Centre/North              208                      20 
                   223 
(400m to 
750 m)             South                          20,771                   19 
                         183 
 
                        Total                            20,979 
19                             183 
 
The resource estimate is based on a comprehensive evaluation of the AK6 
kimberlite by Boteti between 2003 and 2007. Tonnage estimates are based on 
22,744 meters of delineation core drilling in 69 holes and 26 large diameter (23 
inch) holes on a 50 x 50 metre grid across the pipe. 
 
Two of the large diameter holes achieved depths of 700 and 702 meters 
respectively. 
 
Diamond value estimates are based on the recent valuation carried out by Mercury 
Diamond and reported in February 2010.  MSA augmented the Mercury Diamond 
valuation by incorporating microdiamond information into the diamond size 
frequency distribution to develop a more robust statistical model and to assess 
observed diamond size variations between the Centre and North Lobes as compared 
to the South Lobe. 
 
The resource estimate has been compiled by Mr. Johannes Ferreria, a professional 
geostatistician with 30 years experience in geostatistical modelling of diamond 
deposits worldwide and a Qualified Person as that term is defined by NI 43-101. 
 
This release has been approved by Alex van Zyl, Technical Director African 
Diamonds.   Alex van Zyl (B.Sc. Stellenbosch, B.Sc. Hons. Pretoria) spent a long 
career in Anglo American in the diamond division, ending up 1990 to 1997 with 
worldwide responsibility for diamond exploration and evaluation. He was a 
consultant to De Beers from 1997 to 2002. 
 
 
Further information: 
African Diamonds Plc 
John Teeling                                             Tel: +353 1 8332833 
James AH Campbell                                 Tel: +27 83 457 3724 
 
FinnCap 
Clive Carver                                              Tel: +44 207 600 1658 
Henrik Persson 
Joanna Weaving (Corporate Broking) 
 
College Hill 
Nick Elwes                                                Tel: +44 (0) 20 7457 
2020 
 
 
                               www.afdiamonds.com 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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