London, England — MININGREVIEW.COM — 03 March, 2008 – Pangea Diamondfields Plc (PDF) – an AIM-listed mid-tier diamond producer and exploration company with a portfolio of promising African projects – has revealed encouraging details of the first sale of diamonds produced at its Dimbi project in the Central African Republic.
A PDF news release issued here today revealed that the first tender achieved from the sale of 3 671 carats yielded an average value per carat of US$166.44 (almost R1 250). “Results from the first sale are particularly important,” it added, “as they give an indication of the probable value of future production from the Dimbi project.”
Commenting on the sale, PDF chief executive officer Rob Still stated: “This result is extremely encouraging for the future of our Dimbi project, representing almost a 20% premium over the targeted value of US$140 (R1 050) per carat. Encouraged by these results, the Pangea team is busy scaling the project up to pilot mining status to accelerate resource development,” he pointed out. “The intention is to make a decision on scaling up to full-scale commercial operations by mid-year.”
The tender was carried out by diamond experts WWW Diamond Tenders Limited. Pangea has entered into an agreement with WWW Diamonds to market its future production in Antwerp.
PDF has a portfolio of ten projects – each with multiple resource targets – located in the Central African Republic, the Democratic Republic of the Congo, South Africa and Angola.
Its projects are located within highly prospective diamond geological environments. One project has advanced to pilot mining and three to bulk sampling, with a target of six reaching bulk sampling or being more advanced by the end of Q1 of 2008.