London, England — MININGREVIEW.COM — 13 May 2008 – Pangea Diamondfields Plc (PDF) – a mid-tier diamond producer and exploration company with a portfolio of promising African projects – is making promising progress with its eight initiatives in the Central African Republic (CAR), the Democratic Republic of Congo (DRC), Angola and South Africa.
Releasing the company’s latest exploration update here, CEO Rob Still stated: “I am pleased to confirm that our short term target of developing at least six projects to bulk sampling phase or better by Q1 2008 has been achieved. Good progress is being made on all of our projects in line with Pangea’s strategy to rapidly assess the potential of projects, and only further develop those which show a high probability of being economic,” he added.
“In line with this strategy, Pangea has made the decision to cease all work and expenditure on the Luebo and Kasai projects in the DRC and relinquish these license areas,” Still revealed. “The team remains focused on developing the remaining eight projects, as well as assessing additional opportunities as they are presented. Our sights are set very clearly on the objective to have at least three projects in commercial scale operation and cash flow positive by the end of 2009,” he confirmed.
In the CAR, bulk sampling activities at Dimbi continue to focus on upgrading operations during 2008 to commercial scale, according to the exploration update. Additional equipment required to scale up the Dimbi operation to pilot mining is now fully operational, and the transition is expected to be phased in from mid-year. Reconnaissance exploration pitting is in progress at the Etoile project, and the first gravels from the pits are being treated at present.
In the DRC, advanced exploration continues on the Nyanzambi licence area of the Tshikapa river project, and sampling is expected to yield information and diamonds from the river flood-plain soon, the update claims. Bulk sampling has commenced in the Kamonia licence area of the Longatshimo River Project, and is now progressing well.
The update also reveals that in Angola, Pangea has made the decision to expand the Cassanguidi project to commercial scale operations, and the sourcing of equipment is currently in progress with a view to having the mine operational as planned before the end of 2008.
Bulk sampling is continuing at the Bakerville project in South Africa with encouraging results. Mechanised mining trials are now in progress in the Brussels area of the Harts River project, and a bulk sampling plant has been commissioned in the Pampierstad area.