Key points
- Independent consultants Marine and Coastal raised the resource estimate from 2,400,000 carats to 2,600,000 carats, including 156,000 carats from features 008 and 012 at the Saddle Hill prospect, Hottentot Bay grant, Namibia.
- For the year ended May 31 1996, exploration expenditure rose to $12,997,000 from $4,797,000, while the company recorded a loss of $1,651,000, or $0.06 per share.
- Cash at year end totalled $10,749,000, boosted by net receipts of about $16,100,000 from a June 1996 placement of 2,000,000 special warrants at $8.50 each and $9,086,700 raised through March 1996 equity issues.
- At feature 022 of the Hottentot Bay grant, 29 samples yielded 55% positive results and 83 stones weighing 17.34 carats, with one sample containing 35 diamonds.
For the year ended May 31 1996, exploration expenditure increased $12,997,000 (1995: $4,797,000). Income for the year was $1,559,000 (1995: $1,424,000). Loss for the year was $1,651,000 (1995: $792,000) and the loss per share was $0.06 (1995: $0.04).
Cash at year end totalled $10,749,000 which was increased by net receipts of approximately $16,100,000 from the placement of 2,000,000 special warrants at $8.50 each in June 1996. Equity issues in March 1996 raised $9,086,700.
The company’s independent consultants Marine and Coastal have raised their resource estimate figure from 2,400,000 carats to 2,600,000 carats. This includes a resource of 156,000 carats established from sampling completed in September-November 1995 in features 008 and 012 of the Saddle Hill prospect, Hottentot Bay grant, Namibia.
Exploration is currently focused on feature 022 of the Hottentot Bay grant. A total of 29 samples have been taken. 55% recorded positive results, of which 69% contained multiple diamonds. One sample contained 35 diamonds. The company has recovered 83 stones for a weight of 17.34 carats. The size of each sample has been reduced from 10 square miles to 5 square miles in order to speed the program. The feature covers an area of 3.1 sq km.
Following routine dry docking (scheduled to take ten days) Namco 1 will undertake an accelerated exploration program in feature 022.
