Income for the year ended May 31 1997 was C$1,061,000 (1996: C$1,559,000). Loss for the year was C$4,089,000 (1996: C$1,651,000) and the loss per share was C$0.13 (1996: C$0.06).
Resource property costs for the period were C$4,773,000 (1996: C$12,997,000). At the end of the period total cash and short term
investments were C$11,481,000 (1996: C$10,749,000).
The company’s development of its mining project off the coast of Namibia
progressed well during the quarter. Mining is scheduled to commence in fourth quarter 1997 with a target diamond output of 150,000 carats per year.
The company completed the issue of 3,930,000 shares to raise US$15,012,600 (C$20,789,700) during the period. Proceeds from the
private placement will be applied to the commissioning of mining and for
exploration programs in the company’s marine concessions.
