Key points
- Trans Hex acquired the mining vessel Ivan Prinsep from Namibian Minerals Corp under the terms of a joint venture.
- Trans Hex remains obligated to commit its own vessel to diamond mining at Marshall Fork no later than mid-November 2001.
- Base case diamond production for the joint venture through June 30, 2002 is projected to rise from 50,000 to 65,000 carats, or about 130,000 carats including sampling bias.
- A second vessel is expected to be placed into production no later than Oct. 31, 2002.
Trans Hex Group Limited has acquired the mining vessel Ivan Prinsep from Namibian Minerals Corp. Under the terms of the joint venture, Trans Hex will place the Ivan Prinsep into commercial operations at the Marshall Fork Feature no later than mid-June, approximately 5.5 months ahead of schedule. Trans Hex remains under obligation to commit its own vessel to diamond mining at Marshall Fork no later than mid-November, 2001.
Base case diamond production for the joint venture for the period ending June 30, 2002, is projected to increase from 50,000 carats to 65,000 carats. Inclusive of the sampling bias, diamond production is projected to be approximately 130,000 carats. A second vessel is expected to be placed in production no later than Oct. 31, 2002.
Francis Waldron stated: “This dramatically accelerates Diamond Fields production schedule and positions the company to receive positive cash flow by midyear 2001, enabling the company to implement the exploration and development plans for its non-joint venture areas.” The Marshall Fork area designated to the joint venture accounts for less than 0.6 per cent of the area of Diamond Fields’ entire Luderitz sea diamond concessions.
WARNING: The company relies upon litigation protection for “forward-looking” statements.
