Sunda Shelf diamond project bulk sample No. 2
Ocean Resources and Trans Hex International are recovering a 5000 cubic metre bulk sample from the Sunda Shelf diamond project's North Channel, with completion now expected in early November.
Sunda Shelf access channel completed
The access channel to Ocean's second bulk sample location on the Sunda Shelf has been completed, with the Aokam Thai No. 3 dredge now digging a tailings pond.
Sunda Shelf problems and progress
The Aokarn Thai No. 3 dredge is digging a 1.2 km access channel toward the North Channel site to prepare for bulk sample No. 2, expected complete in late October 1997.
Year end results
The company reported a net loss of C$4,089,000 for the year ended May 31 1997 as it advanced its offshore Namibia diamond mining project toward a fourth-quarter 1997 start.
Sunda Shelf JV sampling results
Trans Hex International received first bulk sample results from its Sunda Shelf diamond project in Indonesia and increased its project interest through a partner equity restructuring.
South Channel results
South Channel Line 2000 West bulk sample completion is delayed about 14 days after the pit was extended from 80 to 90 metres and high winds halted dredging.
$20,789,700 financing completed
The company completed an issue of 3,930,000 shares for gross proceeds of $20,789,700 to fund mine commissioning and exploration.
Sunda Shelf offshore project exploration results
The Sunda Shelf offshore diamond project joint venture in Southeast Kalimantan is completing bulk sample No. 1 and moving a dredge toward bulk sample No. 2.
Offering to raise $20.8 million
Namibian Minerals Corporation (NAMCO) signed an underwriting agreement to sell 3,930,000 common shares at $5.29 each, raising $20,789,700 in a public offering.
Warrants extended
The company executed a supplemental indenture extending the exercise period of one million $11 warrants from June 26, 1997 to as late as June 26, 1998.