Poseidon

The company reported diamond sampling results from Hottentots Bay and Luderitz off Namibia's coast, including 215 diamonds from a single Luderitz sample site.

Namco 1 completed first pass bulk sampling of the Koichab area at its 540 sq km Luderitz Bay grant in Namibia, recovering diamonds from 60% of samples.

Neil McDougall has been appointed to the board after three years working with the group on its South African sea concessions.

A US$10 million bulk sampling program has confirmed gem quality diamonds across the company's three marine diamond concessions off Namibia and South Africa.

The company will present its shareholder rights protection plan, adopted by directors on February 10 1995, to shareholders for approval at its AGM in September 1995.

Bulk sampling at Saddle Hill has entered full phase testing, and Nautical Diamonds was granted a new 3,500 sq km South African concession.

The company reports no material changes since its April 20 quarterly filing, despite the share price rise, as its US$10 million Cape Town bulk sampling program nears completion.

The Namibian government has granted the company a 30 sq km onshore diamond exploration concession on the north bank of the Orange River.

Kombadayedu Kapwanga has been appointed regional manager and director of the company's Namibian companies, and subsidiary Gariep Mining has been awarded Orange River block No. 8.

The company adopted a shareholder rights plan on February 10, 1995, issuing one right per common share and convertible security to guard against unfair takeover bids.