Poseidon

The company completed a 94-day geophysical and sampling survey of its 1,035 sq km Namibian and South African marine diamond concessions, producing 6,569 line km of data and 199 vibrocore samples.

Namibia's ministry of finance confirmed Reserve Bank of South Africa approval for the company's dual listing on the Namibian Stock Exchange.

Preliminary survey results show all three marine concession areas, totalling 1035 square km, contain significant diamond bearing potential.

The company completed a brokered private placement of 4,700,000 units at $3.25 per unit for total proceeds of $15,275,000.

Namco officially opened its Namibian operations on December 3, 1993, and received ministerial backing for a Namibian stock exchange listing application.

The company arranged a $15,275,000 brokered private placement of 4.7 million units with Yorkton Securities to fund a three-phase marine diamond exploration program in Namibia and South Africa.

The company appointed three new directors to its board on Oct 22. Michael Siefert stepped down as director on the same date.