Shelf diamond project progress
Ocean Resources reports contaminated clay gravels have halted diamond jig processing on Sample 1A of the Maluka Palaeovalley offshore project pending a clay washing section.
Sunda Shelf exploration update
The company has begun processing the first sub-sample of a 37,840 cubic metre bulk sample from the Sunda Shelf diamond project in southeast Kalimantan, Indonesia.
Appeal against Benco unsuccessful
Namco's appeal against Benco failed on a 3:2 split decision by five judges of the Appellate division of the Supreme Court of South Africa.
Agreement with SubSea Offshore; Luderitz Bay Grant mining licence filed
Namco signed a US$20 million agreement with SubSea Offshore Limited to build a marine diamond mining system and filed for a mining licence over its Luderitz Bay Grant in Namibia.
Sunda Shelf JV expands bulk sample program
The Sunda Shelf JV in Indonesia has expanded its first offshore diamond bulk sample from 5,000 to 37,840 cubic metres, with processing due to begin within days.
3mo results
For the three months ended August 31, 1996, the company posted a loss of $744,000, or $0.03 per share, compared to $251,000, or $0.01 per share, in 1995.
Receipt for final prospectus received
The company received a final prospectus receipt from the Ontario and BC Securities Commissions qualifying 2,000,000 common shares and 1,000,000 warrants for distribution.
Directors like poison pill
The company's board unanimously ratified continuing the shareholder rights plan first adopted in February 1995.
Year end results; inferred resource increased to 2,600,000 carats
The company's independent consultants raised the inferred diamond resource estimate to 2,600,000 carats for the year ended May 31, 1996, while reporting a net loss of $1,651,000.
$17 million special warrant financing completed
The company completed a $17 million special warrant financing, issuing two million warrants at $8.50 each through Yorkton Securities and Sprott Securities.