Namibian Minerals Corporation

Namibian Minerals is being liquidated after failing to finance its working capital since November 2002, with De Beers and LL Mining Corporation BV emerging as buyers of its mining assets.

Namibian placed two subsidiaries, Namco Holdings SA and Namco Maritime, into provisional liquidation after LL Mining BV withdrew financial support amid failed talks with senior lenders.

The TSX is reviewing Namibian Minerals for continued listing. The review is being conducted on an expedited basis.

Namibian Minerals Corp.'s board ordered certain South African and Namibian subsidiaries to immediately cease operations after financing talks failed.

Namibian Minerals Corporation reported third-quarter 2002 net profit of $96,000 (U.S.) on revenue of $15,214,000 from sales of 126,713 carats.

Namco produced a record 117,050 carats in Q3, bringing year-to-date production to 205,700 carats.

Namibian Minerals Corporation reported a second-quarter 2002 net loss of $24,954,000 (25 US cents per share), including a $15,685,000 goodwill impairment provision.

Namibian Minerals Corporation's mining vessel MV Ya Toivo recovered 16,417.55 carats on July 23 while mining Hottentot Bay Grant feature 22, a new single-vessel daily record.

Namibian Minerals Corporation's mining vessel MV Kovambo has resumed diamond production with its repaired NamSSol seabed mining tool on Namco's ML36A lease in Baker Bay, Namibia.

Namibian Minerals Corporation reported a first-quarter net loss of $7.95-million on revenue of $6,378,000 from diamond sales for the period ended March 31, 2002.