Namibian Minerals Corporation

Namibian Minerals (Namco) will be delisted from the Nasdaq National Market at the opening of business on May 24, 2002.

Namibian Minerals Corporation will voluntarily delist from Nasdaq after its share price fell below the $1.00 minimum bid requirement.

Namibian Minerals Corporation reported a $56-million net loss and diamond production of 85,589 carats for the year ended Dec. 31, 2001, following an operational accident and provisional liquidation.

Namibian Minerals received a Nasdaq notice that its shares closed below the $1.00 minimum bid price requirement for 30 consecutive trading days.

Namibian Minerals has appointed Greg Walker as chief executive officer, effective mid-March 2002.

Namibian Minerals Corporation shareholders approved restructuring transactions and a share compensation plan at a special meeting held Jan. 17, 2002.

Namibian Minerals secured a $3-million bridging loan from major shareholder LL Mining and announced board changes including a new chairman and interim CEO.

Namibian Minerals' senior lenders extended the company's capital repayment moratorium until Dec. 15, 2001, as banking facility rescheduling talks near completion.

Namco reported interim sampling results from Mining Licence 51 and Bakers Bay (Mining Licence 36A) in Namibia, showing a 77 per cent diamond recovery success ratio.

The Toronto Stock Exchange completed its review of Namibian Minerals. It determined the company meets continued listing requirements.