Namibian Minerals Corporation

Namco resumed mining operations aboard its MV Ya Toivo vessel over the weekend after court-ordered liquidation extensions.

Namibian Minerals (Namco) signed a $15-million investment and 15-year exclusive marketing agreement with Israel's Leviev Group, which becomes a 39-per-cent shareholder pending approvals.

Namibian Minerals has raised approximately $9.4-million (U.S.) through a private placement and secured a $15-million investment agreement with Israel's Leviev Group to resume diamond mining operations off Namibia.

TSX extended Namibian Minerals Corporation's listing eligibility review. The extension runs 120 days, until June 27, 2001.

The Toronto Stock Exchange is reviewing Namibian Minerals' shares. The review of continued-listing requirements is on an expedited basis.

Namibian Minerals Corporation has placed South African and Namibian subsidiaries into provisional liquidation, halting all diamond mining operations.

Namibian Minerals is placing several South African subsidiaries into provisional liquidation, expected to be finalized in about six weeks, after cash flow problems from a January accident to its NamSSol mining system.

Namco arranged $10.25-million (U.S.) in financing through Canaccord Capital, comprising an $8.25-million share sale and $2-million in convertible debentures, subject to approvals expected in March, 2001.

Namibian Minerals denied a Dow Jones report of liquidation talks, confirming instead it is managing cash flow after losing the NamSSol crawler's undercarriage.

Namibian Minerals lost the undercarriage of its NamSSol seabed crawler on the ocean floor after a failed recovery attempt off Namibia.