Namibian Minerals Corporation

Namibian Minerals has placed a $1.3-million contract with Wirth to build a new seabed exploration tool for Namco's Namibian and South African concessions.

Namibian Minerals chairman and CEO Alastair Holberton has been appointed chairman of Ocean Diamond Mining Holdings, with operations director Peter Looijen also joining the ODM board.

Namibian Minerals raised its total estimated diamond resources to 2.9 million carats after a bulk sampling program at Feature 022 of its Hottentot Bay grant in Namibia.

Namco has appointed Michael Woodborne, former co-founder of Marine & Coastal Geo-Consultants, as exploration director to lead its second exploration phase planned for late 2000.

Namibian Minerals Corporation reported record six-month earnings of $10.6-million (U.S.) on diamond production of 192,100 carats and raised its 1999 production target to 260,000 carats.

Namibian Minerals Corp. (NAMCO) has acquired a 33.5 per cent stake in Ocean Diamond Mining Holdings Ltd. for about $17-million (U.S.), becoming its largest shareholder.

Namibian Minerals Corporation has appointed Loine Geingos to its board of directors and to the board of subsidiary Namco Namibia (Pty) Ltd.

The company increased measured and indicated diamond resources at features 019 and 020 in its Luderitz Bay mining licence threefold, from 292,000 to 1,155,000 carats.

Namibian Minerals declared its first dividend of two cents per share, payable June 1, 1999, to shareholders of record as of May 10, 1999.

The company raised its 1999 diamond production target to 200,000 carats after a record 116,100-carat quarter and reported Q1 earnings of $5.2-million (U.S.).