Press Release

Namibian Minerals reported a first-quarter 2001 net loss of $12.2-million (U.S.) on revenue of $4.7-million after the NamSSol accident halted diamond production and led to provisional liquidation of nine subsidiaries.

Namco will delay its Q1 2001 interim financial statements past the May 30 deadline, expecting to file by June 6, 2001.

Namibian Minerals Corporation reported 2000 earnings of $1.0-million (two cents per share) on revenues of $41.8-million, down from $17.1-million a year earlier.

The company completed its Leviev Group transaction and had its three Namibian subsidiaries discharged from provisional liquidation last week.

Namibian Minerals raised a further $2.6-million (U.S.) through a private placement of 10-per-cent special notes.

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