Pangea DiamondFields plc (PDF) – Sale of DRC and CAR Diamonds

Pangea DiamondFields plc (PDF) – Sale of DRC and CAR Diamonds

Pangea DiamondFields plc (PDF), the diamond producer and exploration company, announces the recent sale by tender of diamonds from its Longatshimo River and Tshikapa River projects in the Democratic Republic of Congo projects, as well as its Dimbi project in the Central African Republic.

The sale of approximately 5,710 carats which took place last week in Antwerp raised gross proceeds of US$ 670,000 with the average sale prices achieved being as follows:
 
DRC - 3,710 carats @ US$117 per carat
CAR - 2,000 carats @ US$116 per carat

Commenting on the sale, Chief Executive Brett Thompson said:
”This sale, in addition to the US$0.23 million raised from the sale of diamonds from the Bakerville project announced on 11 May 2009, further fortifies our cash position and provides additional support for the Company to continue pursuing the development of our current key projects, Cassanguidi in Angola and Bakerville in South Africa. The sale prices achieved represent a discount of approximately 30 - 35% to the long term target prices we would expect to achieve in a normal market for the DRC and CAR projects but were considerably better than forecast sale prices at this time of 50% below our long term targets.”

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