Pangea DiamondFields plc – Second Sale of Bakerville Diamonds

Pangea DiamondFields plc – Second Sale of Bakerville Diamonds

Pangea DiamondFields plc (PDF), the diamond producer and exploration company, announces the second successful sale by tender of diamonds from its Bakerville Project, which is situated within the Lichtenburg Diamond Fields approximately 250km west of Johannesburg, South Africa.

The sale, which took place last week in Johannesburg, yielded an average price of US$236 per carat from a run of mine parcel of 1,016 carats. To date, some 1,233 carats in total have been sold by tender from the Bakerville project at a weighted average price of US$449 per carat.

Commenting on the tender outcome, Chief Executive Brett Thompson said, “I am very pleased with the result of the sale particularly in light of what has been a challenging time for diamond prices. The average price for the Bakerville diamonds was the last piece of analysis required to confirm the viability of the project and this result underscores our confidence in further developing Bakerville to become, funding permitting, the Company’s next commercial scale operation.”

 

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