BMG Bdi Mining

RNS Number:9624U
Gem Diamonds Limited
16 April 2007


 Not for release, publication or distribution, in whole or in part, in, into or
                                from Australia,
          New Zealand, Canada or Japan or any Restricted Jurisdiction


Gem Diamonds Limited  

16 April 2007

DEALINGS BY GEM DIAMONDS LIMITED IN THE COMMON SHARES OF BDI MINING CORP


Gem Diamonds Limited (LSE: GEMD) ("Gem Diamonds") is pleased to announce that
further to its announcement on 11 April 2007 as to having reached agreement on
the terms of a recommended cash offer by Gem Diamonds for all the issued and to
be issued share capital of BDI Mining Corp (AIM: BMG) ("BDI Mining"), and its
announcement on 13 April 2007, Gem Diamonds has today purchased a further
2,035,210 BDI Mining Shares at a price of 36.5 pence for each BDI Mining Share.

In accordance with Gem Diamonds Directors' agreement and statement that they
would act within the spirit of the City Code throughout the Offer, disclosure
outlining the key information associated with the purchase, and in a form
consistent with Rule 8.1 disclosure, is provided below.

Following the purchases on 13 April 2007 and today, and the irrevocable
undertakings and letters of intent outlined in the recommended cash offer
announcement of 11 April 2007, Gem Diamonds is currently in receipt of the
following ownership position, irrevocable undertakings and letters of intent:

Gem Diamonds has a direct ownership interest in 31,000,000 BDI Mining Shares
representing approximately 29.6 per cent. of the issued BDI Mining Shares, which
includes 3,111,500 BDI Mining Shares acquired from Saad Investments Company
Limited, 2,118,000 BDI Mining Shares acquired from William Aldwin Soames,
2,600,000 BDI Mining Shares acquired from Draganfly Investments Limited and
2,281,000 BDI Mining Shares acquired from RCM (a company of Allianz Global
Investors), who had all previously given letters of intent over such shares.

In connection with the Offer, the BDI Mining Directors have entered into
irrevocable undertakings with Gem Diamonds pursuant to which they have agreed to
accept the Offer in respect of their entire holdings of BDI Mining Shares
representing approximately 3.6 per cent. of the issued BDI Mining Shares. These
undertakings will remain binding even if a higher competing offer is made for
BDI Mining, unless the Offer lapses or is withdrawn or the Offer Document is not
posted within 28 days (or such later date as Gem Diamonds and BDI Mining may
agree).

In connection with the Offer, certain BDI Mining Shareholders have entered into
irrevocable undertakings with Gem Diamonds pursuant to which they have agreed to
accept the Offer. The relevant Shareholders are British Portfolio Trust, Allianz
RCM UK Growth Fund, Al Rajhi Holdings, Ospraie Special Opportunities Master
Holdings Ltd and The Ospraie Portfolio Ltd, William Philip Seymour Richards, RAB
Special Situations (Master) Fund Limited, CIM Investment Management Limited and
JPMorgan Asset Management Ltd and they have agreed to accept the Offer in
respect of their shareholdings of 2,530,000, 5,713,415, 10,417,200, 1,016,750,
6,128,250, 300,000, 5,500,000, 5,150,000 and 7,350,000, respectively,
representing approximately 42.2 per cent. in aggregate of the issued BDI Mining
Shares. These irrevocable undertakings will cease to be binding (i) if the Offer
Document is not posted within 28 days (or such later date as Gem Diamonds and
BDI Mining may agree) from the date of this announcement or (ii) if the Offer
lapses or is withdrawn or (iii) an offer is announced by a third party before
the Offer becomes unconditional as to acceptances, provided that such third
party's offer price is at least 10 per cent. greater than the offer price under
the Offer.

In addition, RCM (a company of Allianz Global Investors) has provided a letter
of intent to Gem Diamonds stating that their current intention is to accept the
Offer in respect of their shareholding of 3,484,585 BDI Mining Shares,
representing approximately 3.3 per cent. of the issued BDI Mining Shares.

In summary, therefore, Gem Diamonds owns or has received irrevocable
undertakings and letters of intent to accept the Offer in respect of 82,397,157
BDI Mining Shares in aggregate representing approximately 78.8 per cent. of the
issued BDI Mining Shares. The numbers and totals in this announcement include 
some updates and amendments to the numbers and totals set out in our announcement
of 13 April 2007 as a result of the issue of shares by BDI Mining further to the
exercise of warrants today and further to updated information received by Gem 
Diamonds since such date.

Terms defined in the announcement of the Offer dated 11 April 2007 shall have
the same meaning in this announcement.


1. KEY INFORMATION

Name of person dealing                           GEM DIAMONDS LIMITED

Company dealt in                                 BDI MINING CORP

Class of relevant security to which              COMMON SHARES
the dealings being disclosed relate

Date of dealing                                  APRIL 16, 2007



2. INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE

(a) Interests and short positions (following dealing) in the class of relevant
    security dealt in

                                     Long                            Short

                           Number           (%)             Number           (%)
(1) Relevant               31,000,000       29.63%
    securities

(2) Derivatives
   (other than options)

(3) Options and agreements
    to purchase/sell

Total                      31,000,000       29.63%


(b) Interests and short positions in relevant securities of the company, other
    than the class dealt in

Class of relevant security:            Long                         Short

                            Number          (%)             Number           (%)
(1) Relevant securities

(2) Derivatives 
   (other than options)

(3) Options and agreements
    to purchase/sell

Total


(c) Rights to subscribe

Class of relevant security:  Details



3. DEALINGS


(a) Purchases and sales

Purchase/sale               Number of securities       Price per unit
PURCHASE                    2,035,210                  36.5p



(b) Derivatives transactions (other than options)

Product name,      Long/short          Number of securities    Price per unit
e.g. CFD


(c) Options transactions in respect of existing securities

(i) Writing, selling, purchasing or varying

Product name,         Writing,        Number of         Exercise    Type, e.g.   Expiry     Option money
e.g. call option      selling,        securities to     price       American,    date       paid/received
                      purchasing,     which the                     European                per unit
                      varying etc.    option relates                etc.
                                                    
                                                                               
(ii) Exercising

Product name, e.g. call      Number of securities         Exercise price per unit
option


(d) Other dealings (including new securities)

Nature of transaction        Details                      Price per unit (if applicable)



4. OTHER INFORMATION

Agreements, arrangements or understandings relating to options or derivatives


Full details of any agreement, arrangement or understanding between the person disclosing
and any other person relating to the voting rights of any relevant securities under any
option referred to on this form or relating to the voting rights or future acquisition or
disposal of any relevant securities to which any derivative referred to on this form is
referenced. If none, this should be stated.


Is a Supplemental Form 8 attached?    NO



Date of disclosure                    APRIL 16, 2007

Contact name                          STEPHEN WETHERALL

Telephone number                      +27 82 418 8735






                      This information is provided by RNS
            The company news service from the London Stock Exchange

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