Plant 11 Koidu SL to reopen under new management
16 Oktober 2009 - 4:50PM
UK Regulatory
TIDMWAD
RNS Number : 9408A
West African Diamonds PLC
16 October 2009
16th October 2009
Plant 11 in Koidu, Sierra Leone, to reopen under new management
The directors of West African Diamonds (WAD), the AIM listed diamond miner, are
pleased to announce an agreement with Pyramid Resources, a private Sierra Leone
company, to reopen the Plant 11 tailings project near Koidu.
Pyramid, formed by local WAD advisers and management, has taken over the Mining
Lease and certain plant and equipment. They will focus on recovering diamonds
contained in the 7 million ton diamond tailing dump. WAD has a 5% royalty on
production.
John Teeling, Chairman, commented:
"I am delighted with this development and I wish it every success. The WAD
project on Plant 11 focused on gold and diamond recovery using a new technology.
The new owners will concentrate on recovering diamonds followed by gold
recovery. This initiative is good for all, our former workers who get jobs, the
local area which gets income, and the State which will get revenue and exports".
This release has been reviewed by Alex van Zyl, Technical Director, West African
Diamonds plc. Alex van Zyl (B.Sc. Stellenbosch, B.Sc. Hons. Pretoria) spent a
long career in Anglo American in the diamond division, ending up 1990 to 1997
with worldwide responsibility for diamond exploration and evaluation. He was a
consultant to De Beers from 1997 to 2002.
Enquiries:
+----------+----------+----------------------------------+-------------------------+
| West African | |
| Diamonds plc | |
+---------------------+----------------------------------+
| | John Teeling, Chairman | + 353 1 833 2833 |
+---------------------+----------------------------------+-------------------------+
| | James Campbell, Deputy Chairman | +27 83 457 3724 |
+---------------------+----------------------------------+-------------------------+
| Astaire Securities | +44 (0)20 7448 4400 |
| plc | |
| Lindsay Mair | |
+---------------------+----------------------------------+
| College Hill | +44 (0) 20 7457 2020 |
| Nick Elwes | |
+----------+----------+----------------------------------+-------------------------+
www.westafdiamonds.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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