Camafuca Diamond Project -
SouthernEra announces positive progress on Camafuca Diamond Project -
Mining licence issued
Shares issued and outstanding: 112,279,101
TSX: SDM
AIM: SRE
TORONTO and LONDON, Oct. 24 /CNW/ - SouthernEra Diamonds Inc. (TSX: SDM;
AIM: SRE): announced today that commencement of the construction of the
Camafuca Diamond Project in Angola has taken a crucial step forward. This
follows meetings with SouthernEra's partners of the Camafuca operating
company, Camafuca Sociedade Mineira, Lda ("CSM"), in August and October this
year.
The mining licence for the Camafuca project has been issued following the
joint Government approval and ratification for the formation of CSM, and the
Angolan Council of Ministers' approval of the project. These approvals
guarantee that no further consent from the Angolan authorities will be
required.
The board of directors (and executive management) of CSM has been
constituted at a General Assembly of CSM and shall consist of the Managing
Director (to be appointed by Endiama, the State owned diamond company,
together with Minex, the financial partner), a Mining Director (appointed by
SouthernEra), a Financial Director (appointed by Minex) and a Human Resources
Director (appointed by the fourth partner in the project, Comica).
All appointments to the board have occurred, with the exception of the
Managing Director appointment, which is to be announced shortly.
The first meeting of the board is expected to be held within the next few
weeks, pending the appointment of the Managing Director, and it will consider
the budgets, for approval, so that orders can be placed for the project to
commence. Minex will provide the funding for Phase 1 of the project.
The shareholding in CSM is as follows:
Minex 38%
Endiama 37%
SouthernEra 18%
Comica 7%
SouthernEra Diamonds is one of Canada's largest fully integrated diamond
companies with extensive diamond exploration in six countries including
Canada, Gabon, the DRC, Zimbabwe and South Africa. The Company maintains an 18
percent free-carried interest in the Camafuca Diamond Project in Angola and
also operates the Klipspringer Diamond Mine in South Africa.
Some statements contained in this news release are forward-looking and,
therefore, involve uncertainties or risks that could cause actual results to
differ materially. Such forward-looking statements include comments regarding
exploration work. Actual results could differ materially from those
anticipated. The Company disclaims any obligation to update forward-looking
statements.
For further information: Toronto: SouthernEra Diamonds Inc., Mr.
Alasdair MacPhee, President and CEO, or Sharon Allan, Investor Relations,
Telephone: (416) 359-9282, Fax: (416) 359-9141, E-mail:
inbox@southernera.com, www.southernera.com; London: 4C-Burvale, Carina
Corbett, Director, Telephone: ++ 44 (0) 207-907-4761, Fax:
++ 44 (0) 207-907-4769, Email: corbett@4cburvale.co.uk
(SRE)
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