November 23, 2009

Highlights of AGM Chairman’s Statement

Highlights of the Chairman’s statement made at the Annual General Meeting of West African Diamonds, London, 12 noon, 23rd November 2009

  • The planned merger with Stellar Diamonds is proceeding well. A relisting of the new enlarged entity is planned for early February 2010. It will create a bigger diamond producer, capable of delivering a robust cash flow, holding an exciting portfolio of advanced kimberlite projects.
  • The new company will have:
    1. Two producing alluvial diamond mines in Guinea, Bomboko and Mandala, with a resource base of over 1.5 million carats
    2. An advanced stage diamondiferous kimberlite exploration project at Droujba in Guinea
    3. A joint venture with Petra Diamonds on the Koidu dykes in Sierra Leone
    4. A joint venture with Thunderball on the Pipe 3 kimberlite pipe and adjacent dykes in Koidu
    5. A 5% royalty interest on the Plant 11 undersize tailings project in Sierra Leone
    6. Highly prospective diamond ground on the Tongo dykes in Sierra Leone
  • The combined management team has extensive experience in diamonds in West Africa.
  • The new enlarged entity will be better placed to take full advantage of the merger and growth opportunities available in West Africa and elsewhere.