TIDMNAD

RNS Number : 3078I

Namakwa Diamonds Limited

24 July 2012

24 July 2012

Namakwa Diamonds Limited (LSE: NAD)

("Namakwa Diamonds" or the "Company")

Result of Tender

Namakwa Diamonds is pleased to announce that it has closed its third sale of Kao rough diamonds in Antwerp, its eighth in total, through Fusion Alternatives, the dedicated tender partner of I Hennig & Co.

All 51 lots offered, totaling 14,495 carats, were sold at an average selling price of US $286/ct, with an average diamond size of 0.36cts. The largest diamond sold was 32.38 cts at US $2,577.00/ct. The sale realised revenues of approximately US $4.2 million, with achieved prices some 3.4% higher than initial management estimates. The diamonds sold were sourced predominately from hardrock kimberlite ores.

Commenting, Theo Botoulas, Chief Executive Officer of Namakwa Diamonds, said: "Our third tender in Antwerp, like the first two, achieved a 100 per cent. sell-through and prices ahead of initial expectations even in today's challenging markets. Since January 2012, we have now sold a total of 87,011 carats from Kao Mine production in eight tenders, generating US $24.6 million in revenues for the Company."

For further information please visit www.namakwadiamonds.com or contact:

 
 Namakwa Diamonds                   Tavistock Communications 
                                                     +44 20 7920 
 Theo Botoulas    +27 11 334 8886   Simon Hudson      3150 
                                                     +44 20 7920 
                                    Kelsey Traynor    3150

About Namakwa Diamonds Limited

Namakwa is a diamond resource group, which seeks to extract maximum value from the marketing and sale of Group mined and contracted production.

The Group's mining activities are focused on the Kao Mine in Lesotho. Operated by Storm Mountain Diamonds and its leading hard-rock mining team, with a proven track record in the construction and development of Lesotho's leading kimberlite pipes, the Kao Mine presents a 189Mt kimberlite resource of c.12.8m carats (c.4m indicated and c.8.8m inferred), with an additional 1.7m carats at a deposit level of confidence, in which Namakwa holds a 62.5% interest. The other shareholders are the Government of Lesotho 25% and Kimberlite Investments Lesotho Limited 12.5%.

The Group also maintains alluvial mining operations in the North West Province of South Africa and resource-development properties in the Northern Cape Province of South Africa and the offshore marine environment of Namibia.

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