Namakwa Diamonds Limited Batla Minerals Appeal Dismissed (0940P)
October 19 2012 - 4:38AM
UK Regulatory
TIDMNAD
RNS Number : 0940P
Namakwa Diamonds Limited
19 October 2012
19 October 2012
Namakwa Diamonds Limited (AIM: NAD)
("Namakwa Diamonds" or the "Company")
Batla Minerals Appeal Dismissed
On 30 November 2011 the High Court of Lesotho dismissed an
action brought by Batla Minerals SA and its subsidiary, Toro
Diamonds (Pty) Limited (together "Batla Minerals"), making claim to
a 50% interest in the 62.5% of Storm Mountain Diamonds (Pty)
Limited held by the Company. The costs of this action were awarded
to the Company.
Batla Minerals subsequently appealed the decision which matter
was heard by three Honourable Justices of Appeal in the Court of
Appeal, Lesotho, on 12 October 2012.
On 19 October 2012 the Court of Appeal delivered its judgement
dismissing the appeal of Batla Minerals in this matter, with costs.
Namakwa Diamonds continues to hold a 62.5% interest in Storm
Mountain Diamonds (Pty) Limited.
Batla Minerals has no further recourse in any court and the
matter is now at an end.
For further information please visit www.namakwadiamonds.com or
contact:
Namakwa Diamonds Shore Capital
+27 11 334 +44 20 7408
Theo Botoulas 8886 Pascal Keane 4090
Tavistock Communications
+44 20 7920
Simon Hudson/Simon Compton 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.
-ends-
This information is provided by RNS
The company news service from the London Stock Exchange
END
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