NAD Namakwa DI.

TIDMNAD

RNS Number : 8292S

Namakwa Diamonds Limited

05 December 2012

5 December 2012

Namakwa Diamonds Limited (AIM: NAD)

("Namakwa Diamonds" or the "Company")

Result of Tender

Namakwa Diamonds is pleased to announce that it has successfully closed its recent sale of rough diamonds from the Kao Mine in Lesotho, operated by 62.5% owned subsidiary, Storm Mountain Diamonds. The tender in Antwerp, through Fusion Alternatives (the dedicated tender partner of I Hennig & Co.), took place between 27 November and 4 December 2012.

All 80 lots offered, totalling 29,278 carats at an average diamond size of 0.2 carats per stone, were sold at an average selling price of US $384.40 per carat. The sale realised revenues of approximately US$11.25 million. The 100 percent sell through achieved, again reflects the strong demand for Kao product.

The tender included some magnificent stones including an exquisite 88.54 carat D colour stone, a 43.01 carat D colour stone, a 1.72 carat yellow stone and a 0.70 carat vivid pink stone all of which fetched strong prices.

Commenting, Theo Botoulas, Chief Executive Officer of Namakwa Diamonds, said: "The sixth Antwerp tender of Kao product, and eleventh since January 2012, has been the largest to date. We have now sold a total of 167,450 carats from Kao Mine production, generating US$49.55 million in revenues for the Company.

"At the invitation of I Hennig & Co and Fusion, we were all particularly pleased to have hosted a delegation from the Government of Lesotho, led by the Honorable Minister of Mines of Lesotho Minister Tlali Khasu, as well as the Principal Secretary of the Ministry of Mining, Mr Clement Lerotholi, and are pleased to have shared this occasion with them. The delegation was hosted during the visit by the management of I Hennig & Co, Fusion, Namakwa and Storm Mountain Diamonds, and met with inter alia the Governor of Antwerp and representatives of the Antwerp World Diamond Council as part of a fact finding mission into the global diamond industry."

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 
 Simon Hudson/Kelsey    +44 20 7920 
  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. The Kao Mine is operated by 62.5% owned subsidiary 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 Main Pipe Complex represents a resource endowment of c.183Mt of kimberlite ore containing c.11.6M carats (3.3m at Indicated and 8.3m at Inferred levels of confidence), with an additional c.800k to 2.7m carats at Deposit level. Other shareholders in Storm Mountain Diamonds are the Government of Lesotho (25%) and Kimberlite Investments Lesotho Limited (12.5%).

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

Namakwa is listed on the AIM market of the London Stock Exchange under the ticker symbol NAD.

-ends-

This information is provided by RNS

The company news service from the London Stock Exchange

END

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