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Whilst the Namibian assets of Namakwa Diamonds constitute a large resource base, the methods of extraction are difficult and subject to the risks of operating at sea. The Company is not readily experienced in carrying out an operation of this nature and is currently in the process of seeking a contractor to partner with on this project.
The Namibian resource base of approximately 5.1 million carats of inferred resources represents 20% of the Group's resources in carat terms (Venmyn, 28 February 2010).
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In South Africa, the Northern Cape Province's mineral assets represent a notably higher-grade opportunity than those within the North West Province, with similar revenue potential for the Megalodon Channel, north of the Buffels River. The thick gravel horizons, and significant potential for the main channel and its associated tributaries to extend over large areas, highlights the Buffels North Node as an advanced exploration target that warrants further attention, in spite of the substantial strip ratio created by the thick overburden. The other two project areas represent identified targets that require an initial phase of exploration to assess their diamondiferous potential.
The Northern Cape resource base of approximately 0.7 million carats of inferred resources represents 3% of the Group's resources in carat terms (Venmyn, 31 August 2010). |
