Business
Termination of Preliminary Discussions with Lucara
Termination of Preliminary Discussions with Lucara.
About this update from Gem Diamonds Limited
[{"type":"text","content":"\n \nRNS Number : 8695F Gem Diamonds Limited 04 May 2011 \n \n\n4 May 2011\n \nGem Diamonds Limited\n(\"Gem Diamonds\" or the \"Company\")\n \nTermination of Preliminary Discussions with Lucara \n \nGem Diamonds confirms that, further to the announcement on 21 March 2011, no agreement has been reached in its preliminary discussions with Lucara Diamond Corp and these discussions are no longer on going. \n \nAs stated in the Company's full year results announcement on 15 March 2011, Gem Diamonds continues to monitor potential value enhancing opportunities outside of its current asset portfolio.\n \nFor further information please contact:\n \nGem Diamonds\nClifford Elphick, Chief Executive Officer\nGlenn Turner, Chief Commercial and Legal Officer\nRichard Chetwode, Investor Relations \nTel: +44 (0) 20 3043 0280\n \nJ.P. Morgan Cazenove - Financial Adviser\nIan Hannam / Barry Weir / Neil Passmore\nTel: +44 (0) 20 7588 2828\n \nPelham Bell Pottinger - PR \nJames Henderson / Charles Vivian\nTel: +44 (0) 20 7861 3160 / 26\n \nNotes to Editors \n \n• Gem Diamonds is listed on the Main Market of the London Stock Exchange and is a constituent of the FTSE 250 Index. The trading symbol is GEMD. \n• Gem Diamonds is a leading global diamond producer with diamond mining operations in Africa and Australia and other development projects throughout the world and headquartered in London. Gem Diamonds has a specific focus towards higher value diamonds; a segment of the market that its management believes will deliver superior long-term returns.\n• Gem Diamonds is a majority shareholder in the Letšeng mine in Lesotho, a long-life, producing kimberlite mine renowned for its high quality diamonds. It also has a 100% interest in the Ellendale lamproite mine in Western Australia, the only reliable producer of highly sought after fancy yellow diamonds. Currently the Company is developing its 100% owned Gope kimberlite project in Botswana into a world-class producing mine.\n• &...