Business
1st Quarter Results
1st Quarter Results.
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n Petra Diamonds Ld\n01 November 2006\n\n Petra Diamonds Limited\n\n\n\n QUARTERLY ACTIVITIES REPORT\n FOR THE THREE MONTH PERIOD ENDED\n 30 September 2006\n\n\n\n (dateline 31 October 2006)\n\n\n\n\n\nPetra Diamonds Limited ('Petra' or 'the Company' or 'the Group'), the AIM-quoted\nand ASX-listed diamond mining group (AIM and ASX: PDL), announces its quarterly\nactivities report (unaudited) for the three month period ended 30 September\n2006.\n\n\n\nHighlights\n\n\n\n • Alto Cuilo - bulk sampling commences; 62 kimberlites now identified;\n analysis of further drill core gives more highly encouraging indicator\n mineral chemistry results, in some cases potentially more prospective than\n results from previous samples\n • Botswana - Kukama project area identified, hosting 24 kimberlites, within\n Petra's licence areas, a very positive and important development for the\n Kalahari exploration programme\n • Kono project - highly encouraging diamond recoveries from mini samples of\n 224 diamonds totaling 23.91 carats\n • South Africa - production from the South African mines of 35,602 carats\n for the quarter (quarter to June 2006: 43,378 carats); although production\n for the quarter was affected by unexpected labour and power interruptions\n outside of Petra's control, these factors are not long term in nature and\n action has been taken to address the issues\n • Corporate - Petra issues a US$20 million unsecured, interest free bond,\n convertible at 130 pence per share; the financing strengthens Petra's\n treasury on an interest free basis, giving Petra the flexibility to act\n quickly on potential growth opportunities\n • Proposed transaction - Petra announces that it is in advanced and\n exclusive discussions with De Beers with regards to the acquisition of the\n Koffiefontein mine and associated assets in South Africa; it is expected\n that a formal sale agreement will be signed in the near future\n\n\n\n\n\nAngola - Project Alto Cuilo\n\n • Bulk sampling has commenced with the large diameter drill rig; priority\n targets have been ranked for large diameter drilling according to mineral\n chemistry analysis, surface area and logistical considerations; initial\n results are expected by December 2006\n • 62 kimberlitic occurrences now confirmed (June Quarterly Activities\n Report: 50) out of 70 targets drilled, a...