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Pangea Diamond Fields sees full scale production at Angolan project by 3Q ‘09

21 july 2009

Pangea DiamondFields says the expansion of its Cassanguidi project, in Angola is nearly complete and would be expected to reach full-capacity commercial-scale operation by the third quarter of this year.
The Aim-listed diamond explorer’s chief executive Brett Thompson said in a statement that phases one and two of the project were fully commissioned last June.
He stated that the first phase comprised the construction of a mobile primary concentration facility, called plant three, while the second phase involved the construction of a centralised recovery facility, including a dense-media separation (DMS) reconcentration plant and an X-ray recovery facility.
Thompson also noted that the third phase, which would see the construction and commissioning of an additional primary concentration facility, known as plant two, would be fully commissioned by the end of this month.
The new processing facilities had the capacity to treat about 35 000 m3/m of gravel, producing about 7 500 ct/m.
Pangea said it would now focus on ramping up the mining activities at the Angolan Cassanguidi project as a result of the expanded processing capacity.
It also noted that once the project reached full commercial capacity, it would be in a position to generate sufficient cash flow, at current diamond prices, to fund the operating costs of its other projects, as well as its central overhead costs.
Pangea said rough diamond prices had gone up, reaching between 65 and 70 percent of the mid-2008 prices.
It however, stated that despite the recovery, the firm would wait for “signs of stability” in before changing its strategy of focusing on the development of near-production assets and the conservation of cash.
Pangea said it had a diamond stock worth about USD0,5-million at the end of June.

Mathew Nyaungwa, Rough&Polished from Namibia