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Pangea's 1H Revenues -60%

30 september 2009

Pangea DiamondFields reported Tuesday that revenues from its operations fell 60 percent to $895,661 for the six months that ended June 30, 2009 and cautioned that certain conditions must be met for it to continue to operate as a going concern, including scaling up its pilot mining activity at the Cassanguidi project in Angola and securing additional bridging funding, RAPAPORT reported.
The company posted a net loss of $8.9 million for the half-year, compared with a net loss of $11.1 million in the same period a year earlier. This improvement came as Pangea cut its exploration expenditure by 62 percent to $1.7 million for the six-month period. Pangea spokespersons said that despite the recent upward trend of rough prices, it is “still waiting for signs of sustainability in these trends before changing its strategy of focusing on the development of near-production assets and the conservation of cash.” As of June 30, the company had cash reserves of $3.3 million and a diamond stock of 3,382 carats valued at $500,000. 
Production at Cassanguidi was “significantly reduced” during the period as the company decided to focus on the construction and commission of the project, rather than on bulk sampling and resource generation. 
The company reported that while some delays were experienced based on the availability of power generation facilities for the project, the shift to full capacity is progressing well, with all processing facilities are now fully commissioned and operational. It is expected that Cassanguidi will be generating sufficient revenues to cover its operational costs by October 2009 and will reach full capacity by the end of 2009, it reported. 
“Should this be delayed,” Pangea explained, “…a material uncertainty exists which may cast doubt on the company’s ability to continue as a going concern.” It added that continued uncertainty regarding rough diamond prices would also render it “potentially unable to realize its assets and discharge its obligations in the normal course of business.”