Camafuca Project

The Group holds an 18% free-carried interest in this very promising exploration prospect. In terms of the shareholders agreement, our obligation is to provide the technical skills and manage the project implementation. We have no further financial commitments to the development.

Camafuca is one of the largest known undeveloped diamond-bearing kimberlite complexes worldwide and is located in the Lunda Norte Province in northeastern Angola, 20 km southeast of the town of Lucapa. The pre-feasibility study, completed in 2000, defined an inferred mineral resource of 23.25 million carats within 145m of the surface, at an average grade of 0.111ct/m3, Phase One (bulk sampling) of the feasibility study will determine the viability of further activities.

Five kimberlitic pipes intrude a valley and outcrop in the Chicapa River bed and both sides of the river. Contained diamond content for the five pipes, a total surface area of 167ha, quoted down to a depth of 145 metres, is 23million carats. In 2005, the government approved the formation of the operating company, Sociedade Mineira do Camafuca Lda, which was issued the mining licence for the Camafuca project.