Wednesday, July 25, 2012

Botswana Diamonds plc [BOD] - First Diamond Recovered in Cameroon Exploration

25 July 2012

First Diamond Recovered in Cameroon Exploration

Botswana Diamonds plc (AIM: BOD) (“Botswana Diamonds”) is pleased to announce that it has recovered a 2 carat diamond at its sampling project at Libongo in the Cameroon. The diamond is a low value, near gem quality stone. A 300 tonne bulk sample has been taken from a palaeoplacer conglomerate identified by Botswana Diamonds in 2011 and is being processed. The objective was to confirm the diamondiferous potential of the deposit.

Libongo is a very remote site in dense rainforest in eastern Cameroon. The 400 sq km licence lies adjacent to the Mobilong diamond mine being developed by CNK Mining of South Korea. Heavy rains and equipment breakdowns have delayed the processing of the material but the full results are expected to be known by the end of Q3 2012.

John Teeling, Chairman of Botswana Diamonds, commented:

“Our exploration in Cameroon is justified. We found a diamond in the palaeoplacer conglomerate. Diamonds being mined from palaeoplacers is a relatively new phenomenon and only gradually finding acceptance due mainly to the Marange discoveries in Zimbabwe. Botswana Diamonds was an early mover when rumours of diamonds in Cameroon palaeoplacers emerged. We obtained a large licence next door to a Korean company, CNK, who claimed to have a commercial diamond discovery. Two years later we have found the rock type and now a diamond in this rock. The stone is of industrial quality but proves the concept. Meanwhile, CNK is completing the construction of a diamond mine. We will complete the processing of the 300 tonne bulk sample and prepare for the next stage.”

This release has been approved by Robert Bouquet. Mr Bouquet is a Director of Botswana Diamonds and has 18 years’ experience in the rough diamond trade, including previous experience as a rough diamond buyer in Africa.

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