Wrap Text
RDI - Rockwell Diamonds Incorporated - Rockwell Recovers diamonds of 50 Carats
and Above from Holpan, Klipdam and Saxendrift
ROCKWELL RECOVERS LARGE STONES FROM HOLPAN, KLIPDAM AND SAXENDRIFT
ROCKWELL DIAMONDS INCORPORATED
(A company incorporated in accordance with the laws of British Columbia, Canada)
(Incorporation number BCO354545)
(Formerly Rockwell Ventures Inc.)
(South African registration number: 2007/031582/10)
Share code on the JSE Limited: RDI ISIN: CA77434W1032
Share code on the TSX: RDI CUSIP Number: 77434W103
Share code on the OTCBB: RDIAF
("Rockwell")
ROCKWELL RECOVERS DIAMONDS OF 50 CARATS AND ABOVE FROM HOLPAN, KLIPDAM AND
SAXENDRIFT
August 31, 2010, Vancouver, BC - Rockwell Diamonds Inc. ("Rockwell" or the
"Company") (TSXV: RDI; JSE: RDI; OTCBB: RDIAF) announces the recent recovery of
several large (50 carats and above) stones from its Holpan, Klipdam and
Saxendrift mines.
Rockwell has alluvial diamond operations in the Northern Cape Province in South
Africa: the Holpan and Klipdam mines are located north of Kimberley, and the
Saxendrift mine is on the Middle Orange River ("MOR") southwest of Kimberley.
The Company is also conducting a bulk sampling project at Klipdam Extension east
of the Klipdam mine. The Wouterspan mine, also located on the MOR, is currently
on care and maintenance. In addition, the Company is in the process of
acquiring the Tirisano operation located in the well-known Ventersdorp alluvial
diamond district in South Africa`s North West Province from Etruscan Diamonds
Limited.
Five Large Diamonds
During what is effectively the second quarter of fiscal 2011 (which ends August
31, 2010), Rockwell has recovered five large gemstones from its Holpan, Klipdam
and Saxendrift operations, bringing the total number of plus 50-carat stones
recovered in its current fiscal year to eleven.
At Holpan, a 136-carat clean white (colour H to I), broken octahedral stone was
recovered.
At Klipdam, a 69.26-carat pinkish stone with a brown overtone and a blocked
shape was produced.
At Saxendrift, three stones - one 58-carat, one 82-carat and one 104-carat -
were recovered from mining operations:
* the 58.20-carat stone is a white diamond of octahedral shape with a mackle
or twin line running through it;
* the 81.29-carat stone is a fancy yellow with rounded octahedral shape and
no inclusions; and
* the 104.03-carat stone is a clean Cape yellow, which shows a typical well
formed octahedral shape.
These large stones are currently undergoing cleaning and valuation by the
Company experts. Thereafter, they are likely to be sold into Rockwell`s joint
venture with Steinmetz Diamond Group and, once manufactured and sold as polished
goods, will provide additional profit share revenue to the Company.
Comparison of Large Diamond Recoveries in Calendar 2009 and 2010
The following table shows a comparison of the recoveries of stones of 50 carats
and larger in the current calendar year to date with the prior calendar year.
January - August 2009 January - August 2010
>50 carats >100 carats >50 carats >100 carats
Holpan - - 1 1
Klipdam 1 - 1 1
Saxendrift - - 4 3
Over the full 2009 calendar year, Rockwell recovered 12 plus 50-carat stones
whereas in over the seven months of 2010, the Company has already recovered 11
stones of larger than 50 carats.
President and CEO John Bristow commented, "The regular recovery of large
diamonds of exceptional quality and size is a hall mark of Rockwell`s unique
diamond production. In the current calendar year, Rockwell has recovered a mix
of excellent quality large diamonds across its operating mines, with Saxendrift
once again showing its importance to the Company by yielding seven out of the
11 large gemstones recovered so far."
For further information on Rockwell and its operations in South Africa,
please contact Investor Services at (604)684-6365 or within North America
at 1-800-667-2114.
John Bristow
President and CEO
No regulatory authority has approved or disapproved the information contained
in this news release.
Forward Looking Statements
Except for statements of historical fact, this news release contains certain
"forward-looking information" within the meaning of applicable securities law.
Forward-looking information is frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate" and other
similar words, or statements that certain events or conditions "may" or "will"
occur Although the Company believes the expectations expressed in such forward-
looking statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments
may differ materially from those in the forward-looking statements.
Factors that could cause actual results to differ materially from those in
forward-looking statements include uncertainties and costs related to
exploration and development activities, such as those related to determining
whether mineral resources exist on a property; uncertainties related to
expected production rates, timing of production and cash and total costs of
production and milling; uncertainties related to the ability to obtain
necessary licenses, permits, electricity, surface rights and title for
development projects; operating and technical difficulties in connection with
mining development activities; uncertainties related to the accuracy of our
mineral resource estimates and our estimates of future production and future
cash and total
costs of production and diminishing quantities or grades if mineral resources;
uncertainties related to unexpected judicial or regulatory procedures or
changes in, and the effects of, the laws, regulations and government policies
affecting our mining operations; changes in general economic conditions, the
financial markets and the demand and market price for mineral commodities such
and diesel fuel, steel, concrete, electricity, and other forms of energy,
mining equipment, and fluctuations in exchange rates, particularly with respect
to the value of the US dollar, Canadian dollar and South African Rand; changes
in accounting policies and methods that we use to report our financial
condition, including uncertainties associated with critical accounting
assumptions and estimates; environmental issues and liabilities associated with
mining and processing; geopolitical uncertainty and political and economic
instability in countries in which we operate; and labour strikes, work
stoppages, or other interruptions to, or difficulties in, the employment of
labour in markets in which we operate
our mines, or environmental hazards, industrial accidents or other events or
occurrences, including third party interference that interrupt operation of
our mines or development projects.
For further information on Rockwell, Investors should review Rockwell`s
annual Form 20-F filing with the United States Securities and Exchange
Commission www.sec.com and the Company`s home jurisdiction filings that are
available at www.sedar.com
Johannesburg
31 August 2010
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 31/08/2010 14:30:01 Supplied by www.sharenet.co.za
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