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Operational Update And Suspension Of Shares
DiamondCorp plc
AIM share code: DCP & JSE share code: DMC
ISIN: GB00B183ZC46
(Incorporated in England and Wales)
(Registration number 05400982)
(SA company registration number 2007/031444/10)
(“DiamondCorp”, “the Group” or “the Company”)
Operational Update And Suspension Of Shares
DiamondCorp, the Southern African diamond mining, development and exploration company,
announces the following update.
In the late afternoon of Friday, 11 November 2016, two extreme thunderstorms passed over
the Lace Mine, dropping almost 90mm of rain in just over an hour. This equates to almost
one-third of the mine's annual rainfall.
This overwhelmed the mine's pumping systems and flooded the 310m production level to the
hanging wall. In total, more than 10,000 cubic metres of water is estimated to have entered
the mine through the open pit and access ramps.
All personnel were successfully evacuated from the mine without injury. To pump the
production level dry will take at least a week assuming no further material rainfall. However,
once the level is dry no production will be possible in the short-term as the longhole drill rig
which was operating at the time of the flood will need to be recovered and the electrics rebuilt.
This could take up to 12 weeks from the time of recovery.
Management is investigating all options as a consequence of the above and its impact on the
Group’s financial position, and is consulting a business rescue practitioner for the Company’s
operating subsidiary, Lace Diamond Mines (Pty) Ltd, pursuant to Chapter 6 of the Companies
Act 2008 in South Africa.
The Company has requested a suspension of its shares from trading on both the AIM Market
of the London Stock Exchange and on the Alternative Exchange of the JSE Limited with effect
from 07:30 a.m. UK time and 09:00 a.m. SA time, respectively, pending clarification of its
financial position.
The Company will provide further updates in due course.
Contact details:
DiamondCorp plc
Paul Loudon, Chief Executive
Tel: +27 56 216 1300
Chris Ellis, Interim Non-Executive Chairman
Tel: +44 (0) 20 3151 0970
UK Broker & Nomad
Panmure Gordon (UK) Limited
Adam James/ Atholl Tweedie
Tel: +44 20 7886 2500
JSE Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Megan Young
Tel: +27 11 445 8068
SA Corporate Advisor
Qinisele Resources Proprietary Limited
Dennis Tucker/Andrew Brady
Tel: +27 11 883 6358
This announcement contains inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No 596/2014 ("MAR").
United Kingdom
14 November 2016
Date: 14/11/2016 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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