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TRUSTCO GROUP HOLDINGS LIMITED - Operational update: sale of first diamond sample, including the 476.89 carat diamond

Release Date: 21/12/2017 07:30
Code(s): TTO     PDF:  
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Operational update: sale of first diamond sample, including the 476.89 carat diamond

TRUSTCO GROUP HOLDINGS LIMITED
Incorporated in the Republic of Namibia
(Registration number 2003/058)
NSX Share Code: TUC
JSE Share Code: TTO
ISIN Number: NA000A0RF067
(“Trustco” or “the Company”)

OPERATIONAL UPDATE: SALE OF FIRST DIAMOND SAMPLE, INCLUDING THE 476.89 CARAT
DIAMOND

Trustco is pleased to advise Trustco shareholders (“Shareholders”) of the following
operational update:

   -   As per the SENS announcement dated 10 November 2017, Trustco informed shareholders of
       the 476.89 carat diamond discovery, known as the Meya Prosperity Diamond. Trustco now
       wishes to advise shareholders that the Meya Prosperity Diamond was sold for an amount of
       USD 16.5 million to a first tier Global jewellery brand. An additional bonus payment will be
       made if the largest polished stone be graded as a D Flawless. The marketing rights related to
       the Meya Prosperity Diamond may be utilised by Meya and its shareholders.

   -   Meya Mining’s board accepted the private bid after extensive deliberation and consultations
       with market experts and two independent valuators.

      The first 5,162 tonne in situ kimberlite from bulk sample 1, labelled as the Meya River
       Sample, was processed during November 2017. A total of 3,333.23 carats was recovered,
       including the 476.89 carat Meya Prosperity diamond. Apart from the 476.89 carat Meya
       Prosperity the full sample was placed on tender, which was facilitated by Miranel BVBA in
       Antwerp, from 5 to 12 December 2017.


   -   Meya’s diamond sales to date includes a parcel of diamonds produced from the overburden
       / weathered kimberlite that were processed in September and sold in October 2017 as well
       as diamonds produced from the first bulk sample as presented in the table below.
MEYA MINING - DIAMOND SALES as at 20 December 2017

Meya Mining Ore Source                                                Carats         Total         Average       Date of Sale
                                                                                     US$            US$/ct

Weathered / Overburden (Baardu & Meya River Sample development)         2,646.77     394,363.09        149.00           2 Oct 17

Meya River Sample 1
 Sample 1 - 27.89ct (Lot 301)                                              27.89      488,488.00     17,514.81        15 Dec 17
 Sample 1 - Lots 302 to 359 (excluding Lots 341, 344, 358, 360*)        2,613.93    1,125,588.44        430.61        15 Dec 17
 Sample 1 - The 476.89ct "Meya Prosperity"**                              476.89   16,500,000.00     34,599.17        20 Dec 17

                                       TOTAL - MEYA RIVER SAMPLE 1      3,118.71   18,114,076.44      5,808.20

     GRAND TOTAL TO DATE (incl. Weathered & Meya River Sample 1)        5,765.48   18,508,439.53      3,210.22

* Lots withdrawn from Tender on 15 Dec 17
due to offers not reaching reserve price
   Lot 341                                                                 78.60
   Lot 344                                                                 77.86
   Lot 358                                                                120.73
   Lot 360                                                                142.27
          TOTAL to be included with the next Tender in January 2018       419.46

** A bonus payment of US$500,000 shall be payable,
should the largest polished stone be graded as D Flawless by GIA


     -     SRK Consulting Canada shall verify all the other input factors related to the resource
           statement, which will only be concluded once all three bulk samples have been processed.
           Meya plan to conclude the bulk sampling program by March 2018.

All sales processes are facilitated by Miranel BVBA, an independent tender house operating
from the diamond capital of the world, Antwerp.


Windhoek, Namibia
21 December 2017

Amanda Bruyns
Company Secretary: Trustco Group Holdings Limited

JSE Sponsor
Sasfin Capital Proprietary Limited (a member of the Sasfin Group)

NSX Sponsor
Simonis Storm Securities Proprietary Limited

Date: 21/12/2017 07:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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