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TRUSTCO GROUP HOLDINGS LIMITED - Resources Segment Operational Update: Meya Sale of Diamonds February 2019

Release Date: 08/03/2019 16:00
Code(s): TTO     PDF:  
 
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Resources Segment Operational Update: Meya Sale of Diamonds February 2019

TRUSTCO GROUP HOLDINGS LIMITED
Incorporated in the Republic of Namibia
(Registration number 2003/058)
Registered as an external company in South Africa
(External registration number 2009/002634/10)
NSX share code: TUC
JSE share code: TTO
ISIN Number: NA000A0RF067
(“Trustco” or “the Company”)

RESOURCES SEGMENT OPERATIONAL UPDATE: MEYA SALE OF DIAMONDS FEBRUARY 2019

Trustco is pleased to advise Trustco shareholders (“Shareholders”) of the following operational
update related to Meya’s exploration program and wishes to inform Shareholders of the following
operational activities:

•   Meya Mining exported 3,036.11 carats on the 21st January 2019 and 1,097.33 carats on 14th
    February 2019 from Sierra Leone to Antwerp. Both these parcels consisted of diamonds recovered
    from retreatment (second pass) of Meya River sample tailings i.e. re-crushing the tailings from
    10mm to 8mm and re-processing/audit the tailings in order to increase liberation and confirm the
    in situ grade. The average stone size distribution with the second pass / audit dropped from 0.28
    carats per stone (achieved with the first pass) to 0.18 carats per stone, thus realising a lower
    average value per carat as detailed in the Table below.
                                                                     Average
               Export No    Export Date   Carats Sold   Total USD               Tender
                                                                     USD/ct
               Export 011    21-Jan-19     2 778.07     709 677.40    255      30 Jan-19
               Export 012   14-Feb-19      1 088.55     219 030.66    201      28 Feb-19
                 Totals                    3 866.62     928 708.10    240


•   The twelve parcels that were exported to date, relate to three bulk samples, two at the Meya
    River Sample and one at the Bardu Sample, as part of the Phase 1 exploration program. Total
    revenue from the 27,776.10 carats sold to date is USD 24,490,420, thus an average value of USD
    881.71 per carat.

•   Meya plans to conclude the Meya River sample by extracting the remaining 1 500 tonnes of
    kimberlite during March. The focus will then move to both the Simbakoro and the Waterloo bulk
    samples. Simbakoro is located some 800 m north of Dyke Zone B running on a parallel orientation
    whilst Waterloo is located some 5.5 km west of Dyke Zone B. Stripping of overburden at both
    these areas is at an advanced stage. Some kimberlite material excavated as part of sample
    preparation at Simbakoro was treated and results are encouraging, both in terms of grade
    achieved and quality of the diamonds produced.

•   The primary focus is to finalise the Phase 1 Resource Statement and Competent Persons Report.

Windhoek, Namibia
8 March 2019


Amanda Bruyns
Company Secretary: Trustco Group Holdings Limited


JSE Sponsor
Vunani Corporate Finance


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Simonis Storm Securities Proprietary Limited

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