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Namakwa Diamonds Ltd NAD Result of Tender

  Namakwa Diamonds Ltd (NAD) - Result of Tender

RNS Number : 3078I
Namakwa Diamonds Limited
24 July 2012




24 July 2012

                                      

                     Namakwa Diamonds Limited (LSE: NAD)

                    ("Namakwa Diamonds" or the "Company")

                                      

                               Result of Tender



Namakwa Diamonds is pleased to announce that  it has closed its third sale  of 
Kao  rough  diamonds  in  Antwerp,   its  eighth  in  total,  through   Fusion 
Alternatives, the dedicated tender partner of I Hennig & Co.



All 51 lots offered, totaling 14,495  carats, were sold at an average  selling 
price of US  $286/ct, with an  average diamond size  of 0.36cts. The  largest 
diamond sold was 32.38 cts at US $2,577.00/ct. The sale realised revenues  of 
approximately US  $4.2 million,  with achieved  prices some  3.4% higher  than 
initial management estimates.  The diamonds sold  were sourced  predominately 
from hardrock kimberlite ores.



Commenting, Theo Botoulas, Chief Executive Officer of Namakwa Diamonds,  said: 
"Our third tender in  Antwerp, like the  first two, achieved  a 100 per  cent. 
sell-through  and  prices  ahead  of  initial  expectations  even  in  today's 
challenging markets. Since January 2012, we  have now sold a total of  87,011 
carats from Kao Mine production in eight tenders, generating US $24.6  million 
in revenues for the Company."



For further information please visit www.namakwadiamonds.com or contact:



Namakwa Diamonds              Tavistock Communications
Theo Botoulas +27 11 334 8886 Simon Hudson   +44 20 7920 3150
                              Kelsey Traynor +44 20 7920 3150





About Namakwa Diamonds Limited

Namakwa is a diamond resource group, which seeks to extract maximum value from
the marketing and sale of Group mined and contracted production.



The Group's  mining  activities are  focused  on  the Kao  Mine  in  Lesotho. 
Operated by Storm  Mountain Diamonds  and its leading  hard-rock mining  team, 
with a proven track  record in the construction  and development of  Lesotho's 
leading kimberlite pipes, the Kao Mine presents a 189Mt kimberlite resource of
c.12.8m carats (c.4m indicated and  c.8.8m inferred), with an additional  1.7m 
carats at  a deposit  level of  confidence,  in which  Namakwa holds  a  62.5% 
interest. The  other  shareholders  are  the Government  of  Lesotho  25%  and 
Kimberlite Investments Lesotho Limited 12.5%.



The Group also maintains alluvial mining operations in the North West Province
of South  Africa  and resource-development  properties  in the  Northern  Cape 
Province of South Africa and the offshore marine environment of Namibia.



                                    -ends-

                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


MSCBLGDRIDDBGDX -0- Jul/24/2012 06:00 GMT