Update on Purchase of Equipment at Cassanguidi


 

TIDMPDF 
 
RNS Number : 4909A 
Pangea DiamondFields PLC 
08 October 2009 
 

 
 
 
 
Pangea DiamondFields plc 
("PDF" or "the Company") 
 
 
Update on Purchase of Equipment at Cassanguidi 
 
 
 
 
Pangea Diamondfields plc (AIM: PDF), the mid-tier diamond producer and 
exploration company provides the following update on its previously announced 
transaction to purchase mining and processing equipment for use at its 
Cassanguidi project in Angola from New Millennium Resources ("NMR"). The 
Company's portfolio consists of seven projects located in the Central African 
Republic ("CAR"), Democratic Republic of the Congo ("DRC"), 
Angola and South 
Africa. 
 
 
On 10 August 2009, PDF reported that it had concluded a transaction to acquire 
certain mining equipment and processing assets from NMR, for use at its 
Cassanguidi project in Angola, for total cash and share consideration of 
$600,000. As reported in the interim financial statements on 29 September 2009, 
the essential equipment has now been relocated to Cassanguidi and is already in 
use, whilst the purchase and relocation of equipment now considered unnecessary, 
has been terminated. 
 
 
PDF has successfully concluded a renegotiated agreement with NMR reflecting only 
the value of equipment purchased. Under this agreement, PDF has paid the sum of 
US$200,000 to NMR and has issued 2,500,000 new PDF ordinary shares ('Shares') to 
NMR as full and final settlement of consideration for the purchase. This cash 
and shares payment represents total consideration of approximately US$265,000 
(at current prevailing exchange rates and share price). This is significantly 
less than the estimated cost of the equipment if it was purchased in South 
Africa and also delivers efficiencies in terms of lower transportation costs. 
 
 
Application for the admission of 2,500,000 Shares to trading on the AIM Market 
of the London Stock Exchange ('Admission') has been made and Admission is 
expected to occur at 8.00 a.m. on 9 October 2009. Following Admission the 
Company will have 1,783,826,082 Shares in issue. 
 
 
Commenting on this development, Chief Executive Brett Thompson stated, "The key 
challenges at Cassanguidi were specifically the earthmoving fleet. The specific 
equipment finally acquired from NMR has resolved this issue without expending 
additional capital on the purchase of unnecessary assets. This acquisition will 
underpin continued progress at Cassanguidi as well as demonstrating once again, 
the ability of PDF to identify and unlock value opportunities in the regions in 
which it operates." 
 
 
Further information: 
 
 
+---------------------------+--------------------------+---------------------------+ 
| Pangea DiamondFields plc  | Ambrian Partners Limited | Walbrook PR Ltd           | 
|                           |                          |                           | 
+---------------------------+--------------------------+---------------------------+ 
| Brett Thompson            | Richard Brown / Richard  | Louise Goodeve / Leah     | 
|                           | Greenfield               | Kramer                    | 
+---------------------------+--------------------------+---------------------------+ 
| T: +27 11 438 4100        | T: +44 (0) 20 7634 4700  | T: +44 (0) 20 7933 8780   | 
|                           |                          |                           | 
+---------------------------+--------------------------+---------------------------+ 
 
 
Notes to Editors: 
 
 
About Pangea Diamondfields PLC 
 
 
Pangea DiamondFields plc (AIM: PDF) is an emerging diamond producer and 
exploration company with a portfolio of seven projects each with multiple 
resource targets, located in the Central African Republic, Democratic Republic 
of the Congo, South Africa and Angola. The Company aims to minimise risk by 
diversifying its projects geographically. 
 
 
PDF listed on AIM in October 2006 and is led by a strong management team, with a 
track record for creating shareholder value in mineral exploration. 
 
 For more information on PDF, please visit: 
http://www.pangeadiamondfields.com/ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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