Commissioning of Diamond Recovery Plant -- Caerwinning Property.LA JOLLA La Jolla (lə hoi`yə), on the Pacific Ocean, S Calif., an uninc. district within the confines of San Diego; founded 1869. The beautiful ocean beaches, in particular La Jolla shores and Black's Beach, and sea-washed caves attract visitors and , Calif.--(BUSINESS WIRE)--Sept. 10, 1998--Global Diamond Resources Inc. ("Global"), is pleased to announce that the commissioning of the 100 tonne per hour diamond recovery plant at Global's Caerwinning property has been completed. The plant is expected to operate on a daily single shift until the end of September, and thereafter on a daily double shift. The Caerwinning Deposit is an alluvial deposit alluvial deposit Material deposited by rivers. It consists of silt, sand, clay, and gravel, as well as much organic matter. Alluvial deposits are usually most extensive in the lower part of a river's course, forming floodplains and deltas, but they may form at any point downstream of the confluence of the Vaal and Harts Rivers in the Griqualand West Griqualand West is an area of central South Africa with an area of 40,000 km² that now forms part of the Northern Cape Province, which was inhabited by the Griqua people. area of the Northern Cape For other uses, see North Cape (disambiguation). The Northern Cape is a large, sparsely populated province of South Africa, created in 1994 when the Cape Province was split up. Its capital is Kimberley. Province of the Republic of South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. . The property is estimated to contain 38.3 million tonnes of in situ In place. When something is "in situ," it is in its original location. diamondiferous gravel. During the period 1989 to 1994, Mr. Pieter van Wyk recovered 3,685 carats of high quality large gemstones with an average value of $488 per carat. A recently completed bulk sample, conducted by Global yielded 111.05 carats of large high quality gemstone gemstone Any of various minerals prized for beauty, durability, and rarity. A few noncrystalline materials of organic origin (e.g., pearl, red coral, and amber) also are classified as gemstones. diamonds valued at $642 per carat. Global owns the mining lease to the property. Management estimates that the Caerwinning alluvial deposit should contain 445,000 carats of large high quality gemstone diamonds valued at $217 million. This press release contains forms of forward-looking statements that are based on the company's beliefs as well as assumptions made by and on information currently available to the company. Such statements are subject to certain risks, uncertainties and assumptions, which are identified and described in the company's 1996 Annual Report on Form 10-KSB and subsequent Quarterly Reports on Form 10-QSB on file with the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results will vary materially from those anticipated, estimated, or projected and the variations may be material. For more information about Global visit our Web site at http://www.globaldiamond.com or call Eugene Brill at 800/424-6533; 619/459-0045 or info@globaldiamond.com. CONTACT: Global Diamond Resources Inc. Eugene Brill, 800/424-6533 |
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