Diamond Project as it was considered not of the scalerequired...

Diamond Project as it was considered not of the scale
required for Rio Tinto’s diamond mining strategy.

This does not mean there is no Diamonds, just the scale is too small for RIO, but NAD its a good start.


We still remain confident about the Merlin project's prospects of eventually becoming a robust diamond operation. Securing the necessary funding and the appointment of a well-credentialed Chairman are the keys to making this happen.

Mr Joseph Gutnick is a leading mining industry entrepreneur. He is also the President and Chief Executive Officer of Legend International Holdings and a number of other listed public companies in the mining and exploration sector in both Australia and North America. He was awarded the prestigious Diggers award at the 1997 Diggers and Dealers Industry Awards.

The capital raising and appointment of Mr Gutnick form part of a strategic repositioning that is designed to fully realise the value of the company’s 100%-owned Merlin diamond deposit in the Northern Territory.