Do any long term holders remember when OCN Ocean Resources were exploring for diamonds in Kalimantan. I believe their lease was called Cempaka and was adjacent to existing long term diamond mines. Suddenly OCN pulled out of the area when it seemed that success was around the corner and the company then tried to join the dot com. boom. So I am wondering what this announcement is all about. Does anybody have any clues?
LONDON, Oct. 11 (Dow Jones)--Ocean Resources Capital Holdings Monday
announces that BDI Mining Corporation, where the Company owns 8 million common shares,
has begun commissioning of its Cempaka gem diamond mine in Kalimantan,
Indonesia.
The directors of BDI expect Cempaka to achieve Stage 1 commercial production
by the end of December, and generate free cash flow in excess of US$3 million
during 2005. The mine is estimated to have a plus 10 year mine life from
alluvial resources containing in excess of 700,000 carats of gem diamonds.
Ocean Resources Capital Holdings announces that the unaudited net asset value
of its ordinary shares as at the close of business on 30 September 2004 was
30.52 pence per share.
KDS
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