Bonaparte a sparklerEmail Print Normal font Large font February...

Bonaparte a sparkler
Email Print Normal font Large font February 7, 2007

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AdvertisementSHARES in Perth-based Bonaparte Diamond Mines shot higher yesterday after initial marine diamond mining operations in waters off Namibia yielded sparkling results. It rose 4.5c to 15c on its report that 1448 diamonds weighing 705 carats were found in the first 8 ½ days.

"In the area mined to date, more diamonds have been recovered than were predicted from the grade estimates within the defined indicated resource area derived from sampling data," the company said.

"More importantly, the mining to date has also shown that the mineralisation and payable grades are more extensive than originally defined by the sampling data."

The diamonds so far sucked up from the seabed are 95 per cent gem quality, which is said to be typical of marine diamonds produced in the Luderitz area. The average size, at 0.49 carats/stone, was higher than in most deposits in the area, Bonaparte said.

Bonaparte is entitled to 30 per cent of the net revenue from sales after deducting mining and operating costs. Previous sampling of the area produced (rough) diamonds with an average value of more than $US400 ($516) a carat.