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From: Nigel
ArtDate: 12th September 2006
Section: (FILLYABOOTS NEWS RELEASES)
Remote Name: 87.74.94.108
Date: 20/09/06
Time: 08:18
12th September 2006
Gemfields - First Emerald Valuation Press Release
News Item - Conduit PR
HIGH VALUATION OF EMERALDS PRODUCED FROM INITIAL MINING (“Gemfields” or “the Company”)(AIM: “GEM”)
High Value emeralds mined US$994,567 independently assessed value from initial sample parcel Mine on target to be at full capacity by end of Q4 2006 Gemfields Resources Plc today announces the first independent valuations made on emeralds produced from trial mining at the company’s 100% owned Mbuva-Chibolele Emerald mine.
The emeralds that were subject to this initial valuation are only those which could be visually seen and extracted by hand during the high speed mechanised mining of contact zones. The greater balance of mined emerald bearing contact zone is currently being stockpiled awaiting the establishment of washplant facilities, expected to become operational during Q4 2006.
The values of the various grades of emeralds are as under:
No. Grade Qty Carats Value per Carat US$ Total Value US$
1 Gem grade 29,097 21.31 620,023 2 Medium grade 35,465 3.47 123,090 3 Low Grade 444,695 0.52 230,354 4 Cabochon Grade 1,492,500 0.01 21,100 TOTAL 2,001,757 US$ 994,567
The Mbuva-Chibolele emerald property hosts approximately 18 million tonnes of drilled resources. It is a low-cost operation to be mined over 10 years. Exploratory drilling will commence next year for depth and strike extensions, which are expected to greatly enhance the size of the ore body.
Commenting today, Peter Kitchen, CEO, of Gemfields Resources said: 'From the valuation of an initial sample of emeralds we have obtained high grades and values. I look forward to the Mbuva-Chibolele mine reaching full production by the end of 2006 with the commissioning of a modern gemstone extraction plant. Our first emerald sales are targeted for November”.
For more information:
Peter Kitchen, CEO peter.kitchen@gemfields.co.uk Richard James, CFO richard.james@gemfields.co.uk Gemfields Resources Plc Tel: +44 (0)20 7016 9416
www.gemfields.co.uk
Laurence Read / Leesa Peters Tel: +44 (0) 207 429 6605 Cell: +44 (0) 7974 982 512 Conduit PR
Laurence Read Conduit PR Ltd 3rd Floor 76 Cannon Street London EC4N 6AE United Kingdom Direct: +44 (0) 20 7429 6605 Office: +44 (0) 20 7429 6666 Mob: +44 (0) 7979 955 923 Fax: +44 (0) 20 7429 6699 laurence@conduitpr.com
www.conduitpr.com
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