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From: Nigel
ArtDate: 2nd October 2006
Section: (FILLYABOOTS NEWS RELEASES)
Remote Name: 87.74.115.61
Date: 10/10/06
Time: 22:53
2nd October 2006
Dwyka Diamonds - Interim Results
News Item - Conduit PR
Dwyka Diamonds Limited ("Dwyka" or "the Company")(AIM/ASX:DWY)
Annual accounts for year ended 30 June 2006
HIGHLIGHTS
Increased revenues to $8,5 million from $5.8 million First diamonds extracted from De Beers Tailings plant, SA First diamond sales from hard rock diamond projects Newlands and Blaauwsbosh, SA Five revenue producing assets established Exploration agreement signed with De Beers, Tanzania Bosele exploration project to be fast tracked following additional funding Adrian Griffin appointed as CEO- 30 years of exploration, development and operational experience within the mining industry Commenting today Melissa Sturgess, Chairman, of Dwyka Diamonds said: "This is the third year in a row we have enhanced revenues and I am extremely pleased with the successful bedding down of the three additional production assets brought into the company over the period. Our skill at developing and operating extraction projects has allowed Dwyka to build revenues and form partnerships with industry majors such as De Beers. In addition to building value from existing assets over the course of next year we will be looking at the possibility of engaging in new joint ventures that will results in near-term cashflow."
Please find attached the Chairman's statement and financial results accompanying this highlights page. The company's annual report and accounts will be distributed to shareholders in late October and will be available on our website shortly.
For further information please contact:
In Australia: In United Kingdom: Melissa Sturgess Laurence Read/ Leesa Peters Dwyka Diamonds Limited Conduit PR (+618) 9324 2955 +44 (0)20 7429 6605 / +44 (0)7979 955 923
Or visit: www.dwykadiamonds.com
DWYKA DIAMONDS LIMITED INCOME STATEMENTS
Chairman's Statement
This financial year has seen Dwyka bring on line its fifth revenue producing asset whilst continuing to progress our exploration portfolio. In terms of Dwyka's growth the commencement of operations at the De Beers Tailing retreatment project in Kimberly is significant. With the first diamonds extracted from the plant in July of this year the project is underpinned by two key imperatives; in-house ability to develop projects into production and the ability to secure joint venture agreements with industry majors.
The tailings plant, now running at 50,000 tonnes, was not the only project to be brought into production during the period. The hard rock diamond projects Newlands and Blaausbosh saw their diamond first sales in October 2005. The rapid pace of development of these projects has been realised through the expertise of our team and a regional focus. Concentrating our attention on producing assets within South Africa has seen clear cost and infrastructure benefits at all five of our revenue generating projects and gives our exploration teams a solid base from which to pursue our earlier stage assets.
Success at our four diamond extraction projects has also been complemented by the continued strong performance of the Company's Industrial Division supplying building products to the South African construction industry.
In addition to the success in securing the De Beers tailings project our ongoing relationship with industry majors has reaped benefits within in our exploration portfolio. During the year we signed a new agreement with De Beers to acquire and undertake exploration on two diamondiferous kimberlite pipes in Tanzania.
Our exploration and development activities have been substantially strengthened with the appointment of Adrian Griffin as CEO in December of last year. Adrian has spent 30 years in the mining industry with responsibilities including exploration, feasibility, financing and development of a wide range of commodities. His exposure includes professional involvement in Africa, Asia, Eastern Europe, Australia and Antarctica. He has been instrumental in the development of operations exploring for and producing a range of commodities which include gemstones, iron ore, base metals, mineral sands, platinum group metals and gold.
Over the next twelve months we shall continue to aggressively progress Dwyka's exploration projects and look to optimize production from our portfolio of revenue producing assets. The management of Dwyka is also currently looking at ways in which we can bring our expertise in successfully operating mines to bear on new projects in South Africa and thus secure further cashflow for the Company.
The Dwyka team is a cohesive and committed group of professionals and I thank them for their continued and unwavering commitment.
M J Sturgess Chairman
Edward Portman Conduit PR Ltd 76 Cannon St London EC4N 6AE Office: +44 (0) 20 7429 6666 Direct: +44 (0) 20 7429 6607 Fax: +44 (0) 20 7429 6699 Mob: +44 (0) 773 3363 501
www.conduitpr.com
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