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From: Nigel
ArtDate: 12th December 2006
Section: (FILLYABOOTS NEWS RELEASES)
Remote Name: 84.9.59.118
Date: 22/12/06
Time: 20:05
12th December 2006
Xceldiam Kimberlite Update At The Luangue Concession, Angola
News Item - Conduit PR
Xceldiam Limited (“Xceldiam”)
Highly prospective HS-16 kimberlite pipe now estimated at 30 hectares Xceldiam’s wholly owned subsidiary, Frannor Investments & Finance Limited (“Frannor”) announced further positive early signs from its kimberlite exploration today.
Frannor operates Project Luangue in association with the Angolan parastatal Endiama and local partner Bapsil (the “Association”).
Following the announcement in November that diatreme facies kimberlite had been intersected at the second target area (HS-16) at shallow depths of 20 metres, the dimensions and character of this pipe have now been determined by further delineation drilling. The target is currently estimated at 30 hectares and is in close proximity to an identified Calonda formation where additional alluvial potential is being explored.
Core samples from the intersections of various kimberlite facies from the HS-16 area have been prepared for shipping to a laboratory for detailed mineralogical and micro diamond analysis. These are expected to be announced in the first quarter of 2007.
To date approximately 1,516 metres have been drilled on the concession, with a further 400 metres planned for this month on targets in the south-central portion of the concession.
Tim George, CEO Xceldiam commented “These are exactly the results we have been expecting from the highly prospective Luangue concession. Angola has always had the potential to host large kimberlite pipes (as evidenced by the nearby Catoca pipe); HS-16’s current estimate at 30 hectares confirms this. It is still early days but it would be excellent if a kimberlite this large proved to be diamondiferous”
www.xceldiamgroup.com
For further information, please contact:
Tim George Xceldiam Limited +44 7910855640 / +27 82 573 4199
Ed Portman/ Leesa Peters Conduit PR +44 20 7429 6603 /+44 7733363501
David Youngman WH Ireland Limited +44 161 832 2174
Notes:
In November Xceldiam announced that its first kimberlite discovery (HS-1), buried beneath 23m of overburden, had been shown through additional drilling to be 18 hectares in surface area. The delineation of HS-16 brings total kimberlite hectarage to 48 ha
Over 70 kimberlitic type anomalies were identified following completion in May 2005 of the 22,000 line kilometre total magnetic radiometric and topographic aerial survey over the entire concession. Of these, 20 targets were prioritised for immediate drilling with the remaining 50 earmarked for drilling pending the results of this programme.
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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