Ridgeback Global Resources Plc Announces Gold and Diamond Prospecting Results for First Sierra Leone Mining Concession in the Nimiyama Sewafe Chiefdom, Kono District
(firmenpresse) - Ridgeback Global Resources Plc Announces Gold and Diamond Prospecting Results for First Sierra Leone Mining Concession in the Nimiyama Sewafe Chiefdom, Kono District
September 30th 2010 - Ridgeback Global Resources Plc. (WKN: A1CTMK, Frankfurt: RDM) (“Ridgeback”) today announced the results of the first prospecting activities from its’ exciting portfolio of proven alluvial gold and diamond mining concessions in the Kono District of Sierra Leone, the Country’s prominent gold and diamond mining region.
Preliminary prospecting results taken from the gravel river beds of the Sewa River, running through Ridgeback’s existing 140 acre mining concession, split across 3 separate Chiefdoms in the Kono District, shows extremely positive results and endorses Ridgeback’s mining development strategy to roll out its production operations into the surrounding chiefdom’s.
The results show an average yield of 56 carats per hundred tonne (Cpht) of hi-grade diamonds, slightly above the average grade of Sierra Leone, which, according to the comprehensive report undertaken in the 1970’s by PK Hall, shows an average of approximately 50 Cpht.
The results go onto show equally impressive data in relation to the incidence of gold with sampling taken form a total of 270 tonnes of gravel showing 62 grams per hundred tonne at an excellent purity rate of 96.4%.
Tom Tucker CEO of Ridgeback Mining Sierra Leone comments; “these preliminary results clearly show that Ridgeback has an extremely bright and promising future. With such economically significant quantities of both high quality gold and diamonds we will begin the planned rapid expansion of our current mining operations into the surrounding chiefdoms with whom I’ve established very strong relations over recent years.”
With diamond prices continuing to increase, Ridgeback’s management are busy securing the necessary distribution deals with the major players in the international diamond markets to help to secure significant revenues into the company once production begins. According to diamondintelligence.com, the average price per carat value during the first quarter of 2010 jumped 72 percent to USD $1,753 from USD $1,017 per carat in the first quarter of 2009. Subsequently, an average price of USD $2,002 per carat has been observed.
About Ridgeback:
Ridgeback Global Resources Plc (WKN: A1CTMK, Frankfurt: RDM) (“Ridgeback”), an exploration stage company, engages in the acquisition, exploration, and development of Gold and Diamond properties in Canada, Sierra Leone and South Africa.
Ridgeback has formed a strategic alliance with the former Praus Mining & Trading, now Ridgeback Mining Sierra Leone (RMSL), an established gold and diamond mining company in Sierra Leone, Western Africa. Ridgeback has agreed terms with RMSL for an initial term of 10 years to enter into Joint Venture agreements on all current and future gold and diamond mining concessions secured through the joint venture partnership.
Additionally, Ridgeback has secured a J/V agreement with CanAlaska Uranium Ltd. To own up to 50% of its proven gold reserves in the 336 Hectare Zeballos Project on Vancouver Island, Vancouver, Canada.
The company also owns a 100% interest in the 3,524 hectare Ridgeback Diamond project in the Saskatchewan, a proven diamond rich area in Canada.
For more information about the company please visit www.ridgebackmining.com or www.ridgebackmining.de.
For any further information please contact our Investor Relations Team directly:
Investor relations phone: +44 (0)207 193 0540
Email: info(at)ridgebackmining.com
Germany office: +49 (0)7031 785 2789
Forward looking statements:
The Ridgeback Global Resources plc (“Ridgeback”) communications contains certain statements regarding future events (as understood in the U.S. Private Securities Litigation Reform Act of 1995) that express the beliefs and expectations of management. Such statements are based on current expectations, estimates and forecasts on the part of company management and imply various known and unknown risks and uncertainties, which may result in actual earnings, the financial situation, growth or performance to be materially different from the estimates expressed or implied in the forward-looking statements. Statements with respect to the future are characterized by the use of words such as "expect", "intend", "plan", "anticipate", "believe", "estimate", "may", "will", "should", "shall" and similar terms. Ridgeback is of the opinion that the expectations reflected in forward-looking statements are appropriate; however, it cannot guarantee that these expectations will actually materialize. Ridgeback does not assume any obligation to update these forward-looking statements or adapt them to future events and developments.
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Datum: 30.09.2010 - 11:13 Uhr
Sprache: Deutsch
News-ID 25547
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