Announcing interim results today exploration group African Diamonds said today it is upbeat on the full potential of its AK6 diamond project it is developing with De Beers in Botswana.
For the six months to December the company reported a loss of 120,000 and a loss per share of 18p.
The group said significant progress has been made on the Boteti exploration project with the discovery of a rare type of diamond and improving diamond size distribution. African Diamonds said that the initial diamond valuation is conservative and a definitive diamond valuation exercise will take place in May.
The company raised 4.5m by a private placement at 63p a share in January, however the balance sheet at 31 December does not include these funds. The board said the cash balance is more than adequate to fund ongoing working capital and other commitments in its operations and also to finance new exploration projects in Botswana.
