20-22 Bedford Row
+353 1 8333505
+353 1 8333505
Computershare Investor Services Ireland Ltd
West African Diamonds plc is incorporated in England. West African Diamonds plc (WAD) is a diamond focused explorer with operations in Sierra Leone and Guinea. Formed from the West African assets of AIM LIsted African Diamonds plc and recently acquire additional licences in Guinea. WAD contains a portfolio of development and advanced exploration assets across West Africa. West Africa produces some of the highest value diamonds in the world.
WAD holds three late stage diamond development opportunities which are projected to be brought on-stream in 2007 providing a solid base for operational and corporate expansion. WAD's separate listing on AIM on the 5th January has allowed a more focused management approach and dedicated financial resources to it's operations in Sierra Leone and Guinea.
West African Diamonds plc acquired the West African Business from African Diamonds in October 2006 pursuant to the terms of the Demerger Agreement as a means of unlocking value from the West African Business for the benefit of shareholders.
The Board has extensive operational and diamond exploration experience in West Africa having been involved with African Diamonds since 2000. In both Sierra Leone and Guinea, where the Company currently operates, the relevant Directors have extensive local experience and knowledge.
The Company intends that the cash resources on listing be used towards:
providing focused management and financial resources to its existing operations in Sierra Leone and Guinea;
repaying a loan to the Company from African Diamonds, amounting to approximately £400,000;
developing a large gold and diamonds tailings resource in Sierra Leone which has a mining licence;
developing high grade diamond dykes adjacent to an existing mine in Sierra Leone;
developing alluvial diamond mining opportunities on the Company's properties on the Bomboko River plains in Guinea;
investigating exploration targets on its Licences; and
identifying and acquiring diamond and other mineral projects in West Africa and elsewhere.
|Annual Report 2008 in PDF *||30/04/2008||24/10/2008|