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Ml103 A (Hottentot Bay Grant)
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Q3Profit of USD 96,000Announced
Namibian Minerals Corporation has Reported a NET Loss of USD 32. 81Million (33 Cents PER Share)on Revenues of USD27 .35 Million for the Period of Nine Months Ended September 30, 2002, Compared to a NET Loss of USD26 .02 Million (35 Cents PER Share)on Revenues of USD 10. 40Million for the Corresponding Period of 2001. Production for the First Nine Months was 205,700 Carats Compared to 52, 600 Carats for the Same Period of 2001, Including117,050Carats in the Third Quarter Compared to28,100 in 2001. the Production in the Third Quarter was 30% Greater Than the Combined Production in the Previous two Quarters and Constitutes the Best Quarterly Production Results to-Date.
Third Quarter Production Reached117,050Carats
Namibian Minerals Produced a Record117,050Carats During the Third Quarter. the Company Produced88,636 Carats During the First Half and has Produced 205,700 Carats,Year-to-Date. Most of the Company's Production for the Quarter was Derived From Features 21and22 of Mining Lease ML 103 a,Situated in the Hottentot BAY Grant,Namibia. Other Production was Recovered From Baker BAY(ML36). Both Mining Vessels,the MV Kovambo and YA Toivo,Equipped Respectively With Namco's Namssol and NAM2Tractor Crawlers,Mined in These Areas During the Quarter. Namibian has Also Upgraded its Probable Reserve Estimate for ML 103 a From 74,000Carats to210,000Carats. of This Reserve,Approximately133,720Carats Have Been Recovered to Date. Namibian has Also Adjusted its Probable Mining Reserve From 404 ,000Carats(at a Grade of0.33 Ct/Sq Meter)to392,000Carats(at a Grade of0.37 Ct/Sq Meter).
2002 Second Quarter Results
Marine Diamond Miner,Namibian Minerals has Reported a Loss of USD24 . 95Million,on Revenues of USD5.66 Million for the Quarter Ended 30June,Compared With a NET Loss of USD12 . 87Million in 2001on Revenues of USD1.48 Million. Included in the Loss was a Goodwill Impairment Provision of USD15 .69 Million. Namibian Minerals Sold35 ,461Carats Compared With9,120Carats for the Same Period in 2001. During the Quarter the Company's Mining Production Vessels,the MV YA Toivo and MV Namibian GEM Produced33 ,510and8,471Carats Respectively and the MV Kovambo Produced1,235Carats. Also,the Repairs to the Namssol I Mining Tool Were Completed During the Quarter and the MV Kovambo,the Support Vessel for the Namssol Tool,Commenced Commissioning in June. Namibian Minerals Reported That Direct Production Costs Increased by23 % as a Result of RE-Commissioning the MV Kovambo and Increased Sampling Activity Aboard the MV Zacharias.
Hottentot BAY Concession Daily Production
Namibian Minerals has Announced a New Daily Production Record While Mining in its Hottentot BAY Grant Feature22 OFF the Coast of Namibia. the Day's Production Comprises 54,240Diamonds,at an Average Size of0. 30Carat Recovered From an Area of1,870Square M,at an Average Grade of8.78 Carats PER Square M. the New Production Result Eclipses the Former Single Vessel one-DAY Record of16 ,271Carats,Which was SET by the Production Vessel,MV Kovambo,Equipped With the First Generation Namssol1Tractor Crawler,While Mining in the Luderitz BAY Grant Feature19(Marshall Fork)in January1999 . the Company Plans to Increase Exploration Efforts in the Area.
New Exploration Program Started
New Exploration Program Started
2/10/2016 12:05:36 PM