Australian Diamond Explorer To Seek AIM Listing

Unlisted Perth diamond producer and explorer, Nare Diamonds Limited, is to join the increasing movement of Australian explorers listing on the Alternative Investment Market (AIM) in London.

Addressing the Paydirt Media 2006 Africa Downunder Conference in Perth today,
Nare Diamonds Limited, Chief Executive Officer, Mr Charles Mostert, announced that documentation for the AIM listing and associated capital raising, was near complete.

"We expect to be in a position by the end September to announce the details of the IPO and AIM timetable," Mr Mostert said.

"The listing will be a compliance listing as we expect to complete our fund raising pre -IPO."

Nare owns four diamond projects in South Africa, including proven production mines.

It includes an 80% interest in the 31,000 hectare Schmidtsdrift Diamond Mine project, a historic producing area but which had been excluded for 50 years from modern day exploration and development while classified as a military test zone.

Mr Mostert said Nare expected to lift existing production in the Schmidtsdrift mine to 40,000 carats a year to generate annual gross revenue of US$24 million.

Other projects include the 100% owned Kamersdam kimberlite pipe and dump retreatment project, the grass roots 25,000 hectare Groen River project in the Namaqualand region of the Northern Cape and a 20% interest in the producing Klipspringer mine Joint Venture.

About Africa DownUnder Conference

The Africa DownUnder Conference, now in it's fourth year, is expected to be a blockbuster. Up to 400 delegates are expected at the two-day event. An impressive line-up of presenters have been invited and several African countries will have official representation. At least 50 corporate booths have been allocated, reflecting a diversity of commodity and geographical location which has made this "boutique" conference the enormously successful event that it is. Second only to South Africa's Indaba in Cape Town, Africa DownUnder has become a core resources event for Australian's either doing business or planning to work on the the African continent. Apart from the corporate show-and-tell presentations, key-note addresses will be made by top-ranking government officials from South Africa, Zambia, Botswana, Equatorial Guinea, Mali, Eritrea and Libya.


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