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(KDR.L) Karelian Diamond Resources PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 25-02-10 | PRN |
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25 February 2010
NEW LICENCE APPLICATIONS SUBMITTED Karelian Diamond Resources PLC (AIM: KDR), the diamond exploration company focused on Finland, announces its results for the six months ended November 30, 2009. Highlights: * Seitaperä Pipe has potential to host large diamonds * Much of 6.9ha pipe remains untested * Further drilling and micro-diamond analysis on hold pending market revival * Licence applications submitted over other known kimberlites Post-Period * Company lists on Irish Enterprise Exchange (IEX) Professor Richard Conroy, Chairman, said: "Although the demand for both rough diamonds and jewellery is showing signs of recovery, investor interest in junior explorers remains quite flat. Under such circumstances we have decided to limit the amount of expensive drilling and micro-diamond sampling work we undertake in order to conserve our resources. However, we continue to evaluate opportunities on our licences on the Kuhmo and Joensuu areas of Finland and have also submitted a number of new licence applications over other known kimberlites, both near Seitaperä and in the wider Kuhmo area. As market conditions improve, these work programmes will be reviewed." Chairman's Statement I have great pleasure in presenting your Company's Half-Yearly results for the six-months ended 30 November 2009, a period when we largely focused on in-house analytical and interpretational work in relation to our diamond exploration in Eastern Finland. During this period, sales of diamond jewellery showed welcome signs of recovery and, in the US, which accounts for around half of the market, improved sales were recently reported for the Thanksgiving and Christmas periods, whilst demand from India and China remains strong. Sentiment also improved in the rough diamond market, where the resulting recovery in prices was also a feature, though they still remain below the highs of 2008. However, cutters and polishers are not likely to be able to build up inventories in the current climate in which debt is hard to come by. Our Seitaperä deposit in the Kuhmo area is the largest known diamondiferous kimberlite pipe in Finland and analytical work has indicated that it has potential to host large diamonds. In the Joensuu area, your Company has identified kimberlite indicator mineral trains and these increase the likelihood of kimberlites being present. However, until stock market interest in junior diamond explorers shows sustained recovery, your Company has stepped back from undertaking further drilling and micro-diamond sampling/analysis at Seitaperä, both of which are expensive. Much of the 6.9ha pipe identified at Seitaperä remains untested, including the north-east extension. Whilst conserving resources, we will continue to evaluate opportunities on our licences in the Kuhmo and Joensuu areas. We are also taking advantage of market conditions to evaluate other areas of interest in Finland. To this end we have submitted a number of licence applications over other known kimberlites, both in the vicinity of Seitaperä and in the wider Kuhmo area. Corporate In December 2009, the shares of your Company were listed on the Irish Enterprise Exchange (IEX). Whilst the shares already attract the interest of many Irish investors, we believe that the IEX listing will facilitate dealings for investors in Ireland and elsewhere who normally trade shares in Euro. Finance The results for the six months ended 30 November 2009 are set out below. The loss for the period was Euro83,636. (2008: loss Euro112,612). During this period I have supported the working capital requirements of the Company and in the period under review have advanced aggregate loans amounting to Euro70,772. The loans have been made under normal commercial terms in accordance with a letter of support dated 11 November 2008. This letter provides confirmation of support from me for the current financial year ending 31 May 2010. The loans have been and will continue to be made on normal commercial terms. The interest on the loans is currently accruing at a rate of 8.25 per cent. per annum. The loans may be repaid at any time but I have confirmed to the Company that I will not request repayment, other than in exceptional circumstances, within a period of less than one year. The other directors consider, having consulted with the Company's Nominated Adviser, that the terms of the loan are fair and reasonable in so far as the Company's shareholders are concerned. Directors and Staff I would like to thank my fellow directors, staff and consultants for their support and dedication, which has enabled the continued success of the Company. I look forward to the future with confidence. Professor Richard Conroy Chairman Further enquiries:
Professor Richard Conroy
(Nomad) Simon Clements / Virginia Bull
Adviser)
John Tuite
Charles Dampney
Ron Marshman / Michael Padley
Don Hall
UNAUDITED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 NOVEMBER 2009
2009 2008 2009
diluted
UNAUDITED BALANCE SHEET
AS AT 30 NOVEMBER 2009
2009 2008 2009
ASSETS
Non-current Assets
Current Assets
EQUITY AND LIABILITIES
Capital and Reserves
Non-current Liabilities
falling due after more than one year
Current Liabilities
falling due within one year
UNAUDITED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 NOVEMBER 2009
2009 2008 2009
activities
Cash flows from investing activities
Cash flows from financing activities
equivalents
beginning of year
Notes to the Financial Statements 1. Publication of non-statutory accounts The financial information set out in this document does not comprise the statutory accounts of the Company. 2. Earnings per share The calculation of the loss per ordinary share of Euro0.0014 (2008: loss Euro0.0019) is based on the loss for the half year of Euro83,636 (2008: loss Euro112,612) and the weighted average number of ordinary shares on a basic and fully diluted basis during the year of 60,541,676 (2008: 60,541,676). Share options and warrants are not included in the calculation of fully diluted shares since the Company incurred a loss in both periods which results in these potential shares being anti-dilutive. 3. Dividends No dividends were paid or are proposed in respect of the period ended 30 November 2009. 4. Copy of half yearly report A copy of the half yearly report will be available on the Company's website www.kareliandiamondresources.com and will be available from the Company's registered office, 10 Upper Pembroke Street, Dublin 2. It will also be forwarded to shareholders who requested a hard copy.
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| 07-12-09 | PRN |
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7 December 2009
The Company announces that at the annual general meeting, held earlier today, all resolutions were duly passed. The Company also announces that shares in Karelian Diamond Resources (AIM: KDR) commenced trading today on the Irish Enterprise Exchange (IEX), the Irish Stock Exchange's specialist market for smaller growth companies (IEX: KDR.I). Deirdre Somers, Chief Executive of the Irish Stock Exchange, said: "We are delighted to welcome Karelian Diamond Resources plc to IEX. It is encouraging to see Irish companies seeking opportunities to grow their businesses in these challenging economic times. The euro trading facility available from the Irish Stock Exchange will provide an opportunity for these companies to attract more euro based investors." Chairman, Professor Richard Conroy said: "Admission to IEX is a positive step for the Company. The addition of a euro quotation on IEX will facilitate trading in the shares from both Irish and international investors who choose to trade in euro. We expect to expand our investor base as a result of this move to IEX." Further enquiries:
Karelian Diamond Resources Plc
Merchant John East Securities Limited (Nominated Adviser)
City Capital Corporation Limited (Broker)
IBI Corporate Finance Limited (IEX Adviser)
Lothbury Financial Limited
http://www.kareliandiamondresources.com
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| 07-12-09 | RNS |
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RNS Number : 4109D Irish Stock Exchange 07 December 2009
REPORT OF THE BOARD OF THE
IRISH STOCK EXCHANGE Irish Stock Exchange 28 Anglesea Street
DUBLIN 2 07 December 2009
IEX ADMISSION NOTICE The Board of the Irish Stock Exchange approves admission of the under-mentioned security to trading on the Irish Enterprise Exchange. Karelian Diamond Resources Plc 60,541,676 Ordinary Shares EUR 0.01 each This announcement has been issued through the Companies Announcement Service of the Irish Stock Exchange. This information is provided by RNS The company news service from the London Stock Exchange END
ISETBBFTMMMMBBL More |
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| 19-08-09 | ||||
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Any news, is this share worth keeping?
Ideas any one. |
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| 16-07-08 | ||||
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Karelian Craton’s Next Significant Diamond Discovery?
By Stephen Clayson 15 Jul 2008 at 05:00 PM GMT-04:00 LONDON (ResourceInvestor.com) -- A junior has confirmed that its Finnish kimberlite pipe—located across the border from two Russian mega-finds—is diamondiferous, transforming its investment profile in the process. Just a few weeks after I took a look at Conroy Diamonds & Gold (CDG) as it announced Ireland's first million ounce gold resource, sister company Karelian Diamond Resources (KDR) has announced that analysis of a small sample taken from its Seitapera kimberlite pipe, located near Kuhmo in Finland, returned 61 micro diamonds, and more interestingly, six macro diamonds. I last wrote that, ‘Karelian hasn’t exactly set the world on fire so far in share price or discovery terms, but seems to be making solid enough progress.’ That may be about to change, as the market reappraises the company in the light of further results from Seitapera. Karelian’s Chairman Professor Richard Conroy plausibly argues that the company news is a more pivotal development than is CD&G’s achievement of a million ounces at its Clontibret project. This given the possibility of CD&G producing a million ounce resource in Ireland had been somewhat apparent for some time. However Karelian has now proven beyond doubt that it has something worth pursuing. What’s next on the horizon for Karelian? Professor Conroy says that another 10 or so holes are to be put into Seitapera, with an immediate goal being to assess the extent of the diamond bearing portion of the pipe. Karelian has also identified an attractive geophysical anomaly not far from Seitapera. There is a problem in that the easiest way to drill this anomaly requires the overlying being sufficiently frozen. Last winter just wasn’t cold enough, but with any luck that won’t be the case this time around since recent results at Seitapera make the near vicinity worth rooting around in. Karelian’s last fundraising, in July 2007, garnered it just over £1m. While this isn’t a lot, Professor Conroy reports that there is enough left in the kitty for the time being, with the planned 10 holes at Seitapera being within budget. Operating in Finland isn’t as expensive as one might think, partly due to high quality infrastructure. In any case, if those 10 holes, or a goodly number of them, return further encouraging results then Karelian shouldn’t have too much trouble raising further funds, even with the fairly parlous state London market. Finland’s political stability, relative to neighbouring Russia, means that a decent-size potential kimberlite mine would be a highly coveted asset. Even though Karelian is a long way from having such a thing, just the sniff of it should interest a fair number of new investors. Aside from the Kuhmo area, Karelian is active near Joensuu further south. According to Professor Conroy, has applied for new ground in an area roughly equidistant between Kuhmo and Joensuu, closer to the centre of Finland. Kuhmo and Joensuu are both near the Russian border, across which lie two major finds, the Grib pipe, which De Beers is hoping to develop, and Russian giant Alrosa’s Lomonosov mine. As with CD&G, there is an AIM caveat to the Karelian story. AIM is not a very friendly place for the small investor or the small company, as I noted here. This is strikingly apparent at the moment, with liquidity in the junior space even more scarce than normal, especially as far as micro caps like Karelian and CD&G go. But that doesn’t detract from what Karelian may have found, and the results from those upcoming holes will make interesting reading. Other AIM-listed companies prospecting for diamonds in Finland include Sunrise Diamonds (SDS), and Kopane Diamond Developments (KDD), formerly known as European Diamonds. There is also Mantle Diamonds, a private company looking to list on AIM in the future. |
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| 24-06-08 | ||||
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They are making good progress the Mineral Chemistry is good and they are expanding there ground holding in this area. They must expect some good results from there major micro diamond sample.
I see that they have put more information on the web site under projects. |
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| 14-02-08 | ||||
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February 12, 2008
Karelian Diamonds’ Kimberlite Pipe Gets Bigger And Bigger By Rob Davies Few people have been around the junior mining game longer than Professor Conroy. His eponymous company has notched up a few successes in its time. Karelian Diamond Resources, in which Conroy Diamonds and Gold holds a 50 per cent stake, may yet turn out to be another. So far Karelian has increased the size of its Seitapera kimberlite pipe in Finland to 6.9 hectares. According to the Professor, and his geologist Stephen Grimmer, that makes it the largest pipe in Finland. Karelian can’t claim credit for finding Seitapera. That honour belongs to Ashton Mining when it was exploring in Scandinavia. And not only did Ashton find the pipe but it also proved that the pipe was diamondiferous after the recovery of one stone and some microdiamonds from one of twelve shallow drill holes. Since then Karelian has put in a further six holes and completed a dozen trenches. It is this work that has extended the size of the deposit. Stephen and the Professor are particularly pleased that the exploration has proved Seitapera is a pipe and not a dyke. Moreover, the discovery of xenoliths - lumps of rock from somewhere else - carrying type G9 and G10 garnets strongly suggests that the material under investigation came from the earth’s mantle. That increases the diamond potential of the pipe. The next stage is the analysis of three 100 kilogramme mini-bulk samples. Stephen says not to expect any results in a hurry as all the labs are running flat out and have large backlogs. But if these samples show encouraging microdiamond results the company will then go back and take proper bulk samples. Unlike the surface samples currently under analysis, any further sampling will be done using a diamond drill going down to a depth of 50 metres. In addition the next batch of samples will be selected on the basis of geology and not accessibility as the three mini-bulk samples were. While the Seitapera pipe is obviously the main target, work is progressing on another four prospects within a ten to fifteen kilometre radius. These fresh targets are derived from the analysis of trains of kimberlite indicator minerals left by glaciations, as well as from geophysical anomalies. The plan is to put four or five drill holes into each target down to a depth of 30 metres, or deeper if kimberlite continues to show. All this activity is in the Kuhmo region in central eastern Finland. But Karelian is also exploring south of this area in Joenseuu region of south-eastern Finland. Prospects here are at an earlier stage, but will also be investigated using the analysis of using glacial trains to identify targets. A fundraising last autumn gave the company £1 million to spend, but more may be needed if the mini-bulk samples or the drilling return good results. |
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