12/09/2006
Gemfields Resources says trial mining at Mbuva-Chibolele in Zambia has produced emeralds, worth nearly $1 million (£530,000).
AIM-quoted Gemfields, which floated in late 2005 with backing from the colourful Frank Timis, says independent assessors have put a value of $994,567 on the emeralds.
The company, founded by vice-chairman Rajiv Gupta of India's leading emerald trading clan, claims 100 per cent-owned Mbuva-Chibolele hosts some 18 million tonnes of drilled resources and will be a low-cost operation with a 10 year mine life. Chief executive officer Peter Kitchen says 'I look forward to the Mbuva-Chibolele mine reaching full production by the end of 2006'.
Shares in Gemfields, which floated after a £12.5 million placing at 45p last November, are 1p up today at 44,5p, valuing the company at £42 million. The appeal is speculative.
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