08/08/2005
Petra Diamonds has cheered investors with news of a 'major new kimberlitic anomaly' at Alto Cuilo in Angola.
AIM-quoted Petra says the new anomaly has been identified by a low level helicopter survey and has a larger surface area, 125 hectares, than the already-established 109-hectare deposit at Alto Cuilo, which contains 115 million tonnes of kimberlitic material. The company says it has also identified another, smaller anomaly of 26 hectares.
Petra chairman Adonis Pouroulis argues 'the discovery of this new anomaly is further confirmation of the true potential of Alto Cuilo'. Last December mining giant BHP Billiton agreed a joint venture deal on the project, by which it could earn a 75 per cent stake by spending up to £35 million.
Shares in Petra have had a volatile history. A one-time stock market darling, the company joined AIM eight years ago at 30p and the price is today up 5.5p at 67.5p.
There could still be speculative potential.
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