TIDMAFD

RNS Number : 7610U

African Diamonds PLC

21 October 2010

African Diamonds PLC

("African Diamonds" or "the Company")

Legal Proceedings

African Diamonds announces that two former directors, Mr Mark Scowcroft and Mr Leon Daniels, have initiated legal proceedings in Botswana against African Diamonds. They claim that under an agreement dated July 12th 2002 relating to the sale of their private company, Kukama Mining & Exploration Proprietary Limited, to African Diamonds they are entitled to a 3 per cent royalty on production from the AK6 diamond discovery in Botswana. The AK6 diamond discovery was made on a De Beers controlled concession joint ventured with African Diamonds in 2004. The directors of African Diamonds believe the claim is without merit. African Diamonds intends to vigorously defend the claim.

The Lucara Diamond Corp offer and negotiations, as announced on 4 October 2010, remain unaffected. The conduct of, and obligations under, the litigation will be retained by African Diamonds Plc.

Further information:

African Diamonds

John Teeling Tel: +353 1 833 2833

James AH Campbell Tel: +27 83 457 3724

finnCap

Matthew Robinson Tel: +44 207 600 1658

Henrik Persson

College Hill

Nick Elwes Tel: +44 207 457 2020

www.afdiamonds.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCMMMZGNMLGGZG

African Diamonds (LSE:AFD)
Historical Stock Chart
From May 2024 to May 2024 Click Here for more African Diamonds Charts.
African Diamonds (LSE:AFD)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more African Diamonds Charts.