Pangea provides final results

Pangea DiamondFields plc, the mid-tier diamond producer and exploration company announces its audited results for the year ended 31 December 2007.

The Company’s portfolio to date consists of ten projects, each with multiple resource targets, located in the Central African Republic, Democratic Republic of the Congo, South Africa and Angola.

HIGHLIGHTS
•
Exploration projects progressing well:
– One project at pilot mining stage
– Four at bulk sampling and one project proposed to move into bulk sampling early in 2008
– Balance of projects at differing stages of exploration
•
Dimbi project:
– Started producing and exporting diamonds from bulk sampling with the first sale of a parcel of diamonds made in Antwerp subsequent to year end achieving an average price of US$166 per carat
– Encouraging results in bulk sampling prompted the decision to scale up to pilot mining and additional equipment was en route to Dimbi by year end
•
Longatshimo River project:
– Bulk sampling plant and equipment successfully delivered to the Longatshimo camp after a groundbreaking 4,700km overland journey from South Africa to the DRC via Namibia and Angola
– Bulk sampling plant successfully constructed and commissioned on schedule subsequent to year end
•
Cassanguidi project:
– Improved sales procedures, allowing consideration of expansion opportunities
•
Bakerville project:
– Bulk sampling plant commissioned and resource delineation well advanced
•
Harts River project:
– Phase 2 bulk sampling in the north of the Harts River project at the Brussels area re-commenced late in the year
– Second bulk sampling site in the south of the Harts River project at the Pampierstad area well advanced and due for commissioning early in 2008
•
Team strengthened by the recruitment of additional key personnel both in the corporate office and on the project sites
•
Agreement reached with international diamond experts, WWW International Diamond Consultants Ltd on marketing of PDF production
•
Presence with institutional investors expanded in London and Toronto during late 2007 with successful capital raise of US$15 million equivalent finalized early in 2008.

Commenting on the results, CEO, Rob Still said, this year has been a period of milestones for Pangea and the team has excelled itself throughout. I believe that with the strong team we have in place, Pangea is well poised to continue to meet the targets that we have set. I am very proud of what we have achieved this year and would like to thank the shareholders for their continued support.

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