KimCor sale of 31.4 carat diamond

KimCor announces the sale of a 31.4 carat diamond recently recovered from the Company’s Nooitgedacht alluvial diamond mine at private tender on 2 March 2008.

* The stone sold for a unit price of US$226,080, or US$7,200 per carat;

* The average sales value per carat for Nooitgedacht diamond production for the financial year to date is US$1,300 per carat; this compares with the budget sales price used by the Company of US$500 per carat;

* Since the acquisition of the Nooitgedacht by KimCor, the average recoverable grade of gemstone diamonds has increased from 0.55 to 1.40 carats
per hundred tonnes ;

* An 18.5 carat stone, also recently recovered at Nooitgedacht, is scheduled for sale by tender during April.

Martyn Churchouse, CEO of KimCor, commented that the most encouraging aspect of the improvement in both grade and production rate at Nooitgedacht has been the regularity with which we are recovering both larger high value stones as well as stones of good quality in the 1 to 5 carat range that provide the ideal product required by the Group’s subsidiary, Anmic, to add value by cutting and polishing.

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