African Diamonds, the company chaired by Irish entrepreneur Mr John Teeling, has announced the discovery of a second diamond at its mine in Botswana. The second diamond, a white 0.14 carat stone, was discovered from its drilling programme in the Orapa area. A further 13 holes remain to be analysed.
Commenting on yesterday's discovery, Mr Teeling said it showed that its faith in the Kimberlite Pipes it had discovered was justified. "Our hopes are rising. We have found something which may give us a commercial discovery".
African Diamond shares are quoted on London's Alternative Investment Market. There was substantial trading in the shares yesterday on foot of the news, with 1.5 million shares changing hands. The shares gained 2.5p to close at 22p, up 13 per cent on Friday's closing price.
Mr Teeling cautioned that it was still early days for the site.
"Few explorers discover Kimberlite Pipes and even fewer find diamonds in these pipes," Mr Teeling said.
African Diamonds is one of five quoted mining and resource companies controlled by Mr Teeling. Another of his companies, African Gold, which has interests in Zimbabwe, is expected to shortly announce new high-profile investors. The individuals are said to be family members from the world's largest mining companies.
