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  1. copy of the last - there expanding good finds.

    5 m ' m e
    I I 4 I Namaha Diamond Company
    e &
    MEDIA RELEASE 18 FEBRUARY 2003
    NAMAKWA TO ADVANCE STAGE l MINING PLANS AFTER ANNOUNCING
    INITIAL DIAMOND RESOURCE FOR SOUTH AFRICAN PROJECT
    RESOURCE CONTAINING 393,000 CARATS ANNOUNCED
    Namakwa Diamond Company NL (ASX: NDC) is to advance development planning for a Stage 1 mining
    operation at its South African diamond project after announcing an impressive initial resource estimate of 2.49
    million tonnes containing 393,000 carats from blocks covering just a fraction of its total tenement area.
    The Company said the initial resource, which was estimated from resource blocks coverlng less than 1.3% of
    the 49km2 area of its three contiguous tenements, could be brought into production as early as the fourth
    quarter of 2003 as a Stage 1 operation producing 70-80,000 carats per annum.
    Namakwa's Chairman, Mr Karl Simich, said this would generate cash flow to underpin an expanded
    exploration campaign at its West Coast Project, 350 kilometres north of Cape Town, where work to date has
    already confirmed the potential for a significantly expanded Stage I1 operation.
    The global resource estimate, covering the Langstrand and Liebenberg Bay areas, comprises:
    a resource of 470,880 tonnes at 14.8 carats per hundred tonnes (cpht) for the mineralised horizon
    known as the Recent Emergent Terrace (RET); and
    a resource of 2,019,600 tonnes grading 16.1 cpht for the Older Unit (comprising the two sub-units
    referred to in previous announcements, the Older Boulder Facies and Older Sandy Facies).
    Eight resource blocks have been identified in two separate, but internally contiguous, geological areas at
    Liebenberg Bay and Langstrand in the northern part of Namakwa's tenement areas.
    Namakwa's Chairman, Mr Karl Simich, said further sampling was underway at the Liebenberg Bay area to
    upgrade the resource status of blocks located there.
    "This initial resource estimate is an impressive result after just six months of sampling covering a small
    fraction of Namakwa's total tenement area," Mr Simich said.
    "This resource will, subject to external feasibility, provide the cornerstone of Namakwa's Stage 1 mining
    application," he added. "This will provide a springboard to unlock the broader potential of this project - which,
    on the results received to date, looks to be very significant."
    Mr Simich said the Company's existing Dense Media Separation plant could be upgraded to a throughput
    capacity of 500,000 tonnes per annum to form the basis of a Stage 1 mining operation.
    NAMAKWA DIAMOND COMPANY NL ABN 77 085 BOO 7.84
    + H ASX CAP
    - 2 -
    Backoround Information
    Namakwa is exploring and developing the Namakwa Diamond Project, comprising 49 square kilometres of
    highly prospective ground in three adjacent Concessions on South Africa's West Coast, 350 kilometres north
    of Cape Town.
    Since bulk sampiing commenced in mid-2002, Namakwa has recovered a total of 13,560 diamonds
    weighing 1,325 carats.
    The Project is located in the heart of one of the world's most prolific diamond-producing regions - with major
    historic and current diamond mines located to the north and south.
    The diamonds within the rich onshore gravels being exploited by these operations are thought to have been
    transported to the coast by the major drainage systems of the interior - the Olifants and Orange Rivers.
    Namakwa's Concessions are located just north of the mouth of the Olifants River.
    Between 1994 and 2000, Soulh Africa's West Coast yielded 5.8 million carats, worth an estimated US$900
    million at an average grade of 14 cpht. The run of mine diamond values ranged between US$80 and US$220
    a carat.
    ENDS
    Released by:
    Jan Hope I Nicholas Read
    Jan Hope & Partners
    Telephone: (*61~8) 9388.1474
    On behalf of:
    Mr Karl Simich
    Chairman
    Namakwa Diamond Company NL
    Telephone: (+61-8) 93214887
    NAMAKWA DIAMOND COMPANY NL ABN 77 005 806 284

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