Pnina Feldman - Diamond Rose shines

AAP 09/01/03

Shares in Diamond Rose NL shot up in early trade as the diamond and gemstone miner resumed trading after completing its Chilean gold mine acquisition.

At 10.45am (AEDT), the shares were up 4.3 cents, or 69 per cent, to 10.5 cents.

The shares were trading at 6.2 cents when Diamond Rose announced a trading halt on December 30.

The company yesterday said it had completed the acquisition of Kinross Gold Corporation’s Guanaco gold operations in Chile.

Diamond Rose managing director Pnina Feldman said the acquisition would fast track the company’s intention of becoming a significant producer of precious metals.

“The purchase includes all of Kinross’s Guanaco assets including their gold mine and surrounding areas, associated plant, equipment and infrastructure,” she said.

Diamond Rose also has exploration and mining rights over the 150 square kilometer Guanaco property.

Australian stocks end soft on Wall St gloom

Reuters News Service 09/01/03 By Marion Rae

Base metal and gemstone explorer Diamond Rose (DRN) surged 58.1 per cent after buying Guanaco gold mine in Chile from Canada’s Kinross Gold.