West African Diamonds plc, a diamond mining and exploration company that has acquired assets in Sierra Leone and Guinea from African Diamonds plc, has listed on the London Stock Exchange’s Alternative Investment Market Alternative Investment Market (AIM) since early January. Its stock ticker is WAD. The company raised US$5.2 million upon admission.

“We are looking to springboard from the success of African Diamonds, with a diverse West African portfolio that will give us positive cashflow in 2007. We are an unusual AIM company – a mining company with genuine near term production and exploitable exploration upside. With solid and expanding cash flow provided by both Sierra Leone and Guinea based operations, we will be in an excellent position to move forward with our value enhancing exploration operations,” says James Campbell, Executive Deputy Chairman.

“Our immediate focus is to bring into production in 2007 our mines in Sierra Leone and Guinea. Using this base of production and revenue, we will actively explore our ground around Koidu in Sierra Leona and Bomboko in Guinea. The management team has excellent operational and exploration experience which will bring our existing projects on-stream and will enable an expansion in our portfolio. The quality and potential in WAD is recognised by our institutional shareholders. WAD has attracted a number of blue chip institutional investors. We are committed to moving forward. As we have shown with the latest acquisition in Guinea, we are constantly on the look out for new ventures in the region that match our skill set and experience,” concludes John Teeling, Chairman of WAD.

Source: www.diamondintelligence.com