Brazilian Diamonds Limited

Brazilian Diamonds Limited

March 14, 2008 09:00 ET

Brazilian Diamonds Limited: Retirement of Director

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 14, 2008) - Brazilian Diamonds Ltd. (TSX:BDY)(AIM:BDY) ("Brazilian Diamonds" or the "Company") announces that Dr. Roger Morton is retiring as a Director of the Company with effect from 14th March, 2008.

The board wishes to extend its thanks and appreciation for Dr. Morton's lengthy and much appreciated service to the Company and wishes him well in his retirement.

Commenting, Kenneth P. Judge Chairman of the Company said, "Roger's lively contribution to our board discussion and his valuable technical experience will be missed by all of us. I hope Roger will now have the time to enjoy his family and to attend to his other business interests."

Editors' Note

Brazilian Diamonds is a leading Brazil-based exploration company focused on the discovery of kimberlites on its extensive portfolio of properties in the States of Minas Gerais and Bahia, with the goal of becoming a significant producer of diamonds.

The Company is awaiting final approval before commencing the environmental licensing process for the development of the Canastra 1 kimberlite body for which mine feasibility work has already been completed and the required Mines Department approvals are already in place. It is intended to bring Canastra 1 into production once the environmental licensing process is completed.

The Company's Salvador diamond project in Bahia includes the diamondiferous Salvador 1 kimberlite. This project was acquired from De Beers which retains a right to reacquire up to 40 per cent of any kimberlite found on the Salvador properties which is confirmed to contain more that 200 carats of diamonds.

The Company has a fully operational diamond separation/analysis laboratory at Patos de Minas, Minas Gerais which is strategically located near its properties in the Santo Antonio and Coromandel areas. The Company has a highly experienced team including six geologists located at the Company's facilities in Brazil.

The Company's strategy for non-core activities on its properties is to form joint ventures. A Cdn$1,000,000 feasibility study is underway for a joint venture for the mining of alluvial diamonds on its properties in the Santo Antonio river drainage. The joint venture involves two important Brazilian companies: CODEMIG, the state owned mining development organization and Mineracao Rio Novo Ltda., a wholly owned subsidiary of Andrade Gutierrez SA, one of Brazil's largest civil engineering firms and an existing large scale, dredge based producer of alluvial diamonds.

Contact Information

  • Brazilian Diamonds Limited
    Ken Judge
    + 44 7733 001 002
    Brazilian Diamonds Limited
    Stephen Fabian
    + 55 31 9186 4660
    Brazilian Diamonds Limited
    Investor Relations - Europe
    + 44 207 590 5503
    Brazilian Diamonds Limited
    Investor Relations - North America
    Hanson Westhouse Limited (Nomad to the Company)
    Tim Feather/Matthew Johnson
    + 44 113 246 2610
    Landsbanki Securities (UK) Limited (Broker to the Company)
    Tom Hulme
    + 44 207 426 9000