Pangea DiamondFields plc (AIM: PDF), the diamond producer and exploration company, announces the results from the most recent sale of diamonds from its Cassanguidi Project (‘Cassanguidi’ or ‘the Project’), which is situated 80 km East of Dundo, in the Lunda Norte Province, Angola.



The sale of 1,964 carats, which took place last week in Luanda and was facilitated by state-run diamond trading company SODIAM, yielded an average price of US$147.50 per carat. This represents approximately 82% of the Company’s target price of $180.00 per carat, a target which was set prior to the fall in the price of diamonds, and is well in excess of the currently budgeted level of 70% of the target price.



Commenting on the tender outcome, Chief Executive Boris Kamstra said, “The price obtained for this parcel represents a significant improvement in rough diamond prices in Angola, adding credence to our expansion of this project. Our team on the ground is making good progress toward bringing this project to full production despite seasonally adverse weather and the usual logistical challenges. At present, the project is still on track to be at full capacity by the year end.”