When Lev Leviev bought the controlling interest in the then near-bankrupt Namibian Minerals Corporation (Namco) marine mining company, the market sniggered. Namco was seen as a losing proposition.

Its boats (and mining technology) were failing; production was near to zero. Namco's share price fell from around $5 to far below $0.20. Failing to meet the minimum share value standards of the Nasdaq, the share was delisted in the U.S. three months ago.

But Leviev - and his single-minded ever-optimistic mining manager Greg Walker - never lost faith. This week they hit the jackpot. On July 23, Namco's Toivo mining vessel produced a record 16,417.55 carats in a single day. It happened at Hottentot Bay. Some 54,000 diamonds were recovered with an average size of 0.30 carats.

In terms of money, this represents more than $20 million in a single day. That's more than Namco normally produces in a very good month! Greg Walker used the opportunity to rub it in: "Less than one-percent of Namco's total lease area of 20,800 km2 has been explored. We are working to establish the reserve potential of our mining and exploration leases."

Insiders know that in the past, Namco had been mining on a "hit and miss" basis. When the boats moved into areas with no significant production, they would simply move further. Lev Leviev and Namco Chairman Aryeh Barboy have put their money on better exploration.

It isn't clear yet whether the July 23 jackpot was pure luck or the result of careful exploration and a well-planned mining plan. It doesn't really matter as, in either case, it shows that Greg and his crew are certainly sailing into ever sparkling waters.

As marine mining has always been considered marginally profitable (especially when compared to on-land mining), July 23 should be a day of celebration.

There is much more out there - and chances are that Greg will report many more record days when the mining plans have the benefit of good exploration results.