Pangea Acquires Mining Equipment for Cassanguidi Mine

Pangea DiamondFields plc (PDF), a mid-tier diamond producer and exploration company, announced it finalized an agreement to purchase mining and processing equipment from New Millennium Resources Limited (NMR), for PDF's operations in Cassanguidi, Angola.

Pangea Chief Executive Officer, Brett Thompson said that “this acquisition resolves the outstanding concerns the company had with mining sufficient material to feed the upgraded Cassanguidi processing facilities and will accelerate the ramp up to full production. It also demonstrates the ability of PDF to identify and unlock value opportunities in the regions in which it operates.”

In return for the goods, PDF agreed to pay NMR a total of $600,000. $250,000 will be paid in cash and the rest in shares of PDF valued at $350,000.

The equipment purchased includes two hydraulic excavators, two front end loaders and two articulated dump trucks and various additional items for the processing and ancillary plant critical to reach full production at Cassanguidi.

The new equipment will allow for increased processing capacity at the project as planned during Q3 2009. The first equipment has already been dispatched to Cassanguidi with the rest set to follow over the next few weeks.