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THE ECONOMY  

Romanian buys more Sierra Leone Diamonds shares
By
Jul 22, 2005, 17:16
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A Press Release issued in Bermuda late Wednesday evening states that the Romanian refugee, Mr. Vasile Frank Timis has acquired an extra 500,000 shares of the Sierra Leone Diamond Company Ltd (SLDC). The nature of the transaction was not clearly stated in the Press Release. However, the percentage of issued class acquired by Timis now ensures that Timis controls almost 31% of the companys shares and is the confirmed Majority shareholder.

Speaking in an exclusive interview with Awareness Times over the telephone from London yesterday, Mr. Martin Dunham, the Chief Financial Officer of SLDC confirmed that Mr. Frank Timis indeed purchased the extra 500,000 shares but that he was not at liberty to explain to Awareness Times newspaper exactly from whom the shares were bought by the Romanian Businessman.

A Romanian refugee, Mr. Timis set up three firms in London: Regal Petroleum, European Goldfields and Sierra Leone Diamond Corporation. However, few weeks ago, Mr. Timis became embattled by shareholders following his admission that Regal Petroleums key Greek oil operation may never be commercially viable and serious allegations that Mr. Timis has been named in three separate criminal investigations in Romania. Although Romanian officials and Mr. Timis himself denied the allegations, Timis was then forced to resign from Regal Petroleum although he still retains his position as Chairman and Head of Sierra Leone Diamond Company Limited. SLDC trades on the London Stock Exchange (AIM). Its profile on Yahoo International Financial Pages states that "Sierra Leone Diamond Company (SLDC), formerly Africa Diamond Holdings, just wants to get a hold of the precious gem."

Here in Sierra Leone, SLDC is indeed getting a hold of the precious gems. The company states that its mineral licences cover the entire northern third of the country including the area to the north and east of the known Koidu diamondiferous kimberlite field at Yengema, the newly discovered Kamakwie diamond field in the northwest of the country, the southwestern area of the country adjacent to the coastal plain and the lower half of the Sewa River area. The Companys 20 mineral licences and one optioned licence covers a total area of 36,364 square kilometres. The licences are prospective for both primary diamond sources, such as kimberlite pipes and dykes, and secondary diamonds in alluvial deposits, swamps and lake sediments. Numerous other commodities including gold, iron ore, rutile, bauxite, and base metals occur within the licence areas.

The Romanian, Vasile Frank Timis is the major controller of all of this wealth.


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