African Diamonds, the company chaired by by entrepreneur Mr John Teeling, rose by 10 per cent following a statement to the stock exchange saying the company had discovered diamonds in Botswana.
The company said it has recovered 2 diamonds from drill samples of the Orapa AK9 kimberlite in Central Botswana.
The recovery of diamonds from AK9 at this preliminary stage of processing is significant as there is no record of diamonds being recovered from this kimberlite.
This follows the findings of two gem quality diamonds from similar samples of kimberlite BK10 in December 2003.
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Mr Teeling said: "We are very confident that the X-ray analysis will find more diamonds on AK8 and on BK10."