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Released today:
TORONTO, ONTARIO--(Marketwire - April 21, 2010) - Vaaldiam Mining Inc.('Vaaldiam' or 'the Company') (TSX:VAA) will present at 10.00 am onApril 22, 2010 at the ResourceOne Conference at The W hotel at 541Lexington Avenue (corner of 49th and 50th) in New York City.
Vaaldiam's Brazil-focused strategy is to use cash flow from itsalluvial diamond and gold production to finance hard-rock explorationfor both diamonds and gold while disposing of non-core assets in Kenyaand Canada.
Vaaldiam is preparing to restart diamond production at the Duas Barrasmine in Minas Gerais, Brazil with production expected by Q3, 2010. Themine contains National Instrument 43-101 indicated resources of1,530,800 cubic metres of gravel at an average grade of 0.16 carats percubic metre and 0.18 grams gold per cubic metre, and inferred resourcesof 810,000 cubic metres of gravel at an average grade of 0.16 caratsper cubic metre and 0.18 grams of gold per cubic metre. The mine isexpected to generate immediate and self- sustaining cash flow forVaaldiam from the sale of diamonds and gold. Prior to the financialcrisis the Duas Barras mine achieved average rough diamond sales valuesof US$165 per carat. Operating costs are expected to average US$85 percarat.
The Company is also evaluating its Chapada diamond mine near Cuiaba inMato Grosso, Brazil with regard to either restarting production in 2011or selling the asset. Chapada historically produced large, high qualitydiamonds that prior to the suspension of mining activity in July 2008achieved average sales values of US$490 per carat.
Robert Jackson, CEO, said "These two mines and their surroundingregions should make Vaaldiam self- supporting with the potential toincrease resources and production. Our merger with Tiomin ResourcesInc. created a new and well-financed diamond mining and explorationcompany in Brazil. We have production and exploration potential plus avery interesting gold property with current activity by artisanalminers. Vaaldiam's local management is highly skilled with many decadesof combined experience with De Beers, Rio Tinto and CVRD. We are nowworking our way through the immediate post-merger issues but are highlyconfident that, after a period of consolidation, our assets and tightmanagement will deliver a strong performance that rewards ourshareholders. The Brauna and Catalao kimberlite diamond projects offersubstantial exploration upside".
Ms. Katya Masun, P.Geo., Vaaldiam's Senior Resource Geologist, is a"qualified person" under National Instrument 43-101 and has reviewedthe technical information contained in this press release. Foradditional information regarding Vaaldiam Mining please visit
www.vaaldiam.com.