Vaaldiam Mining Inc VAALF

Breaking News - Profitable Quarter - VAA

[McLacherty]

We have Kwale going into production which should bring in 5 - 10 million per year as a minimum and Flemish gold at over .75 cents per share plus other royalties. Diamonds have improved on new veins, gold exploration to be announced in new kimberlites and on seam where place gold miners are currently mining. Vaaldiam Mining Inc. ('Vaaldiam' or the 'Company') (TSX: VAA) reports that, for the third quarter ended September 30, 2010, following the sale of certain non-core assets in the period, it has recorded net income of $2,875,000 or $0.04 per share compared to a net loss of $31,347,000 or $0.65 for the same period in 2009. Vaaldiam ended the third quarter with a strong cash position of $11.2 million and working capital of $9.8 million. Vaaldiam also holds 10.6 million shares in Flemish Gold Corp. ('Flemish'), which is focused on gold exploration in sub- Saharan Africa, marketable securities valued presently at approximately $1.7 million and royalties on two major exploration and development projects. In July, Flemish completed a private placement of approximately $6.6 million at $0.75 per share.