RAPAPORT... Shear Minerals delivered 22,289.39 carats of rough diamonds to Taché Company N.V. from the explorer's Jericho diamond mine stockpile; however, on August 20 Shear halted the recovery process in order to make equipment repairs. Shear anticipates normal production will resume in about three weeks and it intends to deliver another parcel of rough diamonds to Taché at that time.
Taché had advanced $850,000 to Shear for this third shipment of rough goods on August 13. In addition, Shear has drawn an additional $650,000 from its revolving line of credit with Taché in July. Taché will reconcile a final payment to Shear once prices per carat can be ascertained based upon provisions in its marketing agreement.
In other news, Shear appointed Manuel Rappaport to its board of directors. Rappaport is a financial and operational consultant for Taché and the director of Banyan Consulting.
''Manuel has been an exceptional business partner for Shear over the last six months and we are thrilled to have him join our board. His insight into the diamond markets will be a great asset,'' said Shear's president, Julie Lassonde.