The Company’s objective is to develop profitable mining operations to sustain the Company’s wider exploration efforts and create value for shareholders through the discovery of world-class deposits. It is evaluating a product opportunity for white barite in south-west Ireland and is exploring for diamonds in Western Australia.

Derryginagh Barite Project, Ireland

Following the receipt of drilling results announced in February, the Company is pleased to report that it has completed a review of the drill data and together with its consultant, Aurum Exploration Services, has constructed a 3D geological model of the Derryginagh barite vein system based on the recent drilling results as well as on past drilling results and ol d mine plans.

As a result of the geological modelling, the Company is satisfied that its internal estimates of tonnage and grade potential are sufficient to justify a preliminary economic evaluation of the project (scoping study).

Consultants have been selected to tender for the scoping study, which is expected to be awarded in the near future.

Cue Diamond Project, Australia

The Company is also pleased to report that field work has now started on the Cue project in preparation for drilling of the Cue 1 and Soapy Bore kimberlites.

The work is being undertaken by Perth based company Terra Search Pty Ltd and will include laying out of drill sites and drill access routes, surface sampling of the Cue kimberlites, orientation geochemical sampling of known kimberlites and field evaluation and sampling of additional targets identified by the Company.

Before drilling can start, an Aboriginal Heritage Survey needs to be carried out. This is an established procedure in Australia where most of the land is subject to one or more Aboriginal Native Title Claims. Whilst the Company’s Heritage Agreement requires this survey to be carried out by the Aboriginal Land Council (acting on behalf of the Claimants) the survey has so far been delayed by changes to this responsibility instigated by the Claimants. This situation is in the process of being resolved and it is anticipated that the survey can be completed soon. This will clear the way for drill testing of the Cue kimberlites aimed at a preliminary evaluation of diamond content and quality.

Long Lake Project, Canada

The Company has given notice to the project claim owner that it will not be electing to extend its option to purchase the project. The option agreement will therefore terminate and no further option payments will be made.

The Co mpany has taken this decision after further evaluation of the results of work carried out over the past two years and in order to focus expenditure on the Company’s Derryginagh and Cue projects.

The Company considers that its work programmes have adequately tested for extensions to the gold mineralisation previously mined at Long Lake. Whilst there is potential for nickel-copper and PGM mineralisation to be discovered on the western side of the claim block, this requires a more grass roots exploration programme and targets are not sufficiently advanced to justify the option payments becoming due in May this year, or the accelerated exploration expenditures that would be necessary to justify exercise of the option when due in May 2013.

Mr. Killion has served as Chief Executive Officer of Zale Corporation since September of 2010.  Prior to becoming CEO, he served in a variety of other positions with Zale including Interim CEO, President, and Executive Vice President of Human Resources, Legal and Corporate Strategy.   Before joining Zale, Mr. Killion worked as an executive recruiter with Berglass+Associates; served as Executive Vice President of Human Resources for Tommy Hilfiger and held various management positions with Limited Brands. 

Mr. Killion will also serve on the Company’s Compensation and Governance Committee. 

Following this announcement, the Board will include seven members, five of whom are independent, and each of whom possesses significant professional experience, particularly in the financial, retail and business services sectors both domestically and internationally.  

About Express, Inc.:

Express is a specialty apparel and accessories retailer of women’s and men’s merchandise, targeting the 20 to 30 year old customer.  The Company has over 30 years of experience offering a distinct combination of fashion and quality for multiple lifestyle occasions at an attractiv e value addressing fashion needs across work, casual, jeanswear, and going-out occasions.  The Company currently operates over 600 retail stores, located primarily in high-traffic shopping malls, lifestyle centers, and street locations across the United States, in Canada and in Puerto Rico, and also distributes its products through the Company’s e-commerce website, www.express.com.

The Responsible Jewellery Council (RJC) announced that Brown Goldsmiths & Co., the US jewellery retailer, has achieved certification by meeting the highest ethical, social and environmental standards established by the RJC’s Member Certification system.

“RJC is delighted to congratulate Brown Goldsmiths & Co. on its certification. The successful verification assessment was conducted by Steve Nanette from SGS, one of the independent third-party auditing firms accredited to the RJC’s Member Certification system,” says Michael Rae, RJC’s Chief Executive Officer. 

“We are proud to be part of a larger movement towards more responsible business practices.  As jewelers, we have the pleasure of working with precious materials and th e beautiful sentiments of our customers.  It’s fitting to embrace responsible practices as well.  The RJC accreditation process confirmed the many areas we are already doing well.  Even more valuable are the points we identified for continuous improvement.  The rigorous audit process has been invaluable in helping us ‘walk our talk.’  We are thrilled to earn RJC certification,” says Judith Brown, Brown Goldsmiths’ co-owner.

Birks, Canada’s leading manufacturer and retailer of fine jewellery since 1879, is announcing it is bringing the largest collection of yellow diamonds ever to be exhibited in the jeweller’s history to its Toronto location. A collection of pieces worth $10M will be showcased at Birks on Bloor from May 2 to 6, 2012. In total, over 60 diamond jewellery pieces will be on display.

“Yellow diamonds are some of the world’s most beautiful fancy colour diamonds and have been the choice of royals and celebs throughout the ages,” says Jean-Christophe Bedos, President and CEO of Birks & Mayors Inc. “We are delighted to be offering this collection of outstanding diamonds to our clients, one so large it is making Birks history,” he concluded.

Among the collection shown at Birks is a rare 15-carat internally flawless, fancy intense yellow diamond. The diamond is set in a beautiful platinum ring design, with a trapezoid on each side. It is distingu ished by its elegant radiant-cut outline and its fantastic color.

Yellow diamonds have always been a popular choice among celebrities and royalty. American Idol Star Judge Jennifer Lopez was seen wearing a 50-carat fancy yellow radiant diamond ring set in 18k yellow gold earlier this month while singer Carrie Underwood’s engagement ring features a 5-carat round yellow diamond, set within a halo of white diamonds. But the most famous lover of yellow diamonds is incontestably Marilyn Monroe, who made history by wearing the “Moon of Baroda” in 1953 to the premiere of her feature film “Gentlemen Prefer Blondes”, a 24-carat yellow diamond stunner that is said to have belonged to Princess Maria Theresa of Austria and the dynasty of the Gaekwad Maharajas.

About Birks

Birks & Mayors is a leading retailer with 58 luxury jewellery stores in Canada and the United States. The Company operates 31 stores under the Birks brand in most major markets in Cana da and 24 stores under the Mayors brand in Florida and Georgia, two r etail locations in Calgary and Vancouver under the Brinkhaus brand, and one retail location in Orlando under the Rolex brand. Birks was founded in 1879 and developed over the years into Canada’s premier retailer, designer and manufacturer of fine jewellery, timepieces, sterling and plated silverware and gifts. Visit www.birks.com.

Operating loss from the wholesale business for the fourth quarter 2011 was US$0.35 million, compared to an operating income of US$2.09 million for the fourth quarter 2010. Operating loss from the wholesale business for the full year 2011 was US$0.78 million, compared to an operating income of US$4.53 million in full year 2010. The operating loss in the wholesale business was mainly attributable to the US$2.1 million severance cost incurred due to restructuring of factories, and the impairment of assets amounting to US$2.4 million.

Income tax credits for the fourth quarter 2011 were US$1.22 million, compared to income tax expenses of US$1.77 million in the fourth quarter 2010. Income tax expenses for the full year 2011 were US$1.38 million, down 52% from US$2.88 million for the full year 2010. It is due to the recognition of benefits of deferred tax assets in 2011.

Net profit for the fourth quarter 2011 was US$1.32 million, compared to a net profit of US$ 4.00 million for the same quarter in 2010. Net income for the full year 2011 was US$10.10 million, a 22% decrease year-over-year.

Basic and diluted loss per share was US$0.04 and US$0.04, respectively for the further quarter in 2011, compared to US$0.14 and US$0.14, respectively, for the fourth quarter in 2010. Basic and diluted earnings per share was US$0.07 and US$0.07, for the full year 2011 as compared to US$0.51 and US$0.49, respectively, for the full year 2010.

Balance Sheet Remains Sound with Inventory Increased to Support Retail Network Ramp-up

Cash and cash equivalents bank balance and restricted cash totaled US$25.52 million on December 31, 2011, compared to US$24.06 million as of December 31, 2010.

Trade receivables were US$42.81 million as of December 31, 2011, compared to US$25.89 million as of December 31, 2010. The increase was a result of higher revenue in retail and wholesale businesses.

Inventories totalled US$173.39 million as of December 31, 2011, from US$107.67 million as of December 31, 2010. The inventory was increased to support the c ontinued expansion of ENZO’s retail network.

Working capital (current assets minus current liabilities) amounted to US$150.21 million as of December 31, 2011, compared to US$100.58 million as of December 31, 2010.

2012 Guidance:

Management is of the view that European economic turmoil may adversely affect global economic recovery and slow down the growth rate of luxury goods demand in China’s retail market. The slowing sales momentum in China retail market this year thus far and macro headwinds could impact the Company’s high sales growth momentum.

The Company expects that retail revenue for full year 2012 to be in the range of US$135 million to US$140 million, representing a 20% to 25% year-over-year growth. Wholesale revenue is expected to maintain at a similar level as in 2011. This represents our current and preliminary view, which is subject to change.

At Smith McKenna LLC, precious metals broker Stephen M Smith reflects on silver being the top performer in Q1 2012 out of all other commodities; including gold.   Smith has dedicated his life to the precious metals industry and has been accurately predicting macro economic trends for over two decades.  His biggest concern is that people will once again pass up learning about precious metals investing, and miss out on a wealth creating opportunity that many enjoyed with last year’s explosive gains.

“La st year’s boom has just been postponed to 2012,” says Smith. Alcoa, Inc. has already posted their Q1 reports that crushed initial projected company forecasts.  New building construction is up, unemployment rates are declining, and technology parts being supplied are increasing demand exponentially.  These global factors are occurring worldwide, and with minable silver being pushed to the limit, the only place for silver to go is up and up.  The Silver Institute, www.silverinstitute.org, cites silver as the “indispensible metal,” and close analyses of their latest survey shows that silver could near $40/oz in a short time, and may surpass $50/oz in Q3 or Q4. 

Silver is currently reacting much of the same way that physical commodities do, and global factors have their implications on its industrial demand.  GDP data published on Friday by the Commerce Department shows that an annual rate of 2.2% was experienced in the first 3 months of 2012; a strong indicator that growth is occurring, despite stimulus and oth er negative economy claims.  Smith McKenna offers a FREE precious metals newsletter, which updates subscribers monthly on these critical industry news and trends. http://www.smithmckenna.com/subscribe-now/index.php

Last week China also published their March silver import data which saw a growth from 171mt to 179mt.  China’s supply of mined silver is expected to be insufficient to meet swelling development and growth demands in the coming quarters, something that will increase imports, and push silver further north.  As industrial demand kicks into overdrive globally with limited supply, it could take silver prices to the clouds!

Silver was seen trading around $31.35 per oz. while gold saw $1664.20/oz.

For more information on Stephen Smith and Smith McKenna LLC, visit their website:

The Dubai Chamber of Commerce and Industry and the Southern Gujarat Chamber of Commerce and Industry (SGCCI) consolidated their bilateral trade ties through a Memorandum of Understanding (MoU) signed during the conclusion of the Dubai Chamber Trade Mission visit to the Indian city of Surat which lasted from April 17 to 20.

H.E. Abdul Rahman Saif Al Ghurair, Chairman, Dubai Chamber, who led the delegation of 11 Dubai businessmen, and H.E. Rohit Mehta, President, Southern Gujarat Chamber of Commerce and Industry, signed the MoU which emphasised on promoting bilateral trade between the cities of Dubai and Surat, especially in diamond and textile businesses.

Besides consolidating economic relations between Dubai and Surat, the agreement sets the framework for the development of joint ventures and technology transfers and investment, exchange of trade enquiries and delegations. It also fosters a spirit of better coordination b etween the business communities of both countries in general and their respective members in particular.

H.E. Al Ghurair said, “The Dubai Chamber Trade Mission to Surat was very fruitful as seen through the signing of the MoU which clarified our unified commitment to increase trade and investment between the two cities while taking our bilateral ties to the next level.”

Earlier, during a dinner hosted by Dubai Chamber in Mumbai, Al Ghurair said the objective of the Dubai Chamber Trade Mission, organised in association with the Southern Gujarat Chamber of Commerce and Industry, is to explore new lucrative markets for Dubai–based businesses and to support them to expand and get an in-depth insight of the potential business opportunities in India.

Al Ghurair added that India is the top most trade partner for Dubai while Surat is recognised as the commercial capital of the Indian state of Gujarat and a di amond capital of the world. A recent City Mayors Foundation study rev ealed that Surat ranks as the world’s fourth fastest developing cities in the world therefore there is tremendous scope for bilateral cooperation between Dubai and Surat, he said.

The Mumbai dinner, held at the Grand Hyatt Hotel, was attended by over 25 Government and Chamber officials as well as business leaders and included H.E. Mohammed Yousuf Al Awadhi, UAE Consul General in Mumbai, Mr. Arvind Pradhan, Director General, Indian Merchant’s Chamber and Mr. Mehulbhai Shah, Vice-President, Bharat Diamond Bourse.

Dubai Chamber officials also held a meeting with H.E. Rohit Mehta in the presence of H.E. Mohammed Yousuf Al Awadhi, UAE Consul General, on the second day of the visit.

In his opening remarks, Al Ghurair stressed on the most promising sectors of Surat which he said included diamonds, gold trading and manufacturing and textiles which are important for Dubai traders in light of the emirate’s strat egic location serving as a major transit route for these products and goods going to all parts of the world.

The Chairman of Dubai Chamber added that the trade mission, which came in line with Dubai Chamber’s initiative of exploring new and emerging markets while building bridges of cooperation for its members, aimed at enhancing the competitiveness of Dubai businesses in lucrative markets of the world.

Al Ghurair stated that Dubai’s cooperation with Surat in the area of diamonds is immensely important as the emirate’s total imports of diamonds during January-September 2011 amounted to AED 48.9 billion while exports of gold from Dubai reached AED 45 billion and re-exports of diamonds valued at AED 52.3 billion during the same period.

He called for the establishment of joint ventures between Dubai and Surat businesses stating that the working in conjunction is a guaranteed success formula for these two flourishing cities. The emirate’s competitive business environment a nd geographic location can play an important role in the accomplishment of the partnership, he said.

Al Ghurair lauded the Indian businesses’ contribution to the economic development of Dubai as he said that currently there are over 22,000 Indian companies registered with Dubai Chamber and operating across various economic sectors in the emirate which clearly shows the deep-rooted trade ties existing between Dubai and India which is the number one trading partner of the emirate.

During their visit to Surat, Al Ghurair urged the delegates to highlight the advanced trade, infrastructural and logistics facilities offered by Dubai to its international investors looking to establish business in the emirate while also seeking to reach out to the regional and African markets.

In his presentation, Mr. Kamal Dayani, Industries Commissioner, Government of Gujarat, informed about Dubai’s status as a major centre for trade, transport, tourism and financial services stating that UAE’s investments in India are concentrated in energy – 19.1%; services – 9.3%; programming – 7.8%; construction – 6.8% and tourism and hospitality, adding that the UAE’s direct investments in India were estimated at about $1.9 billion during the period 2000-2011.

He pointed out that the main exports between India and the UAE include precious metals, food items, textiles and machinery products, while India’s imports from the UAE, include precious metals, chemicals, wood, petroleum and petroleum products.

Mr. Dayani, stated that more than 60% of the total investments are likely to be made in Gujarat, indicating that the new vision of the state include the investment of $222 billion in several sectors including roads, ports, airports, railways, urban infrastructure and transportation, water supply and tourism, pointing out that the market for jewellery and precious stones of In dia is estimated at about $27.5 billion in 2011 and is expected to gr ow at a compound annual growth of up to 15% or to $55.3 billion by the year 2016.

Also, India’s volume of exports of gems and jewellery has grown with a CAGR of 20.25% in last five years while over 70% of total gems and jewellery exports of India come from the state of Gujarat, where Surat is located and the city is the largest diamond processing cluster in the world, Mr. Dayani said.

The Dubai Chamber Trade Mission to Surat, India, was headed by H.E. Abdul Rahman Saif Al Ghurair, Chairman, Dubai Chamber, and included 11 Dubai-based businessmen interested in enhancing their business ties in the mutual areas of diamonds, gold and textiles.

This new digital expansion marks an important step for De Beers Diamond Jewellers. “It is a truly immersive experience that brings our engagement rings and bridal jewellery to light – with beautiful images and bespoke content from diamond jewellery experts. We see it as the definitive diamond wedding jewellery information resource, expressing our role as the diamond mentor for consumers,” said Francois Delage CEO De Beers Diamond Jewellers.

The new De Beers application is the ultimate, innovative mobile destination that helps users discover the perfect diamond jewellery for important moments in life. Through engaging and inspiring content, this application allows users to search for the perfect De Beers engagement ring, as well as matching wedding bands and complimentary wedding day jewellery.

With an exclusive selection of videos that include expert advice on how to choose the best ring, this application puts users dream wedding day jewellery at the touch of their fingertips.

The application also offers an insight into the design and craftsmanship of De Beers, as well as the functionality to find the nearest store location and arrange an appointment. The free application features beautiful images that let users play around and are easy to share through email and social media.

De Beers invites all to seek the sublime, and discover the creations of The Jeweller of Light.

Join the conversation about the application online by following the #DeBeersApp hashtag and following us on Facebook at http://www.facebook.com/DeBeers

THE DE BEERS DIFFERENCE

De Beers Diamond Jewellers is the ultimate destination for diamond jewellery. With over 120 years of diamond experience to draw on, De Beers Diamond Jewellers go well beyond the ‘4C’s’ of cut, clarity, colour and carat weight to capture unmatched Fire, Life, and Brilliance, providing the most beautiful diamonds in the world set in magnificent designs. The creation of timelessly elegant diamond jewellery – from selecting the world’s finest diamonds to impeccable craftsmanship and sophisticated designs – is the De Beers difference, an absolute expression of the Art of Diamond Jewellery. De Beers is proud to be the only brand to demonstrate the beauty of its diamonds, using the De Beers Iris. This proprietary technology, found in each De Beers store provides clients with an objective way to see the beauty of their diamond through the eyes of an expert.

THE DE BEERS GUARANTEE

Each piece of De Beers jewellery is certified with a De Beers passport and each polished diamond above 0.20 carats is microscopically branded with the De Beers Marque. The De Beers Passport documents the specifications of your diamond jewellery and is your guarantee that every single De Beers diamond is natural, untreated, conflict-free and responsibly sourced and crafted. The De Beers Marque, using technology patented by the De Beers Group, is invisible to the naked eye and ensures that each diamond is individually catalogued in the De Beers diamond registry, confirming its identity as a De Beers official diamond, to provide clients with a total peace of mind.

DE BEERS DIAMOND JEWELLERS

De Beers Diamond Jewellers was established in 2001 as an independently managed and operated company by LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury products group, and De Beers SA, the world’s premier diamond mining and marketing company.

The Responsible Jewellery Council (RJC) announced that the Gem Certification & Assurance Lab, Inc. (GCAL) has achieved certification by meeting the highest ethical, social and environmental standards established by the RJC’s Member Certification system.

“RJC is delighted to congratulate GCAL on its certification. The successful verification assessment was conducted by Steve Nanette from SGS, one of the independent third-party auditing firms accredited to the RJC’s Member Certification system,” says Michael Rae, RJC’s Chief Executive Officer. 

“We are very pleased to become a certified member of the Responsible Jewellery Council.  Our dedication to improving the reporting standards of identification and quality gra ding of diamonds to the public is a perfect fit with the mission of the RJC to advance responsible ethical, social, and environmental practices throughout the supply chain,” says Angelo Palmieri, Chief Operating Officer of GCAL.

The Security Council renewed for another year the set of sanctions imposed on Côte d’Ivoire, while adjusting the arms embargo in light of the need for weapons and ammunition to train and equip the country’s security forces.

In a unanimously adopted resolution, the Council decided that the measures on arms and related materiel, first imposed in 2004, “shall no longer apply to the provision of training, advice and expertise related to security and military activities, as well as to the supplies of civilian vehicles to the Ivorian security forces.”

In addition, the arms embargo shall not apply to supplies of or use by the peacekeeping mission there, the UN Operation in Côte d’Ivoire (UNOCI), and the French forces who support them, or to non-lethal military equipment intended solely for humanitarian or protective use, among other purposes.

The sanctions extended until 30 April 2013 also include the ban on the export of rough diamonds, the so-called “blood diamonds,” that have fuelled conflict in the region, and targeted measures on a number of individuals, including former president Laurent Gbagbo.

The Council also extended the mandate of the Group of Experts it set up to monitor the arms embargo, and reiterated the need for the Ivorian authorities to provide unhindered access to the group so it can carry out its work.

The Council first imposed the embargo in 2004 after a civil war in 2002 split the country into a rebel-held north and a Government-controlled south. Last year it imposed targeted financial and travel measures against Mr. Gbagbo and his associates after his refusal to leave office following his election defeat to current President Alassane Ouattara.