UPDATE 1-Pangea DiamondFields says reliant as going concern

* Says completes processing facilities at Cassanguidi project

* Shares rise 12 pct (Adds details)

Dec 23 (Reuters) - Pangea DiamondFields Plc (PDF) PDF.L said it continued to be reliant as going concern as processing facilities at its Cassanguidi project in Angola was completed and production scaled up without delay.

The diamond explorer, which earlier this month secured an unsecured short-term bridging loan of 370,000 pounds from a shareholder, said it would be able to source additional bridging funding if necessary.

PDF shares jumped 12 percent to 1.425 pence at 0857 GMT on Wednesday on the London Stock Exchange.

However, December production at Cassanguidi was hit by logistical challenges and breakdowns with the primary excavators, and that is likely to affect production in January also, ahead of the next expected diamond sale, the company said.

The company said its targeted production of 6,000 carats per month from Cassanguidi in the first quarter of 2010 at current prices will put it in a cash positive position.

PDF has seven projects in Angola, South Africa, the Democratic Republic of the Congo (DRC) and Central African Republic. ($1=.6267 Pound) (Reporting by Kumar Alagappan in Bangalore; Editing by Deepak Kannan)