15th Jan 2014 10:54
LONDON (Alliance News) - Stellar Diamonds PLC Wednesday said significant progress has been made towards production at its 1.1 million carat Tongo dyke kimberlite diamond project in Sierra Leone.
The AIM-listed diamond exploration and development company focused on West Africa said a 650 tonne bulk sample has been collected for testing as part of the Dyke-1 feasibility study at the site, and sample processing, using the company's on-site plant, has started.
The company said it hopes to recover a minimum 1,000 carat parcel of diamonds following the study, and first results are expected to be reported in early February.
Previously, the company has achieved results establishing a grade of 120 carats per hundred tonnes at USD248 per carat from a 1,050 carat parcel at the site.
Stellar Diamonds shares were up 13% to 1.08 pence, putting it in the top ten AIM movers Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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