25th Jan 2016 09:29
LONDON (Alliance News) - Stellar Diamonds PLC on Monday said it has recovered a 55-carat diamond from the Baoule kimberlite project in Guinea in West Africa.
Stellar said the new diamond find has confirmed the presence of large stones in the project area, in which it holds a 75% interest.
Trial mining at the project has yielded a total of 8,043 carats thus far, the company said, with revenue from the site at around USD700,644 from the sale of 5,173 carats of diamonds.
"With approximately 63% of our trial mining and processing at Baoule now complete, subject to the company having sufficient working capital, we are currently on track to finalise the trial mining and processing of 100,000 tonnes in third quarter and look forward to providing further updates in due course," said Stellar Chief Executive Karl Smithson.
Stellar shares were down 7.4% to 8.80 pence Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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