Following the release of its Tongo Sampling results last week, Stellar Diamonds plc, the London listed diamond development company focused on West Africa on Tuesday announced its “interim unaudited six month results to 31st December 2011”.
Stellar said it has “completed” Resource drilling at Droujba kimberlite pipe in Guinea also revealing that bulk sampling at Droujba is underway to obtain diamond grade and value. As reported last week, Stellar also stated the completion of resource drilling and bulk sampling at Tongo Dyke 1 project in Sierra Leone, disclosing Dyke 1 diamond grade of 121cpht (+1mm in-situ) and diamond value of $185 per carat
The diamond focused miner also stated that it is “on track” for delivery of “independently” calculated resource statements at Tongo and Droujba in Q1-12
$4.2m it said was invested in “advancing Droujba and Tongo towards maiden resource statements for Q1-12,”recording $1.0m cash reserves and $0.6m diamonds in “stock for sale” for the period under review.
Loss per share it said “declined to $0.01 from $0.03 indicated in 2010”, with net assets slated at $19.2, down from $21.1 reported in June 2011.
Commenting on the activities of his company Karl Smithson, Chief Executive Officer of Stellar said: “Stellar’s focus during the past six months has been on the generation of maiden resource statements for key kimberlite projects at Droujba and Tongo in Guinea and Sierra Leone respectively”.
Adding that he is “pleased to report that excellent progress has been made during this report period”. Resource drilling he said “has been completed at both projects” and at Tongo, bulk sampling evaluation of the 2.5km long Dyke 1 kimberlite declared completed. This according to Stellar boss “returned a highly encouraging +1mm in-situ grade of 121 carats per hundred tonnes (“cpht”) and a diamond value of $185 per carat”.
He also added that “at Droujba the collection of four bulk samples weighing a total of 940 tonnes has been completed as has construction and commissioning of the processing plant to treat these samples”.
Commenting on the recent moves by the Israeli billionaire Benny Steimetz to list his Koidu asset on one of Asia’s most dynamic and well resourced exchange he said: “We have also been pleased to read of the planned IPO of the Koidu diamond mine on the Hong Kong stock exchange, as this is situated adjacent to our Kono project and will help raise awareness of the potential value within our Kono permits.
We remain on track to achieve our stated objective of delivering the resource statements in the first quarter of 2012 and I look forward to updating shareholders as we progress to these key milestones for the Company.”
ADVERTISEMENT