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Stellar Diamonds PLC focused on advancing Tongo site

Stellar Diamonds PLC will be focused on moving the Tongo project in Sierra Leone into funding and development this year, it said as it posted half year results
Stellar Diamonds PLC focused on advancing Tongo site
It's been a busy period with the mining licence for the 1.45 million carat Dyke-1 resource submitted last year...

Stellar Diamonds PLC (LON:STEL) will be focused on moving the Tongo project in Sierra Leone into funding and development this year, it said, as it posted half year results.

It's been a busy period with the mining licence for the 1.45mln-carat Dyke-1 resource submitted last year.

The final stages of the application are now completed and the recommendation of the Minerals Advisory Board (MAB) to the Minister of Mines is now awaited.

A preliminary economic assessment has indicated an initial four-year open pit mining project would cost $24.8mln and produce around 118,000 carats of diamonds valued at $270/ct.

Elsewhere, trial mining has continued at the five-hectare Baoulé site in Guinea where the group is now 73% of the way through the 100,000 tonne bulk sample.

The firm expects the trial to be finished before the next rainy season (around July) and thereafter  to establish a maiden resource. In-house modelling of previous drilling has indicated a target of over 22mln tonnes, and at an average target grade of 12.7cpht, a diamond resource of around 3 million carats.

Three diamond sales have been completed in Antwerp which have realised US$1 million in revenues, the firm also noted.

For the period, the loss before tax was US$886,463 compared to  a loss of US$956,191 in the same period of 2014, while cash at hand increased to US$373,602 compared to US$65,649 last year.

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