LONDON (Alliance News) - Golden Saint Resources Ltd Tuesday said it is conducting bulk sampling at its projects in Sierra Leone and said it is expecting to receive cut and polished diamonds in February which it could either sell or store.
The company has completed a bulk sampling exercise at the Baja project. Golden Saint must submit reports to the National Mineral Agency before it can announce any diamond recoveries from the Baja sampling.
A portable wash plant owned by Golden Saint, the Dove Explorer, is to be relocated to the Tongo license to complete the first stage of bulk sampling at the license, before being moved back to the Baja license.
The company has also purchased a local washing plant for the Zimmi areas. The plant is already on site and gravel washing has commenced. The plant is currently undergoing a 30 day testing period.
Both the annual licence fees for Baja and Tongo have been paid by the company with preparations being made for the Moa license renewal. Golden Saint said independent consultants have identified prospective diamond mineralisation at the Tongo license and has described the area as having "the greatest near term potential to identify economic diamond deposits," it said in a statement.
In addition, diamonds sent to India to be cut an polished by Parikh Borthers are due to be completed in February. Once the cutting and polishing is completed, the company will make a decision as to whether to sell them off wholesale or have it certified and added on to its inventory.
Golden Saint shares were down 0.9% to 0.570 pence per share on Tuesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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