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Stellar Diamonds Collects Bulk Sample For Tongo Diamond Study

Wed, 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; tommcivor@alliancenews.com; @TomMcIvor1