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Stellar Diamonds Surges After Strong Bulk Sampling Results

Tue, 19th Aug 2014 07:54

LONDON (Alliance News) - Stellar Diamonds PLC shares rose strongly early Tuesday after the company reported more positive results from the Tongo kimberlite project in Sierra Leone and said it was set to increase the diamond resource at the site.

The West Africa-focused diamond company said it recovered 1,182 carats from kimberlite ore during the final bulk sample grading with an average grade of 178.7 carats per hundred tonnes, 49 % higher than the 120 carats per hundred tonnes in its current resource estimate.

It also said it found 53 diamonds larger than 1 carat, including stones of 6.7 and 4.6 carats, respectively.

"The diamond parcel will now undergo valuation and modelling, with the results expected by early September 2014, prior to a revised financial model and updated resource statement, which we hope to have issued shortly thereafter," Stellar Diamonds Chief Executive Karl Smithson said in a statement.

Shares in the firm were up 22.5% to 1.715 pence in early trade, making it the top riser on the AIM All-Share index.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance