16 Jan 2013 07:00
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES.
16 January 2013
AIM: STEL
Stellar Diamonds plc
("Stellar" or the "Company")
Exploration Licence in Guinea Successfully Renewed
Stellar Diamonds plc, the London listed (AIM: STEL) diamond development company focused on West Africa, announces the renewal of its Droujba diamond exploration licence in Guinea.
Highlights:
·; Droujba exploration licence that hosts a 3 million carat (JORC) resource renewed for two years
·; Three exploration licences adjacent to Droujba pending renewal
·; Renewal follows extensive Government audit into all companies and permits in Guinea
Chief Executive Karl Smithson commented:
"We are pleased that our Droujba exploration licence which hosts the Droujba kimberlite pipe and Katcha kimberlite dyke has been renewed for a further two years. There has been a large amount of publicity concerning the Government licence audit in Guinea and the cancellation of numerous non-active exploration and mining permits. On the basis of our previous and current work, our high standards of Government reporting, and the generation of a significant and growing diamond resource, which is now over three million carats, the Droujba licence are among some of the first to be renewed in Guinea post the audit."
Licence details
The exploration licence that hosts the Droujba kimberlite pipe and 5km long Katcha kimberlite dyke has been renewed for a further two years to 26 December 2014. Stellar has relinquished 14km2 of ground not considered by the Company to be prospective, reducing the licence area to 7km2. Three further exploration licences covering 100km2 and located to the immediate west of Droujba are currently in the process of renewal for a period of two years.
About Stellar Diamonds plc
Stellar is a London (AIM: STEL) listed West African focussed diamond mining and exploration company which is advancing the Droujba and Tongo kimberlite projects in Guinea and Sierra Leone respectively. These projects have a combined JORC compliant, inferred diamond resource of approximately 4 million carats. In April 2012 the Company announced a dispute with the Ministry of Mines in Sierra Leone over its two Kono licences and remains in discussions with the Government of Sierra Leone regarding the proper reinstatement of these licences.
For further information contact the following or visit the Company's website at www.stellar-diamonds.com.
Stellar Diamonds plc
Karl Smithson, Chief Executive Tel: +44 (0) 20 7257 2930
Northland Capital Partners Limited
(Nominated Advisor and Broker)
Gavin Burnell, Edward Hutton Tel: +44 (0) 20 7796 8800
Daniel Stewart & Company plc
(Co-Broker)
Martin Lampshire, Antony Legge Tel: +44 (0) 20 7776 6550
Pelham Bell Pottinger
James MacFarlane, Joanna Boon Tel: +44 (0) 20 7861 3232