Stellar Diamonds plc Drilling underway at Tongo Project

Stellar Diamonds plc Drilling underway at Tongo Project

Stellar Diamonds plc, the London listed diamond mining and exploration company focused on West Africa announces the commencement of resource drilling at the Company's high-grade Tongo kimberlite diamond project in eastern Sierra Leone.

Highlights:

  • Commencement of 6,000m diamond core drilling programme
  • Objective is to define a maiden inferred resource estimate to at least 200m below surface
  • Bulk sampling yielded 926 carats for undiluted grade of 115 carats per hundred tonnes ('cpht')
  • Potential in-situ kimberlite value of up to $220 per tonne

Chief Executive Karl Smithson commented: "With the recent appointment of CAE Mining and the commencement of drilling we remain on track to establish our maiden resource at the Tongo Dyke project in the first quarter of 2012. The bulk sampling grades continue to prove encouraging, with the kimberlite yielding an average grade to date of 115cpht. A further diamond parcel of approximately 300 carats will be exported in the near future to combine with the parcel of 639cts already in Antwerp which was recently valued at $191 per carat. We remain confident on the potential that the Tongo kimberlite project offers and we look forward to updating the market on the progress we make as we work to establish a maiden resource base at both our Tongo and Droujba projects."

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