Stellar Diamonds PLC 709 Carat Diamond Discovered in Sierra Leone
March 17 2017 - 3:00AM
RNS Non-Regulatory
TIDMSTEL
Stellar Diamonds PLC
17 March 2017
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION
TO US NEWS WIRE SERVICES.
17 March 2017
AIM: STEL
Stellar Diamonds plc
("Stellar" or the "Company")
709 Carat Diamond Discovered in Sierra Leone
Stellar Diamonds plc, the London listed diamond development
company focused on West Africa, notes the recent reports regarding
the discovery near to Koidu town by an artisanal diamond miner in
eastern Sierra Leone of a 709 carat diamond, which has been
reported as the 13(th) largest diamond ever found. Other famous
large diamonds discovered in Sierra Leone include the 969 carat
"Star of Sierra Leone", the 770 carat "Woyie River" and the 620
carat "Sefadu". This latest discovery reaffirms the Company's
belief that Sierra Leone ranks in the very top tier globally for
the production of large and high quality diamonds.
Stellar is focussed on the development of its 100% owned Tongo
kimberlite diamond project in eastern Sierra Leone, on which it has
invested GBP5.5 million (representing 15p per share) to date
defining and growing the current resource and the proposed Tribute
Mining agreement between Octea Mining Ltd and Stellar, of the
adjacent Tonguma diamond project. Both licences currently have a
combined diamond resource of 4.5 million carats.
The economic model for the combined 4.5 million carat diamond
resource for the proposed Tongo and Tonguma mine generates a robust
estimated attributable post-tax Project NPV (8) and IRR of US$104
million and 31% respectively with estimated projected life of mine
revenues of US$1,518 million with diamond grades and prices of
100cpht to 260cpht and US$209 to US$310 per carat respectively.
Shareholders should refer to the announcement of 20 February 2017
where details of the proposed tribute agreement are set out.
Review by competent person
This announcement has been reviewed by Karl Smithson, Chief
Executive of Stellar, a qualified geologist and Fellow of the
Institute of Materials, Metals, Mining, with 28 years'
experience.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
** ENDS **
For further information contact the following or visit the
Company's website at www.stellar-diamonds.com.
Karl Smithson, Stellar Diamonds plc Tel: +44 (0) 20
CEO Stellar Diamonds plc 7010 7686
Philip Knowles, Tel: +44 (0) 20
CFO 7010 7686
Emma Earl Cairn Financial Advisers Tel: +44 (0) 20
Sandy Jamieson (Nominated Adviser) 7213 0880
Jon Bellis Beaufort Securities Tel: +44 (0) 20
Limited (Joint Broker) 7382 8300
Martin Lampshire Peterhouse Corporate Tel: +44 (0) 20
Finance (Joint Broker) 7469 0930
Rory Scott Mirabaud Securities Tel: +44 (0) 20
(Financial Advisers) 7878 3360
Lottie Brocklehurst St Brides Partners Ltd Tel: +44 (0) 20
Charlotte (Financial PR) 7236 1177
Page
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "will" or the negative of those, variations or
comparable expressions, including references to assumptions. These
forward looking statements are not based on historical facts but
rather on the Directors' current expectations and assumptions
regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the
amount, nature and sources of funding thereof), competitive
advantages, business prospects and opportunities. Such forward
looking statements re ect the Directors' current beliefs and
assumptions and are based on information currently available to the
Directors.
A number of factors could cause actual results to differ
materially from the results discussed in the forward looking
statements including risks associated with vulnerability to general
economic and business conditions, competition, environmental and
other regulatory changes, actions by governmental authorities, the
availability of capital markets, reliance on key personnel,
uninsured and underinsured losses and other factors, many of which
are beyond the control of the Company. Although any forward looking
statements contained in this announcement are based upon what the
Directors believe to be reasonable assumptions, the Company cannot
assure investors that actual results will be consistent with such
forward looking statements. Accordingly, readers are cautioned not
to place undue reliance on forward looking statements. Subject to
any continuing obligations under applicable law or any relevant AIM
Rule requirements, in providing this information the Company does
not undertake any obligation to publicly update or revise any of
the forward looking statements or to advise of any change in
events, conditions or circumstances on which any such statement is
based.
About Stellar Diamonds plc
Stellar is an AIM listed (AIM: STEL) West African focused
diamond company with projects at the trial mining and mine
development stages in Sierra Leone and Guinea.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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