http://www.lse.co.uk/AllNews.asp?code=gnawog6e
LONDON (Alliance News) - Stellar Diamonds PLC Monday said it has made further progress in bringing its Baoulé Kimberlite diamond project in Guinea into production, and is on track for commissioning in early September.
The West-Africa focused diamond development company is utilising its existing in-country mining plant and equipment with the objective of fast-tracking Baoulé to trial mining to generate early cash-flow and determine the commercial diamond grade and value for the project.
"Stellar has made tremendous progress over the past few weeks towards our objective of bringing the Baoulé kimberlite pipe into trial mining and generating early cash flow in the fourth quarter," said Chief Executive Karl Smithson in a statement.
The company said the relocation of its owner-operated processing plants to Baoulé was completed ahead of schedule.
"Once the plant is operating efficiently, trial mining production will commence, and the diamond grade and value will be determined," it said.
Stellar Diamonds said its projects in Guinea and Sierra Leone have been unaffected by the Ebola virus and operations are continuing as normal. It said it has instigated a number of precautionary initiatives to mitigate the risks of the virus occurring at its Tongo and Baoulé project sites
Shares in Stellar Diamonds were trading 1.5% lower at 1.50 pence before midday Monday.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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