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Shear Diamonds Delivers Second Jericho Parcel to Taché
Jul 16, 2012 9:56 AM
By Avi Krawitz
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RAPAPORT... Shear Diamonds, a Canada-based junior mining company, has delivered 13,908.31 carats of diamonds from the Jericho mine to its marketing partner Taché Diamonds. The parcel was the second such delivery made since Shear started reprocessing stockpiles at Jericho in May.
Taché advanced $550,000 to Shear for the shipment, while Shear has drawn an additional $550,000 from its revolving line of credit with Taché in relation to the production and delivery of the shipment. Taché will reconcile a final payment to Shear once prices per carat can be ascertained based upon the formula provided in their marketing agreement, Shear explained.
To date, Shear has produced 34,007 carats from the high grade concentrate stockpiles at Jericho and delivered 25,226 carats to Taché. A third parcel is scheduled for delivery in August.
Separately, Shear appointed Greg Powell as its new chief financial officer effective to replace Richard Belfer who is leaving for a new position in a different industry. The appointment will take effect on August 7, 2012.
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Tags:
Avi Krawitz, diamonds, Jericho mine, Rapaport, Shear Diamonds, Taché Diamonds
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