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Paramount Recovers 15ct Diamond at Peakstar

Mar 25, 2008 9:38 AM   By Avi Krawitz
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RAPAPORT... Paramount Mining Corporation recovered a 15.47 carat diamond at its Peakstar Project in South Africa, the Australia based company reported Tuesday.

The diamond was twice the size of any recovered to date at Peakstar, giving the company confidence in the prospects for the site.

“This is a substantial jump in size for our largest diamond, and a very exciting development for the project,” said Maureen Muggeridge, Paramount’s chief executive officer. “Considering that we are testing relatively small volumes of kimberlite, recovery of a diamond this big is particularly significant.”

Muggeridge added that the periodic recovery of diamonds as large as 15 carats or more would have a “major positive impact” on the commercial parameters of the project.

Previously, Paramount’s largest recovery at Peakstar was an 8.2 carat diamond, which sold for $61,136, or $7,456 per carat. Other large finds included a 6.01 carats diamond, which sold for $8,399 ($1,399 per carat,) and a 4.6 carat stone, which sold for $14,888 ($3,237 a carat.)

Processing at the Peakstar Project, located on the same kimberlite fissure system as the Star Diamond Mine, commenced in late May 2007.
Tags: Australia, South Africa
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