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Sierra Leone Renews Stellar Diamonds' Tongo License

Jul 31, 2012 9:28 AM   By Jeff Miller
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RAPAPORT... Sierra Leone renewed Stellar Diamonds'  exploration license at the Tongo diamond project. The project's four diamondiferous kimberlite dykes represent an inferred resource of 660,000 carats with a modeled diamond value of $248 per carat. Drilling and evaluation is ongoing with the objective of increasing the resource estimate. Stellar Diamonds stated that discussions are continuing with the Ministry of Mines concerning the renewal of its Kono license.

Karl Smithson, the chief executive of Stellar Diamonds, said, ''The renewal of our Tongo exploration license, in line with the Mines and Minerals Act of 2009, enables the company to pursue its objective of doubling the existing 660,000 carat resource through the ongoing drilling and evaluation program. We are on track to deliver an upgraded resource statement for Tongo in the fourth quarter of this year.''

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