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Stellar Diamonds' Net Loss Narrows in 1H

Scoping Study Begins for Tongo, Droujba

Mar 19, 2013 7:31 AM   By Jeff Miller
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RAPAPORT... Stellar Diamonds reported a loss of $1.55 million for the six months that ended on December 31, just slightly less than the loss of $1.95 million the company posted one year earlier. The junior explorer reported no revenue for the period. The company confirmed a JORC compliant resource of 1 million carats at its Tongo project and 3 million carats at its Droujba project during the first half.

Stellar Diamonds expects to begin its conceptual economic scoping studies for Tongo and Droujba this quarter and the company continues to work toward the reinstatement of its Kono licenses in Sierra Leone.

“The first half of 2013 will now be dedicated to completion of the conceptual economic scoping studies to better define the project economics at Tongo and Droujba. We have appointed experienced independent contractors Paradigm Project Management to conduct these studies, which are well under way and on track to be delivered within the designated time frame. A decision will then be made on whether to advance Tongo and Droujba to the pre-feasibility stage in the second half of 2013," said the company's CEO, Karl Smithson.

Tags: Jeff Miller, resources, scoping study, Sierra Leone, Stellar Diamonds
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