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Re: News Release - Wednesday, February 20, 2008
Highly Encouraging Diamond Grades from Underground Trial Mining
at Kono Project
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Mano River Resources Inc. ("Mano" or "the Company") the TSX-V and
AIM-listed exploration and development company focussed on West Africa,
is pleased to announce a progress update on the Kono diamond project in
Sierra Leone. The Kono project is a Joint Venture between Stellar
Diamonds Ltd ("Stellar") (49%) and Petra Diamonds Limited ("Petra")
(51%). Mano River is a 68.5% shareholder in Stellar, which plans to
list on AIM in the spring of 2008.
On 19th February 2008 Petra issued its interim results and has made the
following statement regarding the Kono Joint Venture:-
"Trial mining operations at the Kono project, a joint venture with
Stellar Diamonds, continue with highly encouraging results at the Pol K
and Bardu test shafts. A total of 8,640 diamonds (760 carats) have now
been recovered at Kono (bottom cut 1 mm). A parcel of 581 carats has
been shipped to South Africa and these are being cleaned, awaiting
valuation.
"At Pol K shaft, a total of 757.5 tonnes of in-situ fissure has now
been extracted. Ore processing has yielded 5,603 diamonds totalling
479.5 carats, rendering a very satisfactory in-situ grade of 63 cpht,
with the ten largest diamonds ranging in size from 1.1 carats to 10.55
carats. At the extraction depth of 32 metres, satisfactory mining
conditions have been experienced. Shaft sinking will now be extended to
a depth of 60 metres, at which point stope panels will be established
to increase ore extraction.
"At Bardu shaft, trial mining started in early December 2007. The
limited amount of in-situ fissure tonnes extracted so far at a depth of
30 metres below surface yielded encouraging in-situ grades, however
Petra is of the opinion that the scale of the work conducted is
presently too limited to arrive at any representative in-situ grade.
Test work will continue in order to obtain an in-situ grade and
evaluate the quality of the diamonds. As previously stated, we expect
to be in a position to make a development decision at Kono by mid 2008.
It is also worth noting the considerable exploration potential at Kono
and Petra has, subject to successful contract negotiations, awarded a
contract to Fugro Airborne Surveys to conduct a survey in the Kono area
to prospect for potential kimberlite pipes and blows."
Karl Smithson, CEO of Stellar commented:
"We are very encouraged by diamond results from the test mining at the
Kono operation. Taking the Kono project into production is in line
with Stellar's core strategy of becoming a diamond producer. The
project is making excellent progress under the management of Petra who
continue to work in a very diligent and cost effective manner. I look
forward to the opportunity of updating our shareholders on the progress
being made across our portfolio in due course."
Luis da Silva, CEO of Mano, commented:
"This is an extremely positive development for Mano as a 68.5%
shareholder in Stellar. We are making good progress towards the
planned listing of Stellar this spring, subject to market conditions,
and are confident that once listed Stellar as a stand alone entity will
unlock significant value for Mano's shareholders."
For further information on Mano River Resources and Stellar Diamonds
Limited, you are invited to visit the Company's website at
www.manoriver.com or contact:
Mano River Resources Inc
Luis da Silva, CEO +44 (0) 20 7299 4212
Stellar Diamonds Limited
Karl Smithson, CEO +44 (0) 77 837 07971
Pelham PR
Charles Vivian / James MacFarlane +44 (0) 20 7743 6670
GMP Securities Europe LLP
James Hannon +44 (0) 20 7647 2803
Panmure Gordon (UK) Limited
Edward Farmer +44 (0) 20 7614 8384
Mano's Qualified Person responsible for reviewing the content of this
release is non-executive Director, Dr Tom Elder, who holds a BSc and
Doctorate in Geology from Durham University in the UK, is a Fellow and
former Member of Council of The Institution of Mining and Metallurgy
and a Fellow of The Geological Society.
The TSX Venture Exchange has not reviewed and does not take
responsibility for the adequacy or accuracy of this release
View News Release in PDF Format:
http://www.manoriver.com/i/pdf/2008-02-20_NR.pdf
184 KB in size, approx. 35 seconds to download at 56.6Kbps
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Copyright (c) 2008 MANO RIVER RESOURCES INC. (MANA) All rights
reserved. For more information visit our website at
http://www.manoriver.com/ or send mailto:releases@manoriver.com
Message sent on Thu Feb 21, 2008 at 6:54:28 AM Pacific Time
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