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Re: News Release - Thursday, May 21, 2009
Stellar Diamonds Operational Update
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Mano River Resources Inc the TSX-V and AIM-listed exploration and
development company focused on gold, iron ore and diamonds in West
Africa, is pleased to announce an operational update for its 59.6% held
subsidiary company Stellar Diamonds Limited ("Stellar" or "the
Company").
HIGHLIGHTS:
- Mandala project entered commercial production in April 2009. Over
7,600 carats produced to date at an average grade of 44 carats per
hundred tons, including gem and non-gem diamonds of:
- 31.33, 12.94, 10.93, 5.79, 4.92, 4.66, 4.22, 3.98 and 3.7 carats in
size.
- Kono underground trial mining produces 4,400 carats to date, the
three largest diamonds being:
- 11.95, 11.40 and 10.55 carats in size.
- Kono diamond sales realise $125,000 at an average $46 per carat.
- Temporary care and maintenance of the Kono project implemented due to
weak diamond market
OPERATIONAL UPDATE
Mandala Mine (85% ownership), Guinea
The Mandala alluvial diamond mine, 85% owned by Stellar with 15% Net
Profit Interest payable to local partners once past capital and
operating costs have been recouped, is now in production following the
successful commissioning of the plant on 20 April 2009. The project
comprises an independently verified diamond resource of 535,000 carats
(NI 43-101 compliant).
Since January, the 55km access road from Macenta to Mandala was
rehabilitated and upgraded and the plant transported to site, where it
was erected and commissioned within 8 weeks. The plant has a name plate
head feed of 100 tons per hour and a DMS capacity of 30 tons per hour.
Diamond recovery is by Flowsort X-Ray with a grease table back-up, all
performed under strict security conditions.
Commissioning and initial production material has come from numerous
areas within the mining concession as the Company effectively embarked
on a large-scale bulk sampling in order to test the resource and the
plant's capability to handle the material. This has led to the recovery
of some 7,670 carats at an average grade of 0.88 carats per cubic metre
(approximately 44 carats per hundred tons). The largest diamonds
produced to date weigh 31.33ct, 12.94ct, 10.93ct, though not believed
to be of gem quality. However, some excellent quality gemstones of
4.66ct, 3.98ct, 3.73ct and 3.33ct have been recovered.
These first diamonds have recently been exported to Antwerp for
valuation and sale, to test market conditions.
Modifications to the plant will see the daily production increase from
the current average of 300 cubic meters per day to around 500 cubic
meters per day (approximately 1,000 tons per day) in the near future.
Kono Project (49% ownership), Sierra Leone
Underground trial mining has continued at the Pol-K and Bardu
kimberlites. Total diamonds produced to date is over 4,400 carats. The
in-situ grade of the Pol-K kimberlite consistently averages 65 carats
per hundred tons. However at Bardu, a new kimberlite intrusion has
recently been intersected and sampled and has returned an average grade
of 140 carats per hundred tons, with a large frequency of +1 carat
stones.
A parcel of 2,697 carats of diamonds was recently exported to Antwerp
for sale. The parcel comprised mainly of Pol-K goods (80%) with Bardu
goods (20%). The sale realised $125,000 at an average of $46.34 per
carat. By means of comparison, in September 2008 a sale of 811 carats
from Pol-K and 252 carats of Bardu realised average prices of $152 and
$52 per carat respectively ($128/ct average).
The difference between the two sales values clearly demonstrates the
present adverse conditions in the diamond market. On this basis the
Company and its 51% joint venture partner, Petra Diamonds Limited, have
agreed to place the Kono project onto temporary care and maintenance
until the rough diamond market improves sufficiently to achieve more
reasonable sales values for what the partners consider to be good
quality run of mine diamond product.
Karl Smithson, CEO of Stellar commented:
"We are very pleased at the progress made in bringing the Mandala
project into production and the team on the ground needs to be
commended for their efforts. The initial grades at Mandala are high for
an alluvial diamond project and with the confirmed presence of some
larger diamonds, including a single stone of 31 carats, this bodes well
for the future economics of the project."
"However, the diamond market continues to be challenging as exhibited
by the low average price realised for the Kono diamond sales. The most
recent sale in April was over 60% lower than the sale performed in
September 2008, demonstrating the diamond market still has a long way
to go in terms of its recovery. Although the diamond grades from Kono
remain encouraging we realise that it is not sustainable to continue to
trial mine at such prices. Therefore, with our partners Petra Diamonds,
we have reluctantly decided to enter a temporary care and maintenance
of the Kono project. This situation will be continually monitored as
the diamond market changes. We take a long term view on the Kono
project and in an improved diamond market the trial mining will be
resumed with the objective of determining the economics of the
project."
~ ENDS ~
Mano's Qualified Person responsible for reviewing the content of this
release is Karl Smithson, Executive Director and CEO of Stellar
Diamonds Limited. Mr. Smithson holds a BSc in Geology from Kingston
University in the UK, a MBA from the Graduate School of Business, Cape
Town and is a member of the South African Council for Natural
Scientific Professions (as Professional Geologist).
For further information on Mano River Resources and its development
programmes, you are invited to visit the Company's website at
www.manoriver.com or contact one of the following:
Stellar Diamonds Ltd.
Karl Smithson, CEO
Tel: +27 (0) 21 715 1990
Mano River Resources Inc.
Luis da Silva, President & CEO
Tel: +44 (0) 20 7299 4212
Evolution Securities Limited
Simon Edwards / Chris Sim / Neil Elliot
Tel: +44 (0) 20 7071 4300
Pelham Public Relations
Charles Vivian / James MacFarlane
Tel: +44 (0) 20 7337 1500
Mob: +44 (0) 7797 297 903
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
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Copyright (c) 2009 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
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Mano River Resources Inc
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EN DÉVELOPPEMENT |
CODE : MNO.V |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Mano River est une société d’exploration minière d'or et de fer basée au Canada. Mano River est en développement de projets d'or, de fer et de diamants en Sierra Leone, et détient divers projets d'exploration au Cameroun, en Liberia et en Sierra Leone. Son principal projet en développement est KONO en Sierra Leone et ses principaux projets en exploration sont NTEM, TCHOLLIRE / REY BOUBA et DJOUM / AKONOLINGA au Cameroun et MANO RIVER, YRISEN - PAMPANA NORTH, SONFON NORTH / SOUTH, NIMINI et PAMPANA NORTH / SOUTH en Sierra Leone. Mano River est cotée au Canada, au Royaume-Uni, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 146,6 millions CA$ (117,2 millions US$, 107,5 millions €). La valeur de son action a atteint son plus bas niveau récent le 28 novembre 2008 à 0,01 CA$, et son plus haut niveau récent le 16 décembre 2016 à 1,54 CA$. Mano River possède 151 090 000 actions en circulation. |