Gem Diamonds Expects First Sale from Ghaghoo Mine in 2015

Gem Diamonds Ltd. (LSE:GEMD) said in its interim management statement for Q3 2014 that it expects to sell the first diamonds from its Botswana-based Ghaghoo mine early next year.

Other Ghaghoo highlights include:

• The major ingress of water has been managed effectively. Final sealing operations are underway.
• Development is progressing in the first four production tunnels on Level 1.
• Trial stope on Level 0 prepared for training purposes.
• Work continues with minor refinements to the treatment plant in readiness for full production.

In terms of the Letseng mine, the company said:

• 28 365 carats were recovered in Q3 2014 (28 623 carats in Q2 2014).
• An average value of US$2 603* per carat was achieved in Q3 2014 (US$ 2 582* per carat in Q2 2014).
• An exceptional 197.6 carat diamond recovered in July 2014 was sold during the Period for US$ 10.6 million

Click here to read the full Gem Diamonds Ltd. (LSE:GEMD) press release.