Gem Diamonds Reports Continued Strength at Letseng and Ghaghoo

Gem Diamonds Ltd. (LSE:GEMD) provided its interim management statement for the period lasting from January 1, 2014 to May 9, 2014, commenting that Letseng’s performance continues to be strong, while strong progress is being made at Ghaghoo.

As of April 30, 2014, the group had US$89.1 million in cash, $78.6 million of which was attributable to Gem Diamonds.

Clifford Elphick, Gem Diamonds’ CEO, commented:

Strong diamond prices continue to be seen at the Letšeng tenders and this, coupled with the continuing contribution of ore sourced from the Satellite pipe at Letšeng, has resulted in an increase in carats sold and an improvement in the average dollar per carat achieved. We continue to pursue low capital value-accretive projects to optimize the Letšeng mine and further capitalise on the high quality and potential of the asset.

In addition, the development of Ghaghoo remains on schedule, with the first ore having been put through the plant as part of the commissioning process.

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