Gem Diamonds Revises Resource and Reserve Statement

Gem Diamonds Ltd. (LSE:GEMD) provided a revised resource and reserve statement, noting that its gross resource, including reserves, totals 25.8 million carats grading an average of 6.3 carats per 100 tonnes at an average diamond price of US$625 per carat.

Other highlights of the statement include:

• Letšeng total resource base has increased in carat terms by 32%, from the 2012 statement, to a total of 5.3 million carats, with an average grade of 1.75 carats per hundred tonnes at an average diamond price of US$2191/carat. The increase in the resource base is a result of the successful extension of the orebody at depth from recent drilling programmes.
• The Ghaghoo project has declared a mineable reserve, ahead of the 2014 planned production start, of 2.1 million carats, with an average grade of 27.81 carats per hundred tonnes at an average diamond price of US$246/carat.

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