Indicated Resource Base at Gem Diamonds’ Letseng Up 132 Percent

Gem Diamonds Ltd. (LSE:GEMD) released a revised resource and reserve statement, commenting that the indicated resource base at its Lesotho-based Letseng mine has increased in tonnage by 132 percent. It now sits at 187.1 million tonnes.

Other key points include:

• SAMREC Compliant Resources and Reserves, independently verified by Venmyn Deloitte.
• Gross Resources (inclusive of Reserves) totaling 25.54 million carats with an average grade of 6.35 carats per hundred tonnes.
• Letseng Probable Reserves have increased in tonnage by 67%, to a total of 131.9 million tonnes, from a previous total of 78.9 million tonnes.
• Letseng Probable Reserves have increased in carat terms by 64%, to a total of 2.26 million carats, from a previous total of 1.38 million carats.
• The average diamond price for the Letseng Probable Reserves has increased by 19% to $2045/carat, from a previous average of $1715/carat. This improved average reserve price reflects increased market pricing and improved recovery of large high value Type II stones.
• Letseng Indicated Resource base has increased in carat terms by 127%, to a total of 3.23 million carats, from a previous total of 1.42 million carats.
• The average diamond price for the Ghaghoo Probable Reserve has increased by 9% in line with market price increases for these goods.

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