Stellar Diamonds Reports Loss, Improvement On Last Year

Diamonds.net reported Stellar Diamonds (LSE:STEL) announced a loss of $5.4 million for the fiscal year that ended on June 30, 2012 compared with a loss of $15 million one year ago.

As quoted in the market news:

Revenue from diamond sales, which came from the company’s Mandala mine in Guinea, fell 75 percent to $370,099.

The company noted that it will continue to advance the diamond development strategy at its Tongo project in Sierra Leone and its Droujiba project in Guinea, which collectively contain resources of 3.1 million carats with an estimated value of $311 million, according to the firm. Stellar aims to increase its total resource base to over 4 million carats in the fourth quarter of 2012 and plans to raise additional funds to finance its working capital and exploration needs for 2013.

Click here to read the full Diamonds.net report.