Stellar Receives US$505,000 from Baoulé Diamond Auction

Stellar Diamonds plc (LSE:STEL) announced that it received US$505,000 from the auction of diamonds from its Guinea-based Baoulé kimberlite project. In total, the company has achieved sales of over US$922,000 for 2015.

Sales highlights include:

• Latest diamond auction realises US$505,000 before costs
• 6 lots totalling 48.12cts of +5ct stones sold for US$3,510.17 per carat ($168,909.23)
• Revenue to date of US$700,644 from 5,173 carats at an average of US$135 per carat
• Latest run of mine parcel of 2,822 carats realised an average price of US$156 per carat
• Trial mine evaluation continuing with the objective to yield 15,000 carats for sale and valuation

Karl Smithson, chief executive at Stellar, commented:

We are delighted with the results from the latest diamond sale from Baoulé via the online auction eDiamond platform. The presence of larger, high value stones and the stability in the rough diamond market has resulted in an average price of US$156 per carat for the latest Baoulé ‘run of mine’ parcel. Stellar’s total revenue from diamond sales in 2015 currently stands at US$922,000, of which US$700,000 is derived from Baoulé. Trial mining is on-going and further diamond sales are targeted for the coming year.

Click here to read the full Stellar Diamonds plc (LSE:STEL) press release.

Stellar is an AIM quoted (AIM: STEL) West African focused diamond development company which has commenced trial mining of its Baoulé kimberlite in Guinea, and is progressing the 1.45 million carat Tongo Dyke-1 resource in Sierra Leone through the mining licence application process. In addition, Stellar holds the 3 million carat Droujba project in Guinea and continues to pursue diplomatic channels to ensure the proper reinstatement of its Kono licences in Sierra Leone.