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Stellar Diamonds reports sale of $410,000 of rough stone in Antwerp

24 september 2009

Stellar Diamonds Limited has exported 28,198 carats for sale in Antwerp from its Mandala project in Guinea since June, AWDC reports.
Stellar's marketing agent, Natural Diamonds Corporation, subsequently conducted a sale in June of 7,452 run of mine carats which raised $203,145, and another in July of 1,221 carats of gem and near-gem quality that raised $210,423.
The company said it has 8,907 carats of industrial diamonds, and 10,564 carats of run of mine stones in stock.
The Mandala alluvial diamond project is estimated to have diamond resources of 535,000 carats with production forecasts of 8,000-10,000 carats per month for the rest of this year at an average value of $40 per carat.
More than 1,600 diamonds of one carat or larger were processed during August, however the results were mixed with both poor and excellent quality diamonds. Among the high-quality diamonds were stones weighing 7.89, 5.95, 4.99, 4.84 and 4.66 carats, according to shareholder SearchGold Resources.
SearchGold president Philippe Giaro said, "In a short time frame the Mandala project has demonstrated its viability through sustained production as well as its significant upside with the recovery of high quality gemstones of up to 7.89 carats".
"Pending the upcoming sale of the diamonds currently held in stock, Stellar anticipates breaching the $1 million mark in revenue for 2009, which, given the current economic crisis, can be considered very encouraging", he told.

Alex Shishlo, Editor of the Rough&Polished European Bureau in Brussels