Business
2014 REVISED RESOURCE AND RESERVE STATEMENT
2014 REVISED RESOURCE AND RESERVE STATEMENT.
About this update from Gem Diamonds Limited
[{"type":"text","content":"\n \nRNS Number : 3953M Gem Diamonds Limited 16 July 2014 \n \n\n16th July 2014\nGEM DIAMONDS LIMITED\n(\"Gem Diamonds\" or \"the Company\")\n2014 REVISED RESOURCE AND RESERVE STATEMENT\n \nGem Diamonds Limited (LSE: GEMD) has released a revised Resource and Reserve statement, which is available on the Company's website www.gemdiamonds.com. Gem Diamonds has two Resource bases - the Letšeng diamond mine in Lesotho (ownership 70%) and the Ghaghoo development project in Botswana (ownership 100%). \n \nThe updated 2014 statement reflects a significant increase in the Letšeng Indicated Resource category which has been extended in depth from approximately 100 metres beneath the current pit bottoms (in previous statements) to a new depth classification of approximately 350 metres below the current mine pits on both Satellite and Main pipe orebodies. \nThis increase in the Indicated Resource base is a result of improved confidence in the Resource through infill drilling programmes, improved estimation techniques and detailed geological studies.\n \nThis extension has not only resulted in a significant increase in the Indicated Resource tonnage and contained carats but has also allowed for a significant increase in the Letšeng Probable Reserves, with the entire 22 year Life of Mine Plan now classified as Reserve.\n \nKey comments on the 2014 Resource and Reserve Statement, which is effective 1st January 2014:\n \n• SAMREC Compliant Resources and Reserves, independently verified by Venmyn Deloitte.\n \n• Gross Resources (inclusive of Reserves) totaling 25.54 million carats with an average grade of 6.35 carats per hundred tonnes.\n \n • Letšeng 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.\n \n• Letšeng 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.\n \n• T...