Business
Kono project - update
Kono project - update.
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n Petra Diamonds Ld\n20 September 2007\n\n\n Petra Diamonds Limited\n\n Kono project - update\n\nPetra Diamonds Limited ('Petra') announces an update concerning the Kono diamond\nproject in Sierra Leone. Petra's interest in the Kono project is 51%, with its\njoint venture partner Stellar Diamonds Limited ('Stellar'), a 68.5% owned\nsubsidiary of Mano River Resources Inc (AIM: MANA, TSX-V: MNO), holding the\nremaining 49%.\n\n\nHighlights\n\n • The development programme makes further solid progress, with test \n shafts delivering highly encouraging results\n\n • Trial mining commenced on three shafts where in-situ grades of between \n 50 and 80 carats per hundred tonnes ('cpht') have been achieved\n \n • Petra believes that the test shafts have a high likelihood of \n developing into economic production operations\n \n • 2,809 diamonds totaling 241.7 carats recovered from trial mining to \n date (February 2007: 638 diamonds, 58.8 carats)\n \n • The increase in diamond recoveries is due to the better quality \n kimberlite now encountered, more consistent kimberlite fissure and \n better fissure widths; all very positive signs for the future \n development of economic operations\n\nAdonis Pouroulis, Chairman of Petra, commented; 'We are pleased to report the\nfurther positive progress at the Kono project. The trial mining is going well\nand whilst further work is required in order to infer a representative grade and\nvalue, the results to date support our expectations for the Kono project and we\nprogress with confidence into the next phase of the development. The quality,\nconsistency and width of the kimberlite now encountered are all positive signs\nfor the future development of economic operations.'\n\nStellar's CEO, Karl Smithson, commented: 'We are very encouraged by the news\ngiven by Petra Diamonds from the Kono operations. We would like to commend\nPetra, our partners, on their diligent and effective management of the project.\nPetra is the world leader in underground kimberlite fissure mining and they have\nassembled a first class operational team that we are confident can bring success\nto the Kono project.'\n\nTest Shaft Development\n\nThe development programme at Kono has achieved some highly encouraging results\nin recent months with potentially economically viable kimberlite fissures having\nbeen opened. D...