Business
Southstone Minerals Announces Profit for Q1 and Average Diamond Prices of US$1,844/Carat
VANCOUVER, British Columbia, Feb. 07, 2020 (GLOBE NEWSWIRE) -- Southstone Minerals Limited (“Southstone” or the “Company”) (TSX.V – SML) is pleased to announce
About this update from Southstone Minerals Limited
[{"type":"text","content":" VANCOUVER, British Columbia, Feb. 07, 2020 (GLOBE NEWSWIRE) -- Southstone Minerals Limited (“Southstone” or the “Company”) (TSX.V – SML) is pleased to announce a record quarter, having made a profit for the Q1 2020 period (1 September 2019 to 30 November 2019) of C$364,838, compared to a loss incurred in the comparative period in Q1 2019 of C$88,636. These results are directly related to the increase in diamond sales from Oena Diamond Mine, South Africa (“Oena”). Southstone continues to focus and prioritize its efforts on improving and increasing production at Oena resulting in operational improvements and the production of very high-quality and high-value diamonds. A total of 1,085.20 carats (418 diamonds) were produced, placed on tender and sold with an average price of US$1,844 per carat in Q1 2020. This includes the following twelve special stones: Carats US$/carat Carats US$/carat 35.00 15,285 14.64 4,099 9.29 5,549 6.17 3,721 11.46 5,090 5.68 3,700 8.180 3,464 7.01 2,605 10.63 3,066 14.51 2,520 9.920 2,641 5.29 2,520 Production at Oena recommenced in early January 2020 and Southstone will continue to maintain a strategic focus on the Oena Diamond Mine. Management is very pleased with these results and will continue its efforts for the Company`s success while looking for additional opportunities for the Company`s growth strategy. ON BEHALF OF THE BOARD OF DIRECTORS OF SOUTHSTONE MINERALS LIMITED Mr. Samer Khalaf Chief Executive Officer Southstone Minerals Limited [email protected] Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statement Certain information set forth in this news release contains “forward-looking statements” and “forward-looking information” under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements, which include management’s assessment of future plans and operations and are based on current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as “forecasts”, estimates”, “expects” “anticipates”, “believes”,...