Business
Southstone Minerals: Q2 and Q3 2020 Operational Update
VANCOUVER, British Columbia, July 08, 2020 (GLOBE NEWSWIRE) -- Southstone Minerals Limited (“Southstone” or the “Company”) (TSX.V – SML) is pleased to provide a
About this update from Southstone Minerals Limited
[{"type":"text","content":" VANCOUVER, British Columbia, July 08, 2020 (GLOBE NEWSWIRE) -- Southstone Minerals Limited (“Southstone” or the “Company”) (TSX.V – SML) is pleased to provide a production and operational update for the period of 1 December 2019 to 28 February 2020 (Q2 2020) and 1 March to 31 May 2020 (Q3 2020) on its project portfolio located in South Africa. Oena Diamond Mine, Republic of South Africa Southstone continues to focus and prioritize its efforts on the Oena Diamond Mine. There is currently one mining contractor on site using eight (8) pan plants to process run of mine (“ROM”) material and one Bourevestnik (“BVX”) unit used for diamond recovery. Production results for both Q1 and Q2 were impacted as a result of the mandatory closure of the mine for the period from 26 March 2020 to 3 May 2020 due to COVID-19. A total of 803.92 carats (112 diamonds) were produced, placed on tender and sold with an average price of US1,957 per carat. Bluedust Carats Produced Number of Stones US $ / carat Q2 2020 ROM 588.14 77 1,942 Q3 2020 ROM 215.78 35 2,001 The Oena Diamond Mine continues to produce very large and high-quality diamonds as summarized below. All stones > 10 cts Stone Stone Size (carats) Sold Price US $ US $ / carat 1 52.62 $127,975 $2,432 2 44.25 $243,000 $5,492 3 37.03 $188,962 $5,103 4 35.00 $535,000 $15,286 5 33.54 $111,095 $3,312 6 33.36 $105,084 $3,150 7 32.01 $85,999 $2,687 8 19.42 $39,500 $2,034 9 15.16 $34,068 $2,247 10 14.74 $42,900 $2,910 11 14.64 $60,017 $4,100 12 14.51 $36,572 $2,520 13 13.52 $24,350 $1,801 14 12.75 $65,025 $5,100 15 12.74 $19,525 $1,533 16 11.46 $58,336 $5,090 17 11.11 $23,450 $2,111 18 10.65 $11,406 $1,071 19 10.63 $32,600 $3,067 20 10.63 $33,488 $3,150 21 10.51 $91,560 $8,712 22 10.34 $53,555 $5,179 23 10.23 $34,581 $3,380 Kwena Group, Republic of South Africa Shareholders approved the disposition of the Kwena Group on 15 May 2020 and the Company received final approval from the TSXV on the 25 May 2020. This disposition of the Kwena Group resulted in a total of 4,527,416 shares being returned to treasury and the forgiveness of outstanding indebtedness of the equivalent of CAD $1.2M. The Company also announces that it has agreed to settle outstanding indebtedness in the sum of $35,430 to two creditors by the issuance of 708,600 common shares in the capital stock of the Company at a price of $0.0...