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Southstone Minerals: Q4 2020 Operational Update, Recovery of a 63.88 Carat Diamond at Oena and Joint Venture With Gumrock Mining
VANCOUVER, British Columbia, Oct. 05, 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, Oct. 05, 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 1 June 2020 to 31 August 2020 (Q4 2020) on its project portfolio located in South Africa. Oena Diamond Mine, Republic of South Africa Production at the Oena Diamond Mine during Q4, 2020 operated normally and during the period a 63.88 carat diamond, the largest diamond recovered by Southstone, was recovered. In addition, a 42.06 carat and 31.14 carat diamond were recovered and sold. There is 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 Q4: Carats Produced Number of Diamonds US $ / carat average Q4 2020 ROM 479.9 145 1,988 The Oena Diamond Mine continues to produce very large and high-quality diamonds as summarized below. Top 10 Diamonds by Value per Carat for Q2, 2020 Diamond Diamond Size (carats) Sold Price US $ US $ / carat 1 42.06 $338'583 $8'050 2 63.88 $256'111 $4'009 3 12.36 $45'000 $3'641 4 6.02 $14'900 $2'475 5 8.18 $18'888 $2'309 6 5.01 $10'400 $2'076 7 3.66 $7'398 $2'021 8 31.14 $60'160 $1'932 9 2.66 $5'054 $1'900 10 8.75 $15'700 $1'794 Gumrock Mining (Pty) Ltd Joint Venture, Republic of South Africa Southstone is pleased to announce it has entered into a Production - Exploitation Joint Venture Operating Agreement (the “Joint Venture”) with Gumrock Mining (Pty) Ltd (“Gumrock”). Gumrock has been successfully operating in the alluvial diamond mining business all over South Africa for over 26 years and adds another expert mining contractor to Southstone alluvial diamond operations. The Joint Venture allows Southstone to follow its corporate strategy to quickly exploit near term diamond production opportunities in South Africa. The Joint Venture contemplates operations ranging from 7,000 to 40,000 tonnes per month, has a term of five (5) years commencing on 1 October 2020 to 30 September 2025 and will focus on extracting diamonds from any concessions or mining permits that may be agreed to by both parties within the Republic of South Africa. Southstone has purchased a 14-foot pan plant and conveyor to contribute to the Joint Venture, which remains the property of Southstone an...