Stellar Diamonds PLC Environmental Licence Granted for Tongo Project (3814U)
October 24 2017 - 2:00AM
UK Regulatory
TIDMSTEL
RNS Number : 3814U
Stellar Diamonds PLC
24 October 2017
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION
TO US NEWS WIRE SERVICES.
24 October 2017
AIM: STEL
Stellar Diamonds plc
("Stellar" or the "Company")
Environmental Licence Granted for Tongo Project, Sierra
Leone
Stellar Diamonds plc (AIM: STEL), the London listed diamond
development company focused on the Tongo kimberlite development
project ("Tongo") in Sierra Leone, announces the award of the Tongo
Environmental Licence from the Environmental Protection Agency
("EPA") of the Government of Sierra Leone. It is now expected that
the National Minerals Agency will draw up the Tongo Mining Licence
for consideration and signature by the Minister of Mines and
Mineral Resources.
Chief Executive Karl Smithson commented:
"The receipt of the Environmental Licence marks an important
milestone in the proposed development of the Tongo deposit into
commercial production. The next milestone will be the drafting of
the Tongo Mining Licence. Tongo forms part of the proposed 4.5
million carat combined Tongo-Tonguma mine development which has the
potential to be the second largest hard rock diamond mine in West
Africa and have one of the highest $/t kimberlite ore values
globally. We look forward to providing a further update in due
course."
For further information contact the following or visit the
Company's website at www.stellar-diamonds.com.
Karl Smithson, Stellar Diamonds plc Tel: +44 (0) 20
CEO Stellar Diamonds plc 7010 7686
Philip Knowles, Tel: +44 (0) 20
CFO 7010 7686
Emma Earl Cairn Financial Advisers Tel: +44 (0) 20
Sandy Jamieson (Nominated Adviser) 7213 0880
Jon Bellis Beaufort Securities Tel: +44 (0) 20
Limited (Joint Broker) 7382 8300
Martin Lampshire Peterhouse Corporate Tel: +44 (0) 20
Finance (Joint Broker) 7469 0930
Rory Scott Mirabaud Securities
(Financial Advisers) Tel: +44 (0) 20
7878 3360
Tim Blythe Blytheweigh Tel: +44 (0) 20
Nick Elwes (Financial PR) 7138 3204
About Stellar Diamonds plc
Stellar is an AIM listed (AIM: STEL) diamond development company
focused on the 4.5 million carat high-grade and high value
Tongo-Tonguma kimberlite diamond project in the world famous
diamond fields of eastern Sierra Leone. An independently generated
mine plan, based on over 66,000m of drilling that has been
completed to date, envisages the production of over 4 million
carats, generating gross revenues of more than US$1.2 billion, over
a 21 year life of mine. Initial production at Tongo-Tonguma is
scheduled to occur in the first year of development, building up to
over 200,000 carats per annum, with a weighted average modelled
diamond value of $229 per carat. The Tongo-Tonguma mine is
estimated to give Stellar an attributable Post-tax NPV(8) of US$109
million and IRR of 30%.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "will" or the negative of those, variations or
comparable expressions, including references to assumptions. These
forward looking statements are not based on historical facts but
rather on the Directors' current expectations and assumptions
regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the
amount, nature and sources of funding thereof), competitive
advantages, business prospects and opportunities. In particular,
there is no guarantee that the Company will be able to complete the
Tribute Mining Agreement. Such forward looking statements re ect
the Directors' current beliefs and assumptions and are based on
information currently available to the Directors.
A number of factors could cause actual results to differ
materially from the results discussed in the forward looking
statements including risks associated with vulnerability to general
economic and business conditions, competition, environmental and
other regulatory changes, actions by governmental authorities, the
availability of capital markets, reliance on key personnel,
uninsured and underinsured losses and other factors, many of which
are beyond the control of the Company. Although any forward looking
statements contained in this announcement are based upon what the
Directors believe to be reasonable assumptions, the Company cannot
assure investors that actual results will be consistent with such
forward looking statements. Accordingly, readers are cautioned not
to place undue reliance on forward looking statements. Subject to
any continuing obligations under applicable law or any relevant AIM
Rule requirements, in providing this information the Company does
not undertake any obligation to publicly update or revise any of
the forward looking statements or to advise of any change in
events, conditions or circumstances on which any such statement is
based.
** ENDS **
This information is provided by RNS
The company news service from the London Stock Exchange
END
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