Production at the
Carats Produced | Number of Diamonds | US $ / carat average | |
Q4 2020 ROM | 479.9 | 145 | 1,988 |
Top 10 Diamonds by Value per Carat for Q2, 2020 | |||
Diamond | Diamond Size (carats) | Sold Price US $ | US $ / carat |
1 | 42.06 | ||
2 | 63.88 | ||
3 | 12.36 | ||
4 | 6.02 | ||
5 | 8.18 | ||
6 | 5.01 | ||
7 | 3.66 | ||
8 | 31.14 | ||
9 | 2.66 | ||
10 | 8.75 |
Gumrock Mining (Pty) Ltd Joint Venture,
Southstone is pleased to announce it has entered into a Production - Exploitation Joint Venture Operating Agreement (the “Joint Venture”) with
The Joint Venture contemplates operations ranging from 7,000 to 40,000 tonnes per month, has a term of five (5) years commencing on
The Joint Venture denotes a 50%-50% split of all operating costs and all profits or losses.
Farm Kareepan Contractors Agreement
Gumrock, on behalf of the Joint Venture, has entered into its first Contractors Agreement on portions of Farm Kareepan 177, Farm Goegedacht 197, Farm Kameelpan 148, Farm Leeuwfontein 185 and Farm Kameelboom 150 (collectively the “Property”). The Property covers 1,819 hectares and is located in the
The Joint Venture has commenced test pitting on the Property and to date over 60 test pits ranging from 1 to 5 meters in depth have been completed and mapped. It is anticipated that test pitting will continue for another 1 to 2 weeks and once an understanding is reached with the location of the favorable gravels, bulk sampling will commence. Any diamonds recovered during this period will be sold on open tender.
Farm Panfontein 58 HO
The Company has terminated the Farm Panfontein 58 HO Acquisition Agreement due to certain suspensive conditions not being met for closing.
Given the outlook for the current global pandemic situation, the Company has determined that it will relinquish the
THE BOARD OF DIRECTORS OF
info@southstoneminerals.com
Neither
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”, “projects”, “plans”, “outlook”, “capacity” and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them.
Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to statements with respect to the estimation of mineral resources; the realization of mineral resource estimates; anticipated future production, capital and operating costs; cash flows and mine life; potential size of a mineralized zone; potential expansion of mineralization; potential types of mining operations; permitting timelines; government regulation of exploration and mining operations; risks that the presence of diamond deposits mentioned nearby the Company’s property are not indicative of the diamond mineralization on the Company’s property, the supply and demand for, deliveries of and the level and volatility of prices of rough diamonds, risks that the actual revenues will be less than projected; risks that the target production for the existing mining contracts will be less than projected or expected; risks that production will not commence as projected due to delay or inability to receive governmental approval of the Company’s acquisition or the timely completion of an NI43-101 report; technical problems; inability of management to secure sales or third party purchase contracts; currency and interest rate fluctuations; COVID-19; foreign exchange fluctuations and foreign operations; various events which could disrupt operations, including labor stoppages and severe weather conditions; and management’s ability to anticipate and manage the foregoing factors and risks.
The forward-looking statements and information contained in this news release are based on certain assumptions regarding, among other things, future prices for coal and diamonds; future currency and exchange rates; the Company’s ability to generate sufficient cash flow from operations and access capital markets to meet its future obligations; coal consumption levels; and the Company’s ability to retain qualified staff and equipment in a cost-efficient manner to meet its demand. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The reader is cautioned not to place undue reliance on forward-looking statements. The Company does not undertake to update any of the forward-looking statements contained in this news release unless required by law. The statements as to the Company’s capacity to achieve revenue are no assurance that it will achieve these levels of revenue.
Source:
2020 GlobeNewswire, Inc., source