Stellar completes tribute mining agreement over Sierra Leone project

1st March 2018 By: Creamer Media Reporter

JOHANNESBURG (miningweekly.com) – West Africa-focused Stellar Diamonds has completed its tribute mining and revenue sharing agreements with Octea Mining in respect of the Tongo-Tonguma project in Sierria Leone.

The completion follows the satisfaction or waiver of the conditions precedent to the agreements.

“The closure of the agreements with Octea mark a major milestone for Stellar as it secures the Tongo-Tonguma project for the planned long-term development programme. We have already commenced the front end engineering design (FEED) programme and have signed a contract for 9 000 m of mine development drilling that will enhance the geological control for the first two levels of mining.

“Discussions are ongoing with Newfield Resources regarding an indicative offer which, if successfully concluded, and supported by our respective shareholders, will result in sufficient funding being made available to bring the Tongo-Tonguma project into production according to the refined mine plan that will be generated by the FEED programme,” Stellar CEO Karl Smithson said on Thursday.