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Paragon diamond parcel stone valued at $2 300/ct

31st January 2013

By: Natalie Greve

Creamer Media Contributing Editor Online

  

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JOHANNESBURG (miningweekly.com) –  A diamond valuation performed on a parcel of 114 ct of diamonds produced at Aim-listed Paragon Diamond's Lemphane operation, in Lesotho, recorded a high-value stone of 3.71 ct, valued at over $2 300/c.

The parcel included a coarse diamond size population of diamonds of 2 ct or greater, with six diamonds ranging from between 2 ct and 6.3 carats, representing 43% of the total parcel carat weight.

“The confirmation of large, high-value diamonds at Lemphane validates our decision to accelerate development of this deposit,” Paragon chairperson Martin Doyle said in a statement.

Ongoing drilling, bulk sampling and surface geological mapping at Lemphane would enable a preliminary geological resource to be determined, as well as the size and quality of diamonds within the kimberlite.

Work on the scoping study was also progressing and a preliminary openpit design had demonstrated the ability to mine in excess of 20-million tons of kimberlite to a depth of 180 m at costs below $10/t.

Drilling, which started in January, was well under way, with the first hole approaching a 200 m depth in kimberlite.

“Drawing on ongoing results from the scoping study, we are currently formulating a mining lease application to be presented to the Ministry of Mines in the first quarter of the year,” Paragon Diamonds said.

The application would incorporate a ramp-up period of over six months, starting later this year and aimed at extracting and processing over 100 000 t of kimberlite, expected to yield between 2 000 ct and 3 000 ct of diamonds.

When incorporated into the geological model presently under development, the company envisaged the initial mining stage would lead to a conceptual openpit mining operation of up to three-million tons a year over a seven-year life.

“With our $10-million financing from our Basuto partner, we are well placed to continue the development of our Lesotho project," Doyle said.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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