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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Star Diamond Corporation    DIAM   CA85511Y1088

STAR DIAMOND CORPORATION

(DIAM)
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STAR DIAMOND : ANNOUNCES INITIAL RESULTS FROM SEVENTH BULK SAMPLE TRENCH OF STAR, ORION SOUTH DIAMOND PROJECT

12/02/2020 | 12:01pm EST

SASKATOON - Star Diamond Corporation ('Star Diamond' or the 'Corporation') today announced that a total of 2,755 diamonds weighing 178.98 carats have been recovered to date from the seventh (19FALCT005) bulk sample trench excavated on the Star Kimberlite by Rio Tinto Exploration Canada Inc. ('Rio Tinto Canada') in 2019.

'We are pleased by the recovery of two larger 16.96 and 6.35 carat D colour Type IIa diamonds from Rio Tinto Canada's seventh trench,' said Ken MacNeill, President and CEO of Star Diamond. 'Star Diamond's own underground bulk sampling and large diameter drilling programs conducted between 2004 and 2009 previously recovered diamonds as large as 49.5 and 45.9 carats from the Star and Orion South Kimberlites, respectively. We have been disappointed by Rio Tinto Canada's failure to date to recover larger diamonds, which we believe is a consequence of its unproven and inadequately tested extraction and/or diamond recovery methodologies causing undue diamond breakage. Nevertheless, the diamonds recovered from the seventh trench continue to highlight the excellent potential for the recovery of large high value diamonds from the Star Kimberlite.'

Mr. MacNeill continued, 'We are also pleased that the initial results from the first seven reported trenches continue to validate the grades outlined in our Preliminary Economic Analysis that was based upon Star Diamond's own prior underground bulk sampling and large diameter drilling programs.'

About Star Diamond Corporation

Star Diamond Corporation is a Canadian based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of the Corporation trade on the Toronto Stock Exchange under the trading symbol 'DIAM'. The Corporation's Fort a la Corne kimberlites (including the Star - Orion South Diamond Project) are located in central Saskatchewan in close proximity to established infrastructure, including paved highways and the electrical power grid, which provide significant advantages for future mine development. During 2018, the Corporation announced the positive results of an independent Preliminary Economic Analysis on the Project.

Contact:

Tel: (306) 664-2202

Web: www.stardiamondcorp.com

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
RIO TINTO PLC -1.22% 5842 Delayed Quote.8.30%
STAR DIAMOND CORPORATION 0.00% 0.22 Delayed Quote.10.00%
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Financials
Sales 2019 - - -
Net income 2019 -4,12 M -3,24 M -3,24 M
Net cash 2019 7,69 M 6,06 M 6,06 M
P/E ratio 2019 -35,7x
Yield 2019 -
Capitalization 96,5 M 76,5 M 76,0 M
EV / Sales 2018 -
EV / Sales 2019 -
Nbr of Employees -
Free-Float 80,4%
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Managers and Directors
NameTitle
Kenneth Earl MacNeill President, CEO & Non-Independent Director
Ewan D. Mason Chairman
Greg Shyluk Chief Financial Officer
Harvey J. Bay Independent Director
Lisa K. Riley Independent Director
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