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Paragon Sells Parcel to Test Market Ahead of Lemphane Production

Nov 17, 2014 2:58 PM   By Jeff Miller
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RAPAPORT... Paragon Diamonds Ltd. sold several high-quality stones that were recovered from its  2013 bulk sampling program at the  Lemphane kimberlite pipe in Lesotho. The junior miner stated that the parcel included fancy yellow stones, which achieved values as high as $2,500 per carat, and the entire  sale was merely coordinated to test market demand before the company begins its first stage of production.

The company's chairman, Philip Falzon Sant Manduca, said, "With stage one production at Lemphane fast approaching, the successful sale of diamonds demonstrates management's focus on ensuring all relevant stages in the production and sales of diamonds have been tried and tested. This ensures that Paragon hits the ground running once mining and distribution operations commence in the first quarter of 2015. Based on our excellent diamond mining address and the work we have carried out to date, we are highly confident Lemphane will provide Paragon with a source of large high-value diamonds for years to come, giving the company an excellent platform to build a leading and cost efficient, diamond house."

Paragon stated that it has deployed  advanced  technology to increase the recovery of larger, high-value stones in order to significantly enhance the project's viability. The first stage of production expects to extract  1 million tonnes of kimberlite, resulting in the recovery of more than  100 diamonds larger than 9 carats, including stones over 100 carats in size, according to the project plan.


Tags: Diamond mining, Jeff Miller, Lesotho, Paragon Diamonds
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