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Stellar Diamonds Begins License Application Process for Tongo Dyke-1

Apr 1, 2015 12:06 PM   By Jeff Miller
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RAPAPORT... Stellar Diamonds began the application process to acquire a mining license for the Tongo dyke-1 kimberlite project in eastern Sierra Leone. The junior miner hopes to fast track Tongo into production given its positive resource definition work, mining studies and financial modeling.

"Moving Tongo to the mining license application stage is a major milestone for the project. Having recently defined a faster route to production cash flow by the assessment of surface mining studies and based on the extensive resource and financial modeling completed to date, Tongo has clear economic potential," said Karl Smithson, Stellar's CEO.

The application will be accompanied by updated mining and financial reports, both of which are under preliminary assessment. The company stated this past week that it will launch a drive to  secure debt funding of approximately $20 million  to bring Tongo into production.


 

Tags: Diamond mining, diamonds, Jeff Miller, Sierra Leone, stellar
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