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Duas Barras Sells 1,663 Carats of Rough From Brazil

Oct 1, 2013 10:26 AM   By Jeff Miller
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RAPAPORT... Mineração Duas Barras Ltda. (Duas Barras), a subsidiary of Brazil Minerals Inc., sold 1,662.65 carats of rough diamonds during the third quarter that ended on September 30, compared with 902.10 carats in the second quarter. Results of the sale will be released with the mining company's third-quarter results on November 15. Brazil Minerals stated that a parcel of rough diamonds were held back for cutting and polishing as the company builds up inventory of high-quality polished diamonds for sale.

Marc Fogassa, the CEO of Brazil Minerals, said,  "This announced result is excellent and underscores the quality of our mining concession and processing plant. In fact, over 95 percent of our diamond production is of gem quality and destined for jewelry. Our diamond and gold processing plant is the largest of its type in Latin America and our operating team is highly experienced. Duas Barras is profitable and we believe that we have only begun tapping into its full potential."

The Duas Barras mining concession encompasses an area of 171 hectares on the left bank of the Jequitinhonha River in Brazil. The previous owner, Vaaldiam Resources Ltd., recorded indicated and inferred resources of 432,000 carats of diamonds and 15,709 troy ounces of gold on the concession.

Tags: brazil, duas barras, Jeff Miller, Rough Diamonds
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