North Arrow Minerals (TSXV:NAR) has completed a spring exploration drilling program at the Redemption Diamond Project in the Northwest Territories.

As quoted in the press release:

A total of 1,577 m of drilling in 28 drill holes tested targets within the central part of the property near the up-ice termination of the South Coppermine kimberlite indicator mineral (KIM) train.  Drilling consisted of ten diamond drill holes (951 m) and eighteen reverse circulation (RC) drill holes (626 m). The RC drilling was completed during the latter half of the program, using a light weight, reverse circulation drill rig that proved effective at rapidly evaluating a higher number of targets.

None of the drill holes definitively encountered a bedrock kimberlite source for the South Coppermine KIM train. The majority of geophysical targets were explained by intersections of granitoid intrusive units, particularly pegmatites, or by variable metasedimentary rocks. Follow-up plans for the property will be determined over the coming months. North Arrow is exploring the Redemption property under an option agreement with Arctic Star Exploration Corp. (TSXV-ADD), under which the Company can earn a 55% interest by incurring $5 million in exploration expenditures prior to July 1, 2017.

During the program North Arrow conducted a number of ground geophysical surveys, including surveys on several 100% owned mineral claims covering targets along trend from the Monument kimberlite cluster located to the east of Redemption. These surveys have confirmed a number of priority targets for future follow up, including exploration drilling.

Click here for the full press release.

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Stornoway Diamond (TSX:SWY) has announced its results for the quarter ending March 31, 2016.

As quoted in the press release:

Quarter ended March 31, 2016 Highlights

(All quoted figures in CAD$)

• Progress at the Renard Diamond Project continues in line with the planned schedule and budget.
• Incurred costs and commitments at quarter-end totalled $615.3 million, or 79% of budget.
• Construction progress stood at 83.4% compared to the (re-baselined) plan of 77.6% at the end of the quarter, and at 92.1% compared to 84.1% at the end of April.
• On site manpower during the month of March averaged 522 workers, of which 14.8% were Crees of the Eeyou Istchee.
• Mining in the Renard 2-3 and Renard 65 open pits stood at 7,504,923 tonnes, or 102% of plan, with 194,416 tonnes of ore stockpiled. Underground mine development stood at 1,218 meters, or 74% of plan.
• During the quarter the project’s liquefied natural gas (“LNG”) power plant was completed and fully commissioned and all principal crushing and diamond recovery equipment for the process plant was received and installed. At quarter-end project construction was focused on mechanical, piping, electrical and instrumentation installation in the process plant, primary crusher, water treatment facility and processed kimberlite load-out.
• For the three-month period ended March 31, 2016, the Corporation reported a net loss of $22.6 million or $0.03 per share basic and $0.03 per share fully diluted.
• Cash, cash equivalents and short-term investments stood at $219.1 million. On March 30 the drawdown of the third and final US$90m tranche of diamond stream funding from Orion Mine Finance, Caisse de dépôt et placement du Québec and BlackstoneTactical Opportunities occurred as planned. Excess financing capacity available to complete the project, comprising surplus cash and available cost-overrun facilities, is now forecast to be $116 million, assuming the satisfaction of all covenants and conditions precedent relating to future funding commitments and a CAD$:US$ conversion rate of $1.25.

Matt Manson, president and CEO, said:

Construction at Renard during, and subsequent to, the first quarter has continued to exceeded expectations. Progress in March and April alone was an impressive 9.4% and 8.7% respectively. This puts us well within the already re-baselined schedule for first ore processing by the end of September. With final equipping of the process plant proceeding well, our critical path activity has become mining and the supply of ore on a schedule commensurate with the earlier than expected plant availability. To this end, our open pit mining is tracking to plan and challenges in the development of the ramp in December and February appear now to have been overcome. With market reports indicating a strengthening in rough diamond prices  and our project execution continuing well, our outlook for project completion and first diamond production later this year is positive.

Click here for the full press release.

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Geodrill (TSX:GEO) has reported its financial results for the three month period ending March 31, 2016.

As quoted in the press release:

Highlights for Q1-2016:

• Increased revenue by 65% compared to Q1-2015;
• Realized a gross profit margin of 43%, compared to 21% in Q1-2015;
• Increased EBITDA by 305% to $4.8M, compared to $1.2M in Q1-2015;
• Achieved net income of $1.6M or $0.04 per share compared to a net loss of $(1.4)M for Q1-2015 or $(0.03) per share; and
• Increased meters drilled by 96% compared to Q1-2015.

David Harper, president and CEO said:

Despite tough markets, we saw improved drilling activity, revenue, and margins during the first financial quarter. Significantly, the first quarter marks our twelfth consecutive quarter of positive gross profit margins ranging from 18% to 43%; and our eighth consecutive quarter of positive EBITDA margins ranging from 9% to 33%. These improved metrics underscore the success of our strategy of maintaining a strong position in our core market and the value of our high performance rig fleet and highly skilled drillers.

Click here for the full press release.

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Orex Minerals (TSXV:REX) has announced the Phase-II diamond drilling program continues to intercept silver mineralzation on the Sandra Escobar Project i Mexico. Assays for five drill holes are available.

As quoted in the press release:

The Sandra Escobar Project is being advanced by Orex under an option agreement with Canasil Resources Inc. – (TSX.V: CLZ) (“Canasil”).

Highlight for this batch of holes is SA-16-019, which yielded 60 metres core length (49.2 m true thickness) grading 205 g/t silver, starting 16 metres vertically below surface. Within this is a sub-interval of 15 metres (12.3 m true thickness) grading 375 g/t silver.

Kluane Drilling Ltd. provides the drilling services utilizing an environmentally low-impact KD-1000 man-portable diamond drill rig.

Silver mineralization is hosted on the north side of a rhyolite volcanic dome. An altered and highly permeable volcaniclastic unit contains disseminations of silver bearing minerals and broadly spaced stockwork veinlets. The current working model has a porphyritic rhyolite unit as an impermeable cap, which may have focused mineralizing fluids into the host permeable volcaniclastic unit.

True thicknesses are estimated based on structural and stratigraphic interpretations. A map showing the locations of the drill holes and a sample cross section are available on the Orex website.

Orex maintains a QA/QC sampling protocol for the diamond drilling program, including the insertion of commercial analytical standards and blank samples. Analytical testing is performed by SGS Mineral Services. Silver values are determined by fire assay with a gravimetric finish. Multi-element analyses are also determined using a 4-acid digestion and ICP-MS (Inductively Coupled Plasma Mass Spectrometry).

Click here for the full press release.

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Mountain Province Diamonds (TSX:MPV) has announced that development of the Gahcho Kué diamond mine is progressing according to plan and revised budget with the overall project approximately 94 percent complete on track for first production during H2 2016.

Patrick Evans, president and CEO said:

We continue to make excellent progress at Gahcho Kué. Mechanical completion has been achieved at the process plant and truck shop and we are on schedule to achieve mechanical completion of the primary crusher during the current quarter. Key areas of focus are commissioning of the diamond process plant, remaining earthworks, pre-stripping and stockpiling of kimberlite as well as preparations for operational readiness.

As quoted in the press release:

Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada’sNorthwest Territories. Gahcho Kué is the world’s largest new diamond mine and projected to be amongst the highest margin diamond mines due to the high grade and open-pit nature of the operation.

The Gahcho Kué Project consists of a cluster of four diamondiferous kimberlites, three of which have a probable mineral reserve of 35.4 million tonnes grading 1.57 carats per tonne for total diamond content of 55.5 million carats.

A 2014 NI 43-101 feasibility study report filed by Mountain Province (available on SEDAR) indicates that the Gahcho Kué project has an IRR of 32.6%.

The Gahcho Kué diamond mine is expected to produce an average of 4.5 million carats a year over a 12 year mine life.

Click here for the full press release.

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Lucara Diamond (TSX:LUC) has announced the 812.77 carat Type IIa diamond recovered in November 2015 from the Karowe mine in Botswana has sold for US$63,111,111 ($77,649) per carat.

As quoted in the press release:

As part of the sale, Lucara has partnered with Nemesis International DMCC, and retains a 10% interest in the net profit received from the sale of the resultant polished diamonds.

The 813 carat diamond has been named, “The Constellation”, in collaboration with our partner.

William Lamb, president and CEO said:

We are very pleased with the result from the sale of this magnificent 813 carat diamond as well as the opportunity to further participate in profits earned when the polished product is sold. The sale of the 813 carat diamond is the highest price ever achieved for a rough diamond, breaking all records. This achievement solidifies our reputation in the jewelry industry as one of the most important sources of diamonds of the very highest quality.

Click here to read the full press release.

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Last week, the S&P/TSX Composite index (INDEXTSI:OSPTX) was up 0.51 percent on Friday, closing at 13,701.47. However, the exchange dropped 1.72 percent, or 240 points, for the week overall.

Statistics Canada reported on Friday that the national unemployment rate remained steady at 7.1 percent,while overall employment went down by 2,100 jobs in April, the Canadian Press reported. Meanwhile, prices for a number of commodities, such as gold, copper and natural gas, saw gains on Friday.

Last week’s top TSX-listed mining stocks were: 

• Karnalyte Resources (TSX:KRN)
• Lucara Diamond (TSX:LUC)
• Dalradian Resources (TSX:DNA)
• Alamos Gold (TSX:AGI)
• Arizona Mining (TSX:AZ)

Here’s a look at what moved the share prices of those companies last week.

Karnalyte Resources

Shares of potash and magnesium producer Karnalyte Resources gained 23.46 percent last week to $2.21. The company is aiming to develop its Wynyard carnalite project utilizing a solution mining process. Karnalyte announced its 2015 year end results on March 30.

There was no news from Karnalyte this week to explain the company’s rise in share price last week. However, CEO Robin Phinney was featured in a podcast on Wednesday, speaking about the company’s plans for the project.

Lucara Diamond

Lucara Diamond reported strong demand and pricing for its first quarter diamond sale this week. Furthermore, as Bloomberg reported, Sotheby’s has estimated that a tennis ball sized diamond unearthed at Lucara’s Karowe mine could fetch up to $70 million. The stone is the largest gem-quality diamond ever recovered. On the back of that news, Lucara rose 18.12 percent last week to close at $3.78 per share.

Dalradian Resources

Dalradian Resources was up 14 percent to $1.22 last week after the company announced a 109 percent increase in measured and indicated resources at its Curraghinalt gold deposit in Northern Ireland.

“The new mineral resource statement, based on more than 130,000 metres of infill drilling, will support a feasibility study to be completed later this year,” said Dalradian chairman and CEO, Patrick Anderson, in a statement. “Based on the high grade and first-world jurisdiction, Curraghinalt remains one of the best undeveloped gold projects on the global stage.”

Alamos Gold

Alamos Gold was also up 14 percent to $1.22 last week. The intermediate gold producer has three operating mines in North America. The company announced its first quarter results on April 4, and there has been no further recent news from the company to explain last week’s share price rise. However, a Zacks article published Thursday noted that a number of analysts are becoming more optimistic regarding the company.

Arizona Mining

Finally, Arizona Mining gained 7.14 percent to close at $1.20 per share for the week after it closed its acquisition of the Hermosa project, including the Taylor lead-zinc-silver project, in Arizona. The deposit holds an inferred mineral resource of 39.4 million tonnes grading 11 percent zinc equivalent.

Don’t forget to follow us @INN_Resource for real-time news updates.

 

Data for 5 Top TSX Stocks articles is retrieved each Friday after market close using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.

Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.

Related reading: 

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5 Top TSX Stocks: Americas Silver Gains on San Rafael PFS

5 Top TSX Stocks: Alexco Resource Leads the Way

5 Top TSX Stocks: Karnalyte Up 244.32 Percent on Funding Deal

5 Top TSX Stocks: Rubicon Minerals Up 90.91 Percent

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Stornoway Diamond (TSE:SWY), one of Canada’s leading diamond exploration and development companies, is on pace to bring Quebec’s first diamond mine into production in 2016, according to  its website.

This is a far cry from where Stornoway Diamond was eight years ago, back in December 2008 when it looked like the company was going to fold.

Stornoway Diamond off to a rocky start

In an interview with the Financial Post in March, Matt Manson, president and CEO of Stornoway Diamond, said back in 2008 they were a 5.5 cent stock and brought their first economic analysis of Renard in October 2008, but that it wasn’t very much.

“Our bacon was saved by Quebec’s super flow-through (share program). In the winter of 2009, it was the only money available to us. We went drilling with a $6-million budget and we had a big home run. We discovered the ore body is much bigger at depth than we expected,” he said.

By the end of 2009, Manson added the resource tripled in size and that the mine was made from drilling with Quebec’s super flow-through, which they had to get because it was the only capital that was able to keep them alive through the crisis.

Location of Stornoway Diamond partly key to its success

When asked about Stornoway Diamond’s success, Manson said part of it is due in part to its location in Quebec because of the province’s mining industry and their good relationship with the Crees.

“The permitting environment in Quebec is really strong. They have tough standards and there’s a lot of legwork required in the permitting process, but it is predictable and on-schedule and responsive,” he said.

Since Stornoway Diamond’s uncertainty in 2008, the company’s success has steadily increased and are expected to launch Quebec’s first diamond mine.

Renard Plan on target to kick off commercial production by end of 2016

The mining project—called the Renard Plan—is expected to kick off commercial production in December, according to a press release from the website, after having three years of production added to the project.  The plan has extended the mine life from 11 to 14 years, based on a 25 percent increase in probable reserves, growing from 17.9 million carats (23.8 million tonnes averaging 0.75 carats per tonne) to 22.3 million carats (33.4 million tonnes averaging 0.67 carats per tonne).

The plan, announced last month, is released only six months before the first ore is scheduled to be processed at the end of September.  

Manson said of the diamond project that they’re converting pieces of the large resource inventory to the mineral reserve and into the plan.

“We’ve updated our resource statement twice since we put out the feasibility study in 2013 and so we have a larger indicated resource that fed through to the mine plan and into reserve, so it’s a longer mine plan and a bigger reserve,” he said.

The press release states early carat production to the end of 2017 shows a significant increase compared to a previous estimate.

A Northern Miner article states the company is five months ahead and $36 million under its budget. Two years ago in April 2014, the project’s capital cost was projected at $811 million, but is expected to cost $775 million by the end.

Manson said that on February 3, the company announced they were ahead of schedule and would be coming in with the first ore in September 2016 and commercial production by December 31—five months ahead of schedule.

“What we’re known for is execution and it’s gone very well. We’ve been able to move very quickly and so that’s why we’re ahead of schedule and below budget—we’re doing everything faster and there is a savings in doing everything faster,” he said.

In addition to the projected successful completion of the Renard project, the company discovered kimberlite at its Adamantin Project, located approximately 100 km south of Renard and 25 km west of the Route 167 Extension.

Kimberlite recently identified

As of May 2016, according to a company press release, 11 distinct kimberlite bodies have been identified with intersections of up to 13.7 meters of undiluted kimberlite and is interpreted to represent a new center of kimberlite emplacement located in proximity to, but distinct from, Renard.

Manson commented in the press release that, to their knowledge, it’s the first new field of kimberlites discovered in Quebec in more than 10 years.

“We are encouraged by the early drilling at Adamantin which has discovered a spatially extensive field of kimberlite emplacement in an area that we knew to have promising indicator mineral chemistry and where we had already found a diamond in till,” he said.

In any event, Stornoway Diamond has made massive leaps since 2008, and Manson said to the Financial Post that they want to continue taking business forward and grow it.

“What I always say about diamonds is it’s a very unique business. We’re mining a product that people buy as a luxury product, but it’s a non-discretionary luxury product. It’s the one thing in our lives that everyone recognizes as the thing to buy to commemorate the most important emotional moments in your life,” he said.

As of May 5, 2016, over the last year, Stornoway Diamond’s shares have gained by 41.67 percent with, net income growing by 94.87 percent over year-over-year to narrow losses to $0.01 per share during the most recently completed quarter.

Don’t forget to follow us @INN_Resource for real-time news updates.

Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article. 

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Stornoway Diamond (TSX:SWY) has announced the discovery  of kimberlite at its Adamantin Project located south of the Renard Diamond Project and west of the Route 167 Extension in Quebec. To date, 11 distinct kimberlite bodies have been identified.

As quoted in the press release:

Till sampling at Adamantin during 2015 confirmed the presence of indicator mineral anomalies interpreted to be sourced from undiscovered kimberlites with diamond potential, with one till sample containing a diamond from the +0.25mm-0.50mm size fraction. Drilling commenced on March 20, 2016, with a light weight, helicopter portable, reverse circulation (“RC”) drill rig designed to test multiple geophysical targets within a broad indicator mineral anomaly.

As of the suspension of drilling on May 1st, kimberlite had been intersected in 18 of 78 drill holes (including 7 lost holes) testing 72 geophysical targets. These intersections are interpreted to represent at least 11 discrete kimberlite bodies. Additional high priority targets under lakes could not be tested due to deteriorating ice conditions.

Matt Manson, president and CEO said:

We are encouraged by the early drilling at Adamantin which has discovered a spatially extensive field of kimberlite emplacement in an area that we knew to have promising indicator mineral chemistry and where we had already found a diamond in till. To our knowledge, this is the first new field of kimberlites discovered in Québec in more than 10 years. Our drilling was curtailed by melting ice conditions before we were able to test all of our best targets, and we believe additional kimberlites remain to be discovered. Sufficient samples have been recovered from each body to arrive at a preliminary sense of diamond content, which will now be our immediate priority. Additional drilling will be required to test the full areal extent of the kimberlite field, and to test for larger kimberlite pipes or blows beneath the lakes, as well as the size potential of the bodies that have already been discovered.

Click here for the full press release.

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Peregrine Diamonds (TSX:PGD) has announced a maiden Inferred Mineral Resource estimate for the CH-7 kimberlite pipe at its Chidliak Diamond Project in Nunavut.

As quoted in the press release:

Key elements of the announcement are:

• An Inferred Mineral Resource of 4.23 million carats of diamonds in 4.99 million tonnes of CH-7 kimberlite, to a depth of 240 metres
• Overall average grade of 0.85 carats per tonne
• A base model average diamond price of US$114 per carat with a modelled price range between US$94 and US$155 per carat as determined by WWW International Diamond Consultants (“WWW”) in February 2016

Tom Peregoodoff, president and CEO said:

The resource we are announcing today is the culmination of the 2015 Diamond Resource Development Program at Chidliak. This program has successfully defined a significant Inferred Mineral Resource of over 15 million carats at Chidliak contained within the CH-6 and CH-7 kimberlites in the top 260 metres and 240 metres respectively and both which, importantly, remain open vertically at depth. This resource provides a firm foundation upon which the Preliminary Economic Assessment of a Phase 1 Diamond Mine will be developed. The Peregrine team have once again demonstrated the tremendous value of the Chidliak project and we all look forward to publishing the outcomes from this economic assessment when they become available next month.

Click here for the full press release.

 

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Talmora Diamond (CSE:TAI) has announced its closing of a private placement of 4,100,000 common shares at $0.02 per share, for gross proceeds of $82,000, which includes an oversubscription of the $60,000 financing announced in April. All securities are subject to a four-month hold period, expiring September 4, 2016.

As quoted in the press release:

The Company now has 67,398,801 common shares outstanding. On a fully-diluted basis after giving effect to the exercise of all outstanding share purchase warrants and incentive stock options granted under its stock option plan the Company would have 71,765,801 common shares outstanding.

The proceeds of the financing will be applied to the administration of the Company as a going concern. The market for a major financing to drill the Company’s many kimberlite targets is still poor but hopefully the bottom has been reached. It is important that the Company remain in good standing and be in a position to finance a drill program when the market turns. Meanwhile, the property is in good standing.

Pricing of the common shares below $0.05 was permitted for a limited period because of weak market conditions.

Project Summary

Talmora holds 211 mineral claims (68,784 acres) straddling the 68^th parallel on the east side of the Lena West diamond region of the Northwest Territories. Most of the claims are in the Inuvialuit Settlement Region with the remainder in the Sahtu Settlement Region.

Over $75 million has been spent in the Lena West region by other companies ⁽¹⁾ with the recovery of numerous kimberlite indicator minerals (KIMs) and an unprecedented 18 diamonds in field samples ⁽²⁾. Canterra (previously Diamondex) showed that many if not all their KIMs were derived from the base of the Cretaceous basin and the source probably lies to the east ⁽³⁾.

The Talmora property lies on the same favourable structure ⁽⁴⁾ as the diamondiferous kimberlites at Darnley Bay and the significant diamondiferous Dharma kimberlite in the northeast corner of Great Bear Lake (13 diamonds >0.85mm weighing 0.9 carats recovered from 1457.37 kg of core by caustic fusion) ⁽⁵⁾. All three areas lie outside and east of the Cretaceous basin.

Click here for the full press release.

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CBC reported that the Lesdei la Rona diamond could sell for up to $90 million.

According to the article:

A three-billion-year-old diamond the size of a tennis ball — the largest discovered in over a century — could sell for close to $90 million Cdn, auctioneer Sotheby’s said Wednesday.

The diamond was unearthed in November in Botswana at a mine owned by Canada’s Lucara Diamond Corporation. It measured 1,109 carats, the second-largest gem-quality rough diamond ever discovered. Its name means “our light” in the Tswana language of southern Africa.

David Bennett, chairman of Sotheby’s jewelry division stated:

Not only is the rough superlative in size and quality, but no rough even remotely of this scale has ever been offered before at public auction.

Click here to view the full article. 

 

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Impala Premium Holdings (OTCMKTS:IMPUY) has been awarded a court order issued by the United States District Court for the Eastern District of Pennsylvania on April 26, 2016 wherein the court ordered A1 Specialised Services and Supplies Limited to pay Impala the sum of of $201 million.

As quoted in the press release:

The court order follows a dispute between Implats and A1 in which Implats asserted that A1 defaulted on amounts due to Implats. The parties agreed to have the matter heard by the LCIA which duly heard the matter and issued a final award on 9 December 2015 in Implats’ favour for the full amount claimed by Implats being USD201 million.

Click here for the full press release.

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Pangolin Diamonds (TSXV:PAN) has reported an update on its exploration program at the MTS Grid in Botswana.  Thirteen diamonds have been reported from the Malatswae Diamond Project, with the last three derived from the MTS Grid.

As quoted in the press release:

The two latest diamond finds are from two samples collected less than 110 metres apart, and approximately 600 metres west of the first diamond reported from the MTS Grid (see news release March 21, 2016). The diamond from sample MTS-DG-187 is a colorless clear broken macle of approximate dimensions of 1mm x 1mm x 0.5mm. Sample MTS-DG-133, located 110 meters to the northeast, contains an off-white broken diamond aggregate with approximate dimensions of 1mm x 0.8mm x 0.5mm. Both diamonds have orange to brown secondary iron oxides filling cracks and crevices. Images of the diamonds can be seen at the Company’s website, pangolindiamonds.com.

In addition to the 177 kimberlite indicators previously reported (see news release March 29, 2016), an additional 210 indicators have been recovered for a total of 390 kimberlite indicators (including the three diamonds) from the MTS Grid. Morphology and surface texture analysis of the garnets previously reported that the majority have surface textures consistent with a proximal source. The distribution of the diamonds and the garnets suggest at least three different sources within the MTS Grid.

A detailed magnetic survey over the entire grid that began last month is presently being assessed, with infill gravity to be conducted once sampling is complete. Approximately sixty percent of the new samples have been processed.

A synthesis of all the MTS Grid soil sample results, indicator surface feature interpretations, and geophysical data will be integrated towards selecting future drill targets, with drilling to take place in mid-2016.

Click here for the full press release.

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Looking at recent diamond auctions, investors will note that blue diamonds are dominating headlines. The most recent instance is of the disappointment following the Sotheby’s auction of the late Shirley Temple‘s 9.54 carat rare blue diamond. Anticipated to fetch between $25 million to $35 million, the rare diamond ring closed at $22 million, failing to sell. Still, despite the let down with the Shirley Temple’s diamond, there are more opportunities for investors in the future. 

One of those opportunities is the upcoming Oppenheimer Blue diamond in Geneva on May 18. On the auction block is the largest fancy vivid blue diamond ever to be offered at auction. The rectangular-cut stone measures 14.62 carats and is expected to fetch a record setting price.

The Robb Report noted that “[c]olorful diamonds like the Oppenheimer continue to command high prices at auction.”

Why are blue diamonds so special?

Having gained popularity in the 1940’s, blue diamonds are among the rarest diamonds in the world. The rarity and value of these gems is perhaps second to only red or reddish colored diamonds. However blue diamonds with strong coloring such as fancy dark, fancy deep and fancy vivid are among the rarest.

Natural blue diamonds are caused by the presence of boron impurities during a diamond’s formation; the higher the presence of boron, the more vivid the blue of the diamond. With only a few mines in the world producing these diamonds, blue diamonds are extremely rare.

The majority of blue diamonds are mined at Rio Tinto’s (ASX:RIO) Argyle mine in Australia and Petra Diamond’s Cullinan mine near Pretoria, South Africa. Naturally Colored also notes that a smaller number of blue diamonds have been also been mined at the Goloconda mine in India.

Why colored diamonds?

Although the Shirley Temple failed to sell on April 19, blue diamonds have sold for significant sums. For instance, the Zoe Diamond – sold in November 2014 at Sotheby’s – set an auction record of $32.6 million. Meanwhile, in 205 the 12.03-carat Blue Moon reigned in $48.5 million –  a record for any gemstone. Moreover, the 10.10-carat De Beers Millennium Jewel 4 sold at auction for $31.8 million earlier in April 2016.

With the high value of these stones, investors might wonder what makes colored diamonds – in this case blue diamonds – such a hot topic.

Robb Report writes that just because there are more headlines does not mean that there are more blue diamonds, instead “it means that more people have learned to appreciate them.”

Rahul Kadakia, Christie’s head of jewelry commented recently that “less than 2 percent of diamonds discovered in the world are blue.” Furthermore, a mere 10 percent of all blue diamonds discovered are larger than a carat, meaning that these large stones being sold at auction are highly prized and indeed quite rare.

Don’t forget to follow us @INN_Resource for real-time news updates!

 

Securities Disclosure: I, Vivien Diniz, hold no investment interest in any of the companies mentioned. 

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Rapaport reported that India’s Ministry of Finance has formed a sub-committee to oversee implementation of the 1 percent excise duty recently imposed on the jewelry industry. The ministry also deferred the deadline for jewelers to register with the central excise department to July 1, 2016, according to the Gem and Jewellery Export Promotion Council (GJEPC).

According to the report: 

Ashok Lahiri, a former chief economic advisor to the government, will chair the five-person panel. Representatives from the trade will be coopted into the committee in consultation with Lahiri.

The jewelry industry protested the announcement of the duty in a strike that lasted about six weeks from the beginning of March. The industrial action was called off ahead of the popular gold buying season in April and May.

Click here to view the full press release. 

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(IDEX Online News) – Christie’s has announced the results of its recent Magnificent Jewel auction, including the sale of The Jubilee Ruby for $14.165 million.

 

The 15.99-carat oval-shaped ruby, set within a circular-cut diamond and polished gold surround is mounted in platinum and 18-karat gold. The auction house had placed a pre-sale estimate of $12 million to $15 million on the ring.

 

Other items sold at the auction included a 10.07-carat brilliant-cut fancy intense purple-pink diamond ring, which sold close to the lower limit of its pre-sale estimate at $8.845 million. A round brilliant-cut diamond weighing approximately 40.43-carats sold for $7.221 million – its pre-sale estimate was $7 million to $10 million. Also sold was a 54.62-carat round-cornered rectangular modified brilliant-cut fancy yellow diamond, which sold $2.461 million – its upper pre-sale estimate was $2.5 million.

 

In total, 202 of the 250 lots of rare diamonds and colored stones were sold, generating $57 million.

Dunnedin Ventures Inc. (TSXV:DVI) announced company representatives have held a series of successful meetings with community members, as well as local, regional and territorial government representatives in Chesterfield Inlet and Rankin Inlet on April 12 and 13, 2016.

As quoted in the press release:

The company gained valuable insight on mitigating potential impacts of its proposed work and has made the following commitments and modifications to its proposed exploration plans.

• Commitment to engage the communities, including elders, regularly and to integrate local knowledge into exploration plans on an ongoing basis;
• Updates to the company’s wildlife and environment monitoring and mitigation plan (WEMMP), integrating traditional knowledge;
• Avoidance of Josephine Lake for mineral exploration purposes and avoidance of traditional hunting and fishing areas along the Josephine River, with local guidance;
• Commitment to support the Kivalliq Inuit Association (KIA) with their initiative to clean-up the abandoned mineral exploration camp at Josephine Lake; while not on Dunnedin’s claims, the camp should be remediated to the benefit of all local stakeholders including Dunnedin;
• Commitment to implement archaeological surveys over proposed work areas in advance of any work, and to report any findings to local and territorial government.

The company is currently updating its application to include all recommendations made by the Nunavut Impact Review Board (NIRB), and expects to submit the updated application to Indigenous and Northern Affairs Canada (INAC) by next week.

Dunnedin Ventures CEO, Chris Taylor, stated:

I would like to thank all community members and leaders who attended our meetings in Chesterfield Inlet and Rankin Inlet last week. We at Dunnedin will do our best to be respectful guests as we explore for diamonds. We look forward to providing economic opportunities and benefits to members of both communities in a way that supplements and is compatible with traditional ways of life.

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Lucara Diamond Corp. (TSX:LUC) announced the results of its first Exceptional Stone Tender of 2016. The tender consisted of 10 single-stone lots and brought in gross revenues of US$51.3 million.

Highlights are as follows:

• 7 diamonds sold for more than US $2.0 million each, including 4 stones which sold for in excess of US $5.0 million each
• Lot 901, the 296.7 carat Type IIa diamond sold for US $12.19 million (US $41,088/ct)
• Lot 904, the 245.4 carat diamond sold for US $10.49 million (US $42,738/ct)
• Lot 903, the 119.0 carat diamond sold for the highest price per carat of US $58,931/ct.

William Lamb, president and CEO of Lucara, commented:

The results from this tender continue to demonstrate the strength of the exceptional stone market. We are very pleased with the quality of the diamonds being recovered which is evident in the consistent average value per carat achieved.

Click here to read the full Lucara Diamond Corp. (TSX:LUC) press release.

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Dominion Diamond Corp. (TSX:DDC,NYSE:DDC) released its results for the fourth quarter of 2016, which covers the period from November through January. It also released its financial results for the full 2016 year.

Highlights are as follows:

Brendan Bell, CEO of Dominion Diamond, commented:

As anticipated during this transition period in the Ekati mine plan, gross margins are lower as a result of a change in the ore mix with more production coming from lower value sources prior to the higher grade Misery Main pipe coming on line in the second half of this fiscal year. Misery Main development remains on schedule and will provide significant cash flow. We are encouraged by the recent rebound in diamond prices.

Click here to read the full Dominion Diamond Corp. (TSX:DDC,NYSE:DDC) press release.

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Like many commodities, diamonds had a tough time in 2015. The year brought nearly a 15-percent slump in rough diamond prices, and major miners had to react fairly quickly to that downturn.

Luckily, expectations are running high that 2016 will be a better year for diamonds. Rough diamond prices are expected to increase midway through the year, and overall market watchers are cautiously optimistic about the industry as a whole.

What’s perhaps even more exciting is that natural fancy colored diamonds continue to sell for record-breaking prices at auction. The gems have long been considered valuable — just think of the world-famous blue Hope diamond and red Moussaief diamond — and it seems that they’re only becoming more coveted.

With that in mind, here’s a look at the three most expensive diamonds ever sold at auction. You may be surprised to see how much they went for!

1. Blue Moon diamond

Selling price: $48.5 million

At the top of the list is the 12.03-carat Blue Moon diamond, which was sold by New York jewelry company Cora International for a whopping $48.5 million in November 2015. According to a Rapaport report released at the time, Sotheby’s has claimed that’s a world record for a diamond of any color.

The buyer of the gem was Hong Kong real estate investor Joseph Lau. After purchasing the Blue Moon diamond, he renamed it the Blue Moon of Josephine after his daughter. Lau also recently spent $28.6 million on a 16.08-carat pink diamond for his daughter; it is now called the Sweet Josephine.

2. Graff Pink diamond

Selling price: $46 million

Before the sale of the Blue Moon diamond last year, the 24.78-carat Graff Pink diamond held the record for the most expensive diamond sold at auction. The gem was sold in 2010 by jeweler Harry Winston for an impressive $46 million.

Laurence Graff, founder of Graff Diamonds, was the buyer of the diamond; before being purchased by Graff, the Graff Pink had been part of a private collection for 60 years. Graff has purchased other high-profile stones at auction as well.

Interestingly, the Graff Pink was almost unseated as the world’s priciest diamond even before the Blue Moon diamond took its crown. In 2013, the 59.6-carat Pink Star diamond sold for $83 million; however, the buyer ultimately defaulted on the purchase.

3. The Orange diamond

Selling price: $35.5 million

Though it sold for over $10 million less than the Blue Moon and Graff Pink diamonds, the 14.82-carat Orange diamond, which sold for $35.5 million in 2013, it still one of the most expensive diamonds ever sold in an auction.

Notably, a Forbes article published at the time of the sale states that the Orange diamond “shattered its high estimate of $21 million,” and also set a world record for a fancy vivid orange diamond. The gem is also thought to be “easily” the largest orange diamond in the world — in fact, it’s three times larger than two other noteworthy large orange diamonds.

 

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article. 

Related reading: 

Colored Diamonds 101

Colored Diamonds: Stones with Brilliant Profit Potential

Brown Diamonds Set to be the Next Big Thing

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Lucapa Diamond Company Ltd. (ASX:LOM) announced the recovery of more large special and fancy colored diamonds from its Angola-based Lulo diamond project. The gems were recovered as part of trial mining at the E46 alluvial terraces at Lulo.

As quoted in the press release:

The latest special diamond recoveries from E46 include a 59 carat Type I diamond and a 33 carat Type IIa D-colour gem. ]

In addition, Lucapa and its partners have recovered a number of pink diamonds from E46, including an intense-fancy 0.2 carat pink.

These pink recoveries – together with the 4 carat pink recovered in the original exploration bulk sampling program – suggest the E46 diamond population should include fancy-coloured diamonds as well as large, high-quality gems.

Click here to read the full Lucapa Diamond Company Ltd. (ASX:LOM) press release.

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Diamcor Mining Inc. (TSXV:DMI,OTCQX:DMIFF) announced that its application for a water use license has been approved and granted by the South African Department of Water and Sanitation. The license will support long-term diamond mining operations at the company’s Krone-Endora at Venetia project.

As quoted in the press release:

The WUL approved and granted by DWAS provides the Company with the requested ability to extract 410,148 cubic meters of water per year from seven boreholes, with that amount aimed at supporting the Project’s envisioned long-term processing target of 300,000 tons per month. The WUL is valid for a period of 15 years from the date of issuance, subject to standard reporting and compliance requirements, and may be reviewed at intervals of not more than five years. The Company anticipates that, upon completion of the additional infrastructure related to the WUL, the resulting additional water resources will enable the Company to complete the testing and evaluation of the full targeted design capacity of its processing facilities and to compile key data from these higher processing rates which will assist the Company in arriving at an initial production decision.

Dean Taylor, CEO of Diamcor, commented:

We are very pleased to have successfully secured this WUL for the Project. The granting of the WUL represents the culmination of a multi-year effort in the ongoing advancement of our Project, marks the achievement of yet another significant milestone, further de-risks the Project, and most importantly, provides us with the desired allocation of water to support the targeted design capacity of the processing facilities installed at the Project for the long-term. I would like to personally thank everyone involved at both the regional and national DWAS offices, our Project Management team, and the various consultants involved for their collective contributions towards securing this critical element required to advance the Project.

Click here to read the full Diamcor Mining Inc. (TSXV:DMI,OTCQX:DMIFF) press release.

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Exploration company Dunnedin Ventures (TSXV:DVI) said Monday that it will be meeting with two Nunavut communities from April 11 to 15 to discuss and seek advice on its Kahuna diamond project. 

The move follows the release of a screening decision report from the Nunavut Impact Review Board (NIRB) last week. In the report, the NIRB recommends that the project proposal for Kahuna be “modified or abandoned” as it could cause public concern or have negative ecosystemic and socioeconomic impacts.

According to CBC, the NIRB’s decision was partially based on comments it received from the Kivalliq Inuit Association and the Aqgiq Hunters and Trappers Organization. Both bodies “submitted comments to the NRIB outlining their objections to the proposal, one of them being the company’s lack of consultation with community members.” The mess left behind by Shear Minerals’ abandoned Churchill diamond exploration camp is another concern that was raised.

Dunnedin’s share price has dropped significantly since the NIRB’s news hit, and the company has rushed to explain the situation to its shareholders. In a press release put out Monday, CEO Chris Taylor emphasized that the NIRB’s report is not as negative as it sounds — in fact, it shouldn’t be a stumbling block for the company at all.

Essentially, he said, Dunnedin currently has an exploration permit for Kahuna that is good until mid-2017; however, due to recent changes to Nunavut’s mineral exploration rules, the company decided to apply for its next exploration permit well ahead of time. The goal was to be able to work through the new regulations properly and get the new permit without a hitch.

“We submitted a multi-year exploration permit application almost two years before required, in order to ensure Dunnedin has ample time to work within regulatory guidelines and incorporate any guidance from local groups,” Taylor explained, adding, “[c]hanges have recently been made to Nunavut’s mineral exploration regulations, and we decided to be proactive as it will take time for companies, government and local interests to adapt.”

The issue is that because the company applied early for its multi-year exploration permit, it hadn’t yet had a chance to meet with the communities that it will affect. As Monday’s press release indicates, Dunnedin is hoping to fix that lack of communication quickly, and Taylor himself has apologized for the delay.

“I would like to apologize on behalf of the Company for not having yet consulted with all community members at the time of our application’s submission,” he said.

Next steps for Dunnedin of course include this week’s consultations with the Nunavut communities mentioned above. In terms of Kahuna as a whole, there shouldn’t be much change — the company’s current exploration permit for the project is still valid until next year, and if Dunnedin is able to comply with the NIRB’s recommendations (in other words, if it either modifies the existing project proposal for Kahuna or submits a new one), it should still be able to receive its new exploration permit well ahead of time.

Dunnedin also commented on Shear Diamonds’ abandoned camp, noting that while it understands concerns about the site, the company is not involved with the camp.

As noted, Dunnedin’s share price has take a hit since the news from the NIRB came out. At close of day Monday it was sitting at $0.05, down 9.09 percent. In the last five days it’s lost 33.33 percent. Those interested in the company will no doubt be waiting to see how this week’s meetings pan out, and to see what Dunnedin’s next steps with the NIRB will be.

 

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article. 

Editorial Disclosure: Dunnedin Ventures is a client of the Investing News Network. This article is not paid-for content. 

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(IDEX Online News) – The largest ever fancy vivid green diamond – the “Aurora Green” – a rare 5.03-carat stone is set to come up at Christie’s Magnificent Jewels auction in Hong Kong on May 31.

 

The stone has VS2 clarity and no fluorescence, which is extremely rare for such a diamond – and is radiant-cut.

 

Christie’s has not officially released any information about the sale, but an insider has estimated that the diamond has been valued at $16 million to $20 million or $3.18 million to $3.98 million per carat.

 

Green is a very desirable color in Asia and it is possible that like previous auctions of colored diamonds, the highest bidder will come from there.

 

Green diamonds very come up for auction very rarely, and since 2003 only one Fancy Vivid green has been sold. It was a 2.54-carat Fancy Vivid Green VS1 diamond at a Sotheby’s Magnificent Jewels auction in November 2009. It sold for a record price of $1.222 million per carat, or $3.08 million total price.

(IDEX Online News) – Auction house Sotheby’s has announced that a rare pear-shaped 15.38-carat fancy vivid pink diamond will be put up for sale at the Magnificent Jewels and Noble Jewels auction in Geneva.

 

The stone, named ‘The Unique Pink’ has an estimated price tag of CHF 27.2 million to CHF 36.9 million ($28 million to $38.7 million). The stone is of particular interest due to its pure structure and clarity.

 

“The Gemological Institute of America, the highest body for grading diamonds, have given this stone their highest possible grading, which is vivid pink,” said worldwide chairman of Sotheby’s international jewellery division, David Bennett, according to a report on Reuters.

 

In November, rival auctioneers Christie’s sold a 16.08-carat cushion-shaped fancy pink diamond for a world record $28.5 million.

Rapaport reported that polished diamond prices saw stability in March. Prices were supported by “steady dealer trading,” although the outlook for consumer demand is still uncertain.

As quoted in the market news:

The RapNet Diamond Index for 1-carat, GIA-graded diamonds was flat in March. RAPI for 0.30-carat diamonds fell 0.6 percent and RAPI for 0.50-carat diamonds was unchanged. RAPI for 3-carat diamonds slipped 0.4 percent.

In the first quarter, RAPI for 1-carat diamonds rose 1.4 percent, extending the uptrend from the fourth quarter. However, the index fell 4.6 percent below its level last year.

The Rapaport Monthly Report revealed that some new polished production sold better than left-over stock. Prices of desirable RapSpec A2 polished held firm at the March Hong Kong show but prices of old stock softened as dealers looked to replace difficult-to-sell inventory. The diamond pavilion at the show was busy but the jewelry section was quiet, reflecting restrained Chinese consumer demand.

Click here to read the full Rapaport report.

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Rapaport reported that the De Beers Millennium Jewel 4 was sold by Sotheby’s in Hong Kong for $31.8 million. That’s the highest price ever paid for a gem at an auction in Asia.

As quoted in the market news:

The oval-shaped, 10.10-carat, fancy vivid blue, internally flawless gem fetched $3.2 million per carat, according to a Sotheby’s statement April 5. The sale comes amid strong interest in valuable colored diamonds with recent auctioneers’ estimates of up to $45 million for large stones.

The gem is sourced from an Asian private collection and is the only oval-shaped precious stone among 12 rare diamonds – eleven blue and one colorless – in the De Beers Millennium Jewels collection unveiled in 2000 to celebrate the turn of the century.

In total, the auctioneer’s Magnificent Jewels and Jadeite auction on April 5 sold $73.3 million of jewels, or 65.7 percent by lots and 69.3 percent by value. A 22.40-carat, D-color, internally flawless diamond ring sold for $3.7 million and four other items fetched more than $2 million, including a jadeite and diamond ring and pair of matching earrings and a 4.08-carat fancy vivid orange diamond and diamond ring.

Click here to read the full Rapaport report.

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(IDEX Online News) – Auction house Sotheby’s reported that it sold the internally flawless 10.1-cart De Beers Millennium Jewel 4 Fancy Vivid oval blue diamond for HK$ 248.28 million ($31.8 million) at auction.

 

The price represented the highest amount paid for a gemstone at auction in Asia, and was purchased by an anonymous telephone bidder, in a sale that lasted only a few minutes.

 

“Very few gemstones have ever been sold for more than that, and it’s setting the record price here in Asia for a gemstone in auction,” said David Bennett, Sotheby’s worldwide chairman of the international jewelry division, according to a report on Reuters.com

 

Tobias Kormind, co-founder and managing director of London-based diamond jeweler 77 Diamonds said that the fact the Millennium Jewel 4 was almost stolen from London’s Millennium Dome in 2000 added to the stone’s mystique. “However, this is not as powerful as prior royal or celebrity ownership, which can elevate a diamond’s worth well beyond rational market value,” he said. “An example of provenance pushing up the price of a stone is the Shirley Temple blue diamond ring estimated to sell for up to $35m at Sotheby’s [later] in April.

 

In November, Sotheby’s sold the “Blue Moon of Josephine,” a 12.03-carat cushion-shaped, internally flawless vivid blue diamond, to Hong Kong property tycoon Joseph Lau, for a world-record $48.5 million.

North Arrow Minerals Inc. (TSXV:NAR) announced that it’s completed a 2016 winter drill program at its Saskatchewan-based Pikoo diamond project. In total, 2,124 kilometers of drilling were completed across 19 holes — 14 of those holes encountered kimberlite.

As quoted in the press release:

North Pikoo – The most significant kimberlite discoveries of the program have been made in the North Pikoo area where kimberlite was encountered in seven of nine holes. Relationships between kimberlite intervals are complex with at least two, and perhaps up to four, discrete new kimberlites having been discovered. The most significant discovery is kimberlite PK346 which is interpreted as a near vertical NE trending body located approximately 25m north of kimberlite PK314, discovered in 2015, and south of a series of narrow kimberlite dykes discovered in 2013. PK346 remains open to depth and along strike. Target PK347 was tested with a single drill hole which encountered two kimberlite dykes measuring just over 3m in apparent thickness.

North Pikoo drilling highlights are as follows:

Click here to read the full North Arrow Minerals Inc. (TSXV:NAR) press release.

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(IDEX Online News) – Emerald and ruby miner Gemfields has announced that its recent emerald auction held in Lusaka, Zambia, realized $33.1 million.

 

Of the 558,000 carats of Kagem Mining Ltd emeralds up for sale, 496,000 or 84 percent were sold. This most recent auction now holds the record for the highest average price, $70.68 per carat, for higher quality auctions. Gemfields’ 21 Kagem auctions held since July 2009 have generated $412 million.

 

At the same event, the company also auctioned higher quality amethyst mined by Kariba Minerals Ltd, in which Gemfields holds a 50-percent interest. The amethyst auction saw 9.4 million carats placed on offer, of which 6.6 million carats were sold. Of the 14 lots 8 were sold, generating auction revenues of $220,000 or $3.26 per carat.

 

Gemfields’ next auction is expected to be of lower quality emerald and beryl from the Kagem emerald mine in Zambia and is slated to take place in Jaipur, India.

 

“Our return to Lusaka has delivered another strong – and indeed record – result at a time when global commodity and diamond prices remain volatile and uncertain,” said Gemfields CEO Ian Harebottle.

 

“Demand for – and prices of – emeralds clearly remain as robust as ever and gemstone mining represents one of the healthier segments of the sector. We’re delighted that, in collaboration with our partners, the Government of the Republic of Zambia, the Kagem and Kariba operations continue to perform strongly.”

Lucapa Diamond Company Ltd. (ASX:LOM) announced the recovery of eight special diamonds from trial mining at the E45 alluvial terraces at its Angola-based Lulo diamond project.

As quoted in the press release:

The diamonds recovered from E46 include a 68.1 carat Type IIa D-colour gem. Other large stones recovered from E46 include a mixture of gem and boart diamonds weighing 30.5 carats, 25.3 carats, 14.8 carats, 13.8 carats, 12.9 carats, 12.3 carats and 11.5 carats.

The recovery of these large special diamonds from the E46 alluvial terraces is significant considering the largest individual diamond recovered from the initial exploration bulk sampling phase conducted in this area in 2013 weighed just 6.9 carats (See ASX announcement 31 October 2013).

Click here to read the full Lucapa Diamond Company Ltd. (ASX:LOM) press release.

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Bloomberg reported that the largest fancy vivid blue diamond ever offered at auction is set to go on sale at Christie’s in Geneva on May 18. The gem is 14.62 carats and is called the Oppenheimer Blue after its previous owner, Sir Philip Oppenheimer. His family controlled major diamond miner De Beers for 80 years.

The Oppenheimer Blue is expected to sell for $38 to $45 million.

As quoted in the market news:

The sale of the Oppenheimer Blue will come on the heels of yet another potentially record-breaking sale, when a 9.54-carat blue diamond, once owned by the child star Shirley Temple, goes on sale at Sotheby’s in New York in April for $35 million. The Oppenheimer diamond, however, has the potential to break all existing records.

There’s the diamond’s size, which is more than a carat larger than the previous record; its rarity, given that less than .0001 percent of all diamonds mined are blue, according to Christie’s; and finally its provenance — Oppenheimer founded the London-based Central Selling Organisation, the De Beers-backed diamond cartel that maintained global prices for more than half a century.

“Achieving the strongest colours in traditional shapes, such as the 15-carat Oppenheimer Vivid Blue can only be achieved with a highly saturated intrinsic color of the rough diamond,” said Tom Moses, the executive vice president of the Gemological Institute of America, in a statement. “This blue diamond’s colour and clarity, combined with its traditional cutting style and provenance, is truly exceptional.”

Click here to read the full Bloomberg report.

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– A total of 177 kimberlite indicators recovered from 99 soil samples collected within a 0.8 km2 area of the larger grid

– Two picroilmenites have fragile surface features suggesting a very close source

– A diamond from the grid supports the presence of diamondiferous kimberlites in the area

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Tango Mining Ltd. (TSXV:TGV) announced that it’s entered into a proposed US$30-million loan commitment with Vanderbilt Commercial Lending Inc. in order to restart the previously operating BK11 diamond mine, located in Botswana.

The company also recently announced plans to sell its Oena diamond project.

As quoted in the press release:

Vanderbilt has issued its Loan Disclosure Agreement to Tango which outlines the general parameters for a USD$30M Loan that will be documented in a final Loan Commitment Agreement. The outstanding principal, plus accrued and unpaid interest are due at the end of the five-year term of the Loan which includes an 18-month pre-paid interest Reserve Fund. The fixed interest rate on the Loan will be the greater of 13% per annum or 975 basis points above the WSJ Prime Rate during the term of the Loan. The Loan will have a first lien position on the BK11 Mine and Tango’s 51% interest in the Kwena Group.

Click here to read the full Tango Mining Ltd. (TSXV:TGV) press release.

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