Commencement of Diamond Production at Oena Diamond MINE, South Africa
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Southstone Minerals Limited
2751 Graham Street
Victoria, British Columbia, V8T 3Z1
TSX Venture : SML
www.southstoneminerals.com
COMMENCEMENT OF DIAMOND PRODUCTION AT OENA DIAMOND MINE, SOUTH AFRICA
VICTORIA, BRITISH COLUMBIA — 8 NOVEMBER 2023 — Southstone Minerals Limited (“Southstone” or the
“Company”) (TSX.V – SML) is pleased to announce that diamond production commenced on schedule at the
majority owned Oena Diamond Mine (“Oena”), South Africa on the 7 November 2023. The recovery unit, a
Bourevestnik X-Ray Unit (“BVX”), has been commissioned and now certified for operation on site. Oena will
operate 24 hours a day 6 days a week with a production target of 3000 to 3500 tonnes per day of run of mine
(“ROM”) which will then be screened and feed to two sixteen-foot pan plants. Mining of ROM commenced in
July 2023 at the Sandberg Section with material having been processed and stockpiled for diamond recovery
in the BVX. Two additional contractors are on schedule to mobilize early in 2024 as previously reported.
Oena is managed by Southstone and is responsible for diamond sales, operational and mining consultation
with the contractor, mining license reporting requirements and security. The Company maintains a
management and security team in South Africa including the CEO of African Star Minerals and a Oena
Operational Site Manager. The Company CEO along with an external geological consultant provide
operational support for internal reporting of Oena mining operation activities and provide geological support
to the operations team and contractor.
The Company is currently evaluating an exploration and mining work program development plan of both the
Kabies and Visrivier Sections of the Oena mining license which have received only a preliminary evaluation in
the past. Since acquisition by the Company, Oena has produced 8,554 carats with an average stone size of
2.01 carats and average sales price of USD $1,626 per carat (Table 1). Oena produces a significant number of
Specials, diamonds greater than 10.8 carats, with over 40% of the Specials valued at >USD$5,000 per carat
being produced from Sandberg.
Oena Diamond Mine Production (since acquisition)
Total
carats
sold
Total Number
of Diamonds
Average
Diamond Size
(carats)
Average
USD per
carat
Total
Sales
(USD)
July 2015 to March 2023 8,554 4,247 2.01 $1,626 $13,912,000
Table 1 – Oena production from July 2015 to March 2023
The technical disclosure in this news release has been approved by Terry L. Tucker, P.Geo., Executive Chairman
of the Company and a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities
Administrators.
ON BEHALF OF THE BOARD OF DIRECTORS OF SOUTHSTONE MINERALS LIMITED
Terry L. Tucker, P.Geo.
Executive Chairman
For additional information, please contact Terry L. Tucker at [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. Capitalized terms used herein that have not been defined have the same meanings ascribed
in the policies of the TSX.V.
Forward-Looking Statement
This news release of Company contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause Southstone’s actual results, performance or achievements, or developments in the industry
to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.
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Map 1 – Location of Mining Sections and Mining License Boundary, Oena Diamond Mine.