Oena Diamond MINE Sales Results Q3 2024 and June 2024
1
Southstone Minerals Limited
2751 Graham Street
Victoria, British Columbia, V8T 3Z1
TSX Venture : SML
www.southstoneminerals.com
OENA DIAMOND MINE SALES RESULTS Q3 2024 and JUNE 2024
VICTORIA, BRITISH COLUMBIA — 25 JUNE 2024 — Southstone Minerals Limited (“Southstone” or the
“Company”) (TSX.V – SML) is pleased to provide an update on diamond sales from the Company’s majority
owned Oena Diamond Mine (“Oena”), Republic of South Africa for the period 1 March 2024 to 31 May 2024
(“Q3 2024”) and June 2024 diamond sales (part of Q4 2024).
During Q3 2024, three diamond tenders were held at CS Diamonds (Pty) Ltd and one tender was held in June
2024. These four tenders represent mine diamond production from 1 February 2024 to a cutoff date of 17
May 2024. Tender 13 was in inventory at the end of Q3 2024.
In Q3 2024, a total of 432.01 carats (170 diamonds) were sold by African Star Minerals (Pty) Limited (“African
Star”), the Company’s South African subsidiary, with an average price per carat of USD $1,353 per carat (Table
1). In month one of Q4 2024 a total of 164.11 carats (53 diamonds) were sold by African Star with an average
price per carat of USD $2,736 per carat (Table 1).
Total sales from Q1 2024 to date is 796.5 carats with gross revenue of USD $1,495,700 and an average of
USD $1,878 per carat.
Seven notable specials (>10.8 carats) were produced are listed in (Table 2 and Photo 1 and 2 below).
Table 1: Q3 2024 Diamond Production and including Tender 13 in Q4 2024
Mining
location
African Star Tender No.
CS Diamonds Tender No.
Sale Date
Carats sold Gross
revenue
(USD)
Price per
carat (USD)
Q3 2024 Sandberg
Section
Tender 10
CS Diamonds Tender CS253
21 March 2024
101.51
(45 diamonds)
$147,293 $1,451
Q3 2024 Sandberg
Section &
Oena Section
Tender 11
CS Diamonds Tender CS254
18 April 2024
150.60
(77 diamonds)
$227,339 $1,589
Q3 2024 Sandberg
Section
Tender 12
CS Diamonds Tender CS255
23 May 2024
179.90
(48 diamonds)
$209,870 $1,167
TOTAL
Q3 2024
432.01
(170 diamonds)
$584,501 $1,353
Q4 2024
(note
PARTIAL)
Sandberg
Section
Tender 13
CS Diamonds Tender CS256
20 June 2024
164.11
(53 diamonds)
$448,957 $2,736
2
Table 2: Notable Diamonds Sold Q3 2024 Diamond Specials (>10.8 carats) Production (including June 2024
– Tender 13 in Q4 2024)
Southstone manages Oena and is responsible for diamond sale s, 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 and the Oena Operational Site Manager.
The Company’s Executive Chairman , with external geological support, provide s operational support for
internal reporting of Oena activities and provide s geological and technical support to the operations team
and contractors.
During Q3 2024, mining was focused on Sandberg Section with a double sixteen -foot pan and an onsite
Bourevestnik X -Ray Unit (“BVX”) and flow sort to process material from Sandberg with some minor
production from Oena Section. Between 7 November 2023 and 17 May 2024 an estimated total of 231,000
tonnes of run of mine material has been processed, producing 796.5 carats with an average of 2.46 carats per
diamond and an average of USD$1,878 per carat. On 18 May 2024 , the contractors put Oena on care and
maintenance and mining operations will recommence on 1 July 2024.
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 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 Statements Disclaimer
Certain statements in this release are forward -looking statements, which are statements that are not purely historical, including any statements
regarding beliefs, plans, expectations, or intentions regarding the future. Forward looking statements in this news release include statements relating
to the Company’s proposed production timeline, and the Company’s plans for future production from the Oena Diamond Mine. Forward -looking
statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements included in this
news release, other than statements of historical fact, are forward-looking statements that involve risks and uncertainties. There can be no assurance
that such statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ materially from the Company’s expectations include quality and qu antity of any mineral
deposits that may be located, the Company’s inability to obtain any necessary permits, consents or authorizations required fo r its activities, the
Company’s inability to raise the necessary capital to be fully able to implement its business strategies, and other risks and uncertainties disclosed in the
Company’s latest interim Management Discussion and Analysis filed with certain securities commissions in Canada.
The reader is cautioned that assumptions used in the preparation of any forward- looking statements herein may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward -looking
information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect, and actual results
may differ materially from those anticipated. Forward -looking statements contained in this news release are expressly qualified by this cautionary
statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update
or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
Diamond Mining location
African Star Tender No.
CS Diamonds Tender No. Weight sold
(carats)
Gross revenue
(USD)
Price per carat
(USD)
1 Sandberg Section Tender 10 (CS253) 18.76 $67'076 $3'575
2 Sandberg Section Tender 11 (CS254) 16.91 $60'500 $3'578
3 Sandberg Section Tender 12 (CS255) 34.56 $75'000 $2'170
4 Sandberg Section Tender 13 (CS256) 23.06 $225'559 $9'781
5 Sandberg Section Tender 13 (CS256) 13.04 $27'600 $2'116
6 Sandberg Section Tender 13 (CS256) 13.24 $74'369 $5'617
7 Sandberg Section Tender 13 (CS256) 15.19 $46'888 $3'088
3
Map 1 – Location of Mining Sections and Mining License Boundary, Oena Diamond Mine.
Photo 1 – 23.06 Carat “Special” - price of USD $9,781 per carat.