Oena Diamond Sales Q2 2023 Report
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Southstone Minerals Limited
2751 Graham Street
Victoria, British Columbia, V8T 3Z1
TSX Venture : SML
www.southstoneminerals.com
OENA DIAMOND SALES Q2 2023 REPORT
VICTORIA, BRITISH COLUMBIA — 11 April 2023 — Southstone Minerals Limited (“Southstone” or the
“Company”) (TSX.V – SML) provides information on diamond sales for the period 1 December 2022 to 28
February 2023 (Q2 2023) and an operational update for the Oena Diamond Mine (“Oena”), South Africa.
Diamond sales for Q 2 2023 totaled 60.32 carats averaging USD $ 3,117 per carat with gross revenue of USD
$188,047 (Table 1). This includes three diamonds >5 carats (Table 2) including a 20.66 carat diamond that sold
for gross revenue of USD $115,600 (USD $5,596 per carat).
Diamonds are sold at a designated tender facility and total sales in Q2 2023 are summarized in Table 1.
Table 1 – Q2 2023 total diamond sales.
During Q2 2023 Oena produced several >5 carat diamonds in Q2 2023 and are summarized in Table 2.
Table 2 – Diamonds recovered >5 carats.
Oena Diamond Mine
Oryx Mining (Pty) Ltd (“ Oryx”) commenced diamond mining operations in early June 2022 and completed a
significant amount of exploration and bulk sample testing to 30 March 2023. Diamond sales during this period
totaled 587.57 carats averaging USD $1,820 per carat with gross revenue of USD $1,069,553. Total production
and a summary of each of seven tenders from June 2022 to 30 March 2023 by Oryx is presented in Table 3 and
individual specials recovered (>10.8 carats) are presented in Table 4. Oryx has advised the Company that it will
discontinue operations at Oena , effective immediately, and no further production or sales other than those
reported in Table 3 will be produced by Oryx.
The Company is seeking a new contractor, or contrac tors, to recommence operations at Oena . S everal
potential new contractors are visiting Oena in mid -April. Opportunities exist for reprocessing of historical
tailings and production from run of mine material at Oena, Sandberg and Blokwerf Sections (Figure 1 ). Two
areas, located outside of the current approved Mine Works Program , Visrivier and Kabies Section , located
further upstream, also represent excellent untested potential for the Oena but have never been explored.
Period Mining location Weight sold
(carats)
Number of
diamonds
Gross revenue
(USD)
Price per carat
(USD)
Q2 2023 Blokwerf Section 8.34 5 $4,958 $595
Q2 2023 Oena Proper Section 51.98 17 $183,089 $3,522
Total sales 60.32 22 $188,047 $3,117
Diamond Mining location Weight sold
(carats)
Gross revenue
(USD)
Price per carat
(USD)
1 Oena Proper Section 20.66 $115,600 $5,596
2 Oena Proper Section 10.23 $32,613 $3,190
3 Oena Proper Section 5.89 $27,990 $4,750
Total sales 36.78 $176,203 $4,791
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Mining location Tender no.
(day/mo.)
Carats
sold
Number of
diamonds
Gross revenue
(USD)
Price per carat
(USD)
Blokwerf South 1 (12/7) 44.32 25 $45,000 $1,015
Blokwerf South 2 (16/8) 100.25 57 $65,669 $655
Blokwerf South 3 (22/9) 79.99 44 $150,396 $1,880
Blokwerf South 3 (22/9) 69.03 28 $129,560 $1,877
Blokwerf South 4 (20/10) 38.05 20 $72,665 $1,910
Blokwerf South 4 (20/10) 32.65 21 $20,615 $631
Blokwerf North 4 (20/10) 40.50 6 $270,238 $6,673
Blokwerf North 5 (24/11) 8.73 9 $1,642 $188
Blokwerf South 5 (24/11) 27.76 19 $13,630 $491
Blokwerf South 5 (24/11) 24.33 13 $29,254 $1,202
Blokwerf South 5 (24/11) 55.17 22 $63,160 $1,145
Blokwerf South 6 (28/2) 8.34 5 $4,958 $595
Oena Proper 6 (28/2) 10.72 7 $29,966 $2,795
Oena Proper 6 (28/2) 41.26 10 $153,123 $3,711
Oena Proper
(Q3 2023 sales) 7 (28/3) 6.47 3 $19,675 $3,041
Total (tenders 1-7) 587.57 289 $1,069,553 $1,820
Table 3 – Total diamond sales June 2022 to 30 March 2023.
Tender no.
(day/mo.)
Weight (carats) Gross revenue
(USD)
Mining location Price per carat
(USD)
3 (22/9) 18.69 $97,823 Blokwerf South $5,233
3 (22/9) 21.36 $36,888 Blokwerf South $1,727
3 (22/9) 12.35 $70,383 Blokwerf South $5,700
4 (20/10) 15.19 $59,646 Blokwerf South $3,927
4 (20/10) 31.33 $268,107 Blokwerf North $8,559
5 (24/11 12.88 $18,189 Blokwerf South $1,423
6 (28/2) 10.23 $32,613 Oena Proper $3,190
6 (28/2) 20.66 $115,600 Oena Proper $5,596
Total (tenders 3-7) 142.71 $699,249 - $4,900
Table 4 – Oena Diamond Mine Specials sold June 2022 to March 2023.
Oena consists of an 8,800 -hectare mining right located along the Orange River ( Figure 1). Oena is owned by
African Star Minerals (ASM) of which 43% is owned by Southston e. ASM received 20% of gross revenue and
ASM is responsible for any mineral royalties payable.
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Figure 1 – Oena Mining License
The Company also reports that Ms. Donna M. Moroney has resigned as Director, effective 21 February 2023,
and will remain as Corporate Secretary of the Company.
The technical disclosure in this news release has been approved by Terry L. Tucker, P.Geo., 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
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.
Forward-Looking Statement
Certain information set forth in this news release contains “forward- looking statements” and “forward- looking
information” under applicable securities laws. Except for statements of historic al fact, certain information contained
herein constitutes forward-looking statements, which include management’s assessment of future plans and operations
and are based on current internal expectations, estimates, projections, assumptions and beliefs, whic h may prove to be
incorrect. Some of the forward-looking statements may be identified by words such as “forecasts”, estimates”, “expects”
“anticipates”, “believes”, “projects”, “plans”, “outlook”, “capacity” and similar expressions. These statements are no t
guarantees of future performance and undue reliance should not be placed on them.
Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the
Company’s actual performance and financial results in future periods to differ materially from any projections of future
performance or results expressed or implied by such forward- looking statements. These risks and uncertainties include,
but are not limited to statements with respect to the estimation of mineral resources; the realization of mineral resource
estimates; anticipated future production, capital and operating costs; cash flows and mine life; potential size of a
mineralized zone; potential expansion of mineralization; potential types of mining operations; permitting timelines;
government regulation of exploration and mining operations; risks that the presence of diamond deposits mentioned
nearby the Company’s property are not indicative of the diamond mineralization on the Company’s property, the supply
and demand for, deliveries of and the level and volatility of prices of rough diamonds, risks that the actual revenues will
be less than projected; risks that the target production for the existing mining contracts will be less than projected or
expected; risks that production will not commence as projected due to delay or inability to receive governmental approval
of the Company’s acquisition or the timely completion of an NI43-101 report; technical problems; inability of management
to secure sales or third party purchase contracts; currency and interest rate fluctuations; COVID -19; foreign exchange
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fluctuations and foreign operations; various events which could disrupt operations, including labor stoppages and severe
weather conditions; and management’s ability to anticipate and manage the foregoing factors and risks.
The forward- looking statements and information contained in this news release are based on certain assumptions
regarding, among other things, future prices for coal and diamonds; future c urrency and exchange rates; the Company’s
ability to generate sufficient cash flow from operations and access capital markets to meet its future obligations; coal
consumption levels; and the Company’s ability to retain qualified staff and equipment in a co st-efficient manner to meet
its demand. There can be no assurance that forward- looking statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements. The reader is cautioned not to place undue
reliance on forward- looking statements. The Company does not undertake to update any of the forward- looking
statements contained in this news release unless required by law. The statements as to the Company’s capacity to achieve
revenue are no assurance that it will achieve these levels of revenue.