In a statement, the company said it had issued 148.2 million new shares at
It said the work programme at Baoule is set to cost
"The company intends to allocate funds to accelerate BaoulÉ to trial mining and is already in the process of relocating its assets from Droujba and Mandala to BaoulÉ, particularly its MB 100 dense media separation plant which is capable of processing large tonnages and recovering large, high value diamonds for which the Aredor area is renowned," it said in a statement.
It is scheduling the commissioning of the plant for August, and hopes to start trial mining in September.
Stellar will be able to earn up to 100% of the interest in the site. It will earn a 75% interest by spending
"Stellar intends to acquire its 75% interest in the BaoulÉ project, as per the joint venture agreement, through a combination of past and future expenditure and vending in of various plant and machinery assets before the commencement of the trial mining," it said in its statement Thursday.
The move marks an acceleration of its plans for the project, which the company said was prudent given the tough market for small mining companies. So-called junior resources companies are finding it much tougher to raise new funds and find partners for projects after some metals prices fell sharply last year.
"Given the tough market conditions for small mineral resources companies, the directors believe that the acceleration of BaoulÉ to trial mining is the correct strategy to deliver shareholder value as BaoulÉ has the potential to generate cash flow for the company during the second half of 2014," it said.
Stellar said the continuing bulk sampling of the 1.1 million carat Dyke-1 resource at the Tongo project in Sierra Leone continues to yield "very high" diamond grades with "exceptional quality" diamonds.
"Stellar recently reported recovery of 551 carats at an average bulk sample grade of 126 carats per hundred tons which is in excess of the modelled resource grade of 120cpht," it said in its statement. "Stellar will continue with the bulk sampling programme into
The company said
Most Popular Stories
- Homeowners More Satisfied With Mortgage Servicers
- Russia, Ukraine Now Face Off Over Football Clubs
- Law Lets Users Unlock Cellphones
- Motorists Get Rare Summer Break on Gas Prices
- Body Parts Retrieved at MH17 Crash Site
- Obama Vows to Veto House Immigration Bill
- Government Meets Goal for Small-business Contracts
- Reno Gigafactory No Cinch to Land Tesla Plant
- MassMutual Teams Up With ALPFA
- Chrysler U.S. Sales in July Hit 9-Year High