Rock12345
that's to be the spend in this Quarter (Oct/Dec) = $791k for exploration
and $1.4m for development
Quarterly activities report for the period ended 30 September 2016
Cashed Up
circa $9m (Aus) in each account (18m cash)
Diamond production - 8,853 carats (154% increase)
Volume treated - 64,779 bcm (47% increase)
Recovered diamond grade - 13.7 carats per 100m3 (73% increase)
Average diamond size - 1.9 carats per stone (62% increase)
Specials recovered – 137 (219% increase) incl 172 and 104 carat gems and 39 carat pink
US$10.3m (A$13.6m) gross proceeds from three diamond sales
2016 year to date gross sale revenues of US$36.5m (A$50.3m) at exceptional average price of US$2,935 (A$4,042) per carat
US$6.7m SML cash balance plus 2,286 carat diamond inventory at 30 September
Cash generation to continue in Q4 with sales incl 172, 104, 77, 72 and 71 carat diamonds
Further cash distribution proposed to SML partners from Q4 diamond sales
Commissioning of new wet front end delivers immediate results
Erection of new XRT technology and larger screens commenced to improve recovery of larger diamonds. Oversize gravel stockpiles now total ~19,000m3. Commissioning of modules commenced in October
Larger diamond sort house and deep boiling facility in Q4 will complete 2016 plant development program
Exploration at L259 and other high-priority kimberlite targets to be stepped up in anticipation of licence renewal
Two additional drilling rigs now secured - one owned and one contracted - to expedite drilling
Expanded airborne EM program planned over Cacuilo River and valley
Other Projects
Preliminary exploration programs completed at the Orapa Area F (Botswana) and Brooking (Western Australia) diamond projects. Results pending
Maiden profit declared for the first half of 2016, with increased full year profit expected on the back of record operational results
These Specials follow the recent recovery of white Type IIa D-colour diamonds
weighing 172 carats,104 carats and 72 carats, and a 39 carat pink,
the largest and most valuable fancy coloured diamond recovered to date at Lulo
The five white diamonds will be included in diamond sales scheduled for the current December 2016 Quarter
glta
