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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Shear Diamonds Ltd. | TSXV:SRM | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Shear Diamonds Ltd. (TSX VENTURE:SRM) ("Shear") is providing a processing and operations update with respect to the high grade concentrate stockpiles at its Jericho diamond mine: -- Shear has been successfully in 24 hour operations since June 15, 2012. -- Since commencing 24 hour operations, Shear's average production rate has been in excess of 80 tonnes per day. -- Shear's average recovery grade for the period since May 17th, 2012 has been 10.9 carats per tonne, and recoveries since commencing 24 hour operations have been as good or better than from the prior production period. -- In light of these achievements, and in order to assist Shear in addressing its cash flow challenges, Tache Company NV ("Tache"), Shear's diamond marketing partner, have agreed to advance Shear an additional $550,000 over the course of the next few weeks. These advances are in the nature of prepayments for future production to be sold through Tache, and are conditional on Shear continuing its processing on an acceptable basis. -- Shear's next parcel of diamonds is due to be delivered to Tache in early July. About Shear Diamonds Ltd. Shear is a Canadian-based company focused on diamond exploration and development in Canada's North, where it explores established diamond districts and has discovered new ones. Shear currently has a portfolio of eight diamond projects, including three advanced projects with development potential. Shear holds a 100% interest in its recently acquired Jericho diamond mine and surrounding exploration assets, located in the Kitikmeot region of Nunavut. On behalf of the Board of SHEAR DIAMONDS LTD. Julie Lassonde, President & CEO
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