OFF TOPIC (a bit) but interesting in terms of valuation.
Black Swan Gold Mines Ltd. announces first diamonds sold from Coromandel project
VANCOUVER, March 18 /CNW/ - Black Swan Gold Mines Ltd.
Trading Symbol: TSE - BSW
BERLIN - BSM
FRANKFURT - BSM
Black Swan Gold Mines Ltd. is pleased to announce the sale of the initial
parcel of diamonds from the pilot plant at its Gamela alluvial diamond project
near Coromandel in the State of Minas Gerais, Brazil. A total of 32.38 carats
were recovered from 18 stones between January 6, 1999 and February 24, 1999
from a total volume of 3,918 cubic metres of gravels treated. The parcel
included the 16 carats of diamonds produced from the 500 cubic metres of test
material completed on February 11, 1999 as previously announced. These initial
results indicate a grade of 0.823 points per cubic metre for the material
processed. (1 carat = 100 points)
The parcel, which was sold for a total of US$40,171 equivalent to
US$1,241 per carat included one fancy green/yellow stone of 6.85 carats valued
at $34,250. Excluding this stone, the remaining 17 stones were valued at
$5,921.4 equivalent to $232 per carat. Speaking today Stephen Fabian,
President of Black Swan said ''Although the presence of fancy stones will
enhance the value of the Coromandel project, I am greatly encouraged by the
value of the remainder of the stones being in excess of $200 per carat.''
The pilot plant at Coromandel is now achieving its targeted throughput of
500 cubic metres per day and with the planned expansion announced on February
16, 1999 this will be increased to 1,000 cubic metres per day.
Black Swan is currently earning a 51% interest in the Gamela Property
covering approximately 1,200 hectares by taking it in to full commercial
operation. The Company has previously estimated a resource of over three
million cubic metres of gravels at Coromandel with considerable potential for
this to be increased.
View our Web Site at: www.blackswan.com
THE TORONTO STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE
CONTENTS OF THIS NEWS RELEASE
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