Mano River Resources Inc

Published : June 19th, 2008

First 1,000 Carats Produced from Underground Trial Mining at Kono Project in Sierra Leone

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
=======================================================================
Re:   News Release - Thursday, June 19, 2008
      First 1,000 Carats Produced from Underground Trial Mining at Kono
      Project in Sierra Leone
=======================================================================

Mano River Resources Inc. ("Mano" or "the Company") the TSX-V and
AIM-listed exploration and development company focussed on West Africa,
is pleased to announce a progress update on the Kono kimberlite Diamond
project in Sierra Leone.  The Kono project is a Joint Venture between
Stellar Diamonds Ltd ("Stellar") (49%) and Petra Diamonds Limited
("Petra") (51%). Mano River is a 63.2% shareholder in Stellar. 

Kono Project Highlights:

..  1,049 carats (12,132 diamonds) recovered from trial mining to end
   May 2008

..  First commercial Diamond tender, and project revenues, scheduled for
   August 2008

..  Pol-K shaft in-situ kimberlite grade increased to 66 carats per
   hundred tonnes ("cpht") and Bardu shaft in-situ grade established at
   75cpht

..  Stope trial mining from Pol-K shaft due to commence in August

..  3,167 line km E-M geophysical survey completed, processing and
   target selection ongoing

Karl Smithson, CEO of Stellar Diamonds commented:

"The production of the first 1,000 carats from underground trial mining
is a significant milestone in our Joint Venture with Petra Diamonds.
We continue to be encouraged by the kimberlite grades and observed
quality of diamonds being produced.  We are moving to a position at the
Pol-K shaft where we expect to significantly increase the monthly
tonnage and Diamond production. Through the planned tenders of diamonds
in August and October, and regular Diamond sales in the coming months,
we expect to be able to offset project expenditure from revenues.
We take this opportunity to congratulate Petra Diamonds, our partners
and operators of the Kono project, for their continued diligent
management and excellent progress made to date."

Overview

The exploration and trial mining operations at Kono project are
progressing well and continue to deliver encouraging results.  Two
shafts are being developed, Pol-K and Bardu, and processing of
exploration and development material to date has yielded 12,132
diamonds weighing a total of 1,049 carats.

The first commercial tender of diamonds from the Kono project is
planned for August in Johannesburg, through existing Petra marketing
channels.  This is likely to comprise approximately 800 carats of
diamonds from the Pol-K shaft and will give an indication of the likely
minimum value to be realised from this kimberlite shaft.  A second,
larger tender, comprising diamonds produced from the first Pol-K stope,
is being scheduled for October.

As Diamond production from the trial mining stopes increases over the
coming months, revenues from Diamond sales are expected to generate
regular cash flow to offset against development expenditure.

Pol-K Shaft

Development at the Pol-K shaft is continuing at the 64.5m level, with
preparations underway for the commencement of test stope mining.
Stoping is expected to commence by August and will result in increased
ore extraction on which to assess, with more confidence, the Diamond
grade and value, as well as likely mining operating costs.  The current
grade at Pol-K is 66cpht and some 668.35 carats have been produced from
this kimberlite.

Bardu Shaft

At the Bardu shaft, which is currently at a depth of 50m, a break out
from the shaft has begun and exploration development along fissure
strike has commenced.  Some 244 carats of Diamond have been produced at
an average grade of 75cpht.  Shaft sinking will continue to the 64.5m
level (as at Pol-K) at which point, subject to ground conditions,
stoping operations will commence.

E-M Geophysical Survey

Due to the considerable exploration potential at Kono, a 3,167 line km
airborne electromagnetic geophysical survey has been completed by Fugro
Airborne Surveys, the objective being the discovery of kimberlite pipes
and blows. Processing of the data from the survey is expected to be
complete by August, when target identification and follow-up of
selected anomalies will commence.

Other News:
Tongo Project

Mini-bulk sampling of four kimberlite dykes has commenced at the 100%
owned Tongo project in Sierra Leone.  Previous Diamond testing by
Stellar and independent analysis of these results estimated Diamond
grades of between 100cpht and 500cpht for these kimberlites.
Extensions of some of these same kimberlites in an adjacent licence
were recently bulk sampled by Koidu Holdings, who reported grades of
between 196cpht and 288cpht from a 1,000 tonne sample.  The historical
Diamond value for the Tongo dykes is estimated to be over US$175 per
carat, which further supports Stellar's belief that these high grade
dykes could have economic potential.
The objective of Stellar's current mini-bulk sampling programme is to
collect and process approximately 400 tonnes of kimberlite in order to
determine with more confidence the Diamond grade and value from the
kimberlites within Stellar's licence area.

North DRC Project

The first phase sampling programme has been completed in the 1,308km2
Remec joint venture area.  Some 117 samples have been collected and
shipped to Stellar's Diamond laboratory in Monrovia, Liberia.  Initial
results show an abundance of kimberlitic indicator minerals in some
samples, which is suggestive of the presence of as yet undiscovered
kimberlites in the licence area.  An appropriate follow up programme
will be implemented once all results are available and interpreted.
Stellar has the right to earn a 75% interest in the joint venture
through funding to the bankable feasibility stage. 

IPO Update

The Board of Stellar has decided to push back the planned IPO to Q4-08
on the basis of prevailing market conditions.  Additionally, the Board
also felt that Stellar would be in a stronger position to complete its
IPO once the first Diamond tenders have been completed. By this time
Stellar expects to have realised its first revenues, adding value to
the Company ahead of the planned listing.  The Chairman of Stellar,
Lord Daresbury, has written to all Stellar shareholders in respect of
the above, as well as a proposed interim private placement of up to �2
million to be offered in July 2008.

For further information on Mano River Resources and Stellar Diamonds
Limited, you are invited to visit the Company's website at
www.manoriver.com or contact:

Mano River Resources Inc  
Luis da Silva, CEO
+44 (0) 20 7299 4212

Stellar Diamonds Limited  
Karl Smithson, CEO
+44 (0) 77 837 07971

Pelham PR  
Charles Vivian / James MacFarlane
+44 (0) 20 7743 6670

GMP Securities Europe LLP 
James Hannon
+44 (0) 20 7647 2803

Panmure Gordon (UK) Limited  
Edward Farmer
+44 (0) 20 7614 8384

Mano's Qualified Person responsible for reviewing the content of this
release is Karl Smithson, who holds a BSc in Geology from Kingston
University in the UK, and an MBA from the Graduate School of Business
in Cape Town, South Africa.  He is also a member of The South African
Council for Natural Scientific Professions and has 20 years of Diamond
industry experience.

Forward-Looking Statements

This press release includes certain Forward-Looking Statements. All
statements, other than statements of historical fact, included herein,
including without limitation, statements regarding potential Diamond
mineralisation and reserves, exploration results, marketing plans and
future plans and objectives of Mano, are forward-looking statements
that involve various known and unknown risks and uncertainties as well
as other factors. There can be no assurance that such statements will
prove to be accurate and actual results and future events could differ
materially from those anticipated in such statements. The Company has
no obligation to update or modify such forward-looking statements,
either as a result of new information, future events or for any other
reason, and we expressly deny any such obligation in relation thereto.
Important factors that could cause actual results to differ materially
from Mano's expectations are disclosed under the heading "Risk Factors"
and elsewhere in Mano's reports and other documents filed from
time-to-time with the TSX Venture Exchange and other regulatory
authorities in Canada and available under the Company's name on
www.sedar.com.

The TSX Venture Exchange has not reviewed and does not take
responsibility for the adequacy or accuracy of this release

=======================================================================
Copyright (c) 2008 MANO RIVER RESOURCES INC. (MANA)  All rights
reserved.  For more information visit our website at
http://www.manoriver.com/ or send mailto:releases@manoriver.com
=======================================================================
.
Data and Statistics for these countries : Canada | Liberia | Sierra Leone | South Africa | All
Gold and Silver Prices for these countries : Canada | Liberia | Sierra Leone | South Africa | All

Mano River Resources Inc

DEVELOPMENT STAGE
CODE : MNO.V
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Mano River is a gold and iron exploration company based in Canada.

Mano River develops gold, iron and diamonds in Sierra Leone, and holds various exploration projects in Cameroon, in Liberia and in Sierra Leone.

Its main asset in development is KONO in Sierra Leone and its main exploration properties are NTEM, TCHOLLIRE / REY BOUBA and DJOUM / AKONOLINGA in Cameroon and MANO RIVER, YRISEN - PAMPANA NORTH, SONFON NORTH / SOUTH, NIMINI and SE SIERRA LEONE REPL in Sierra Leone.

Mano River is listed in Canada, in Germany, in United Kingdom and in United States of America. Its market capitalisation is CA$ 146.6 millions as of today (US$ 117.2 millions, € 107.5 millions).

Its stock quote reached its lowest recent point on November 28, 2008 at CA$ 0.01, and its highest recent level on December 16, 2016 at CA$ 1.54.

Mano River has 151 090 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of Mano River Resources Inc
5/30/2008Announces Closing of Private Placement
Option Grants of Mano River Resources Inc
1/29/2008Grant Of Options
Nominations of Mano River Resources Inc
5/13/2009Board Appointment
3/31/2008Stellar Diamonds Closes £2.375 Million Pre-IPO Financing and...
1/21/2008Appoints Lord Daresbury
Project news of Mano River Resources Inc
8/10/2009(New Liberty)Mining Licence Granted for New Liberty Gold Project in Liber...
2/21/2008(Kono)Highly Encouraging Diamond Grades from Underground Trial Min...
4/19/2006Resumes drilling at KGL
3/23/2006announces further promising drilling results from its Weaju ...
Corporate news of Mano River Resources Inc
8/31/2009Publication of Quarter 2 2009 Accounts
7/3/2009And African Aura Sign Definitive Combination Agreement In Re...
6/25/2009Result of Annual General Meeting
6/16/2009Stock Option Correction
5/21/2009Stellar Diamonds Operational Update
5/15/2009and African Aura Announce Extension to the Deadline to Concl...
7/3/2008Director Dealing
7/3/2008.: Holdings in Company
6/19/2008First 1,000 Carats Produced from Underground Trial Mining at...
5/23/2008Signs Agreements With Severstal for Investment in Mano
1/23/2008Update on New Liberty Gold Project in Liberia
1/14/2008Posting of Circular
10/12/2007Encouraging Diamond Results from Tongo Project in Sierra Leo...
9/20/2007Encouraging Diamond Grades From Underground Test Mining at K...
9/14/2007Directorate Changes
8/28/2007Director Dealing
8/20/2007 Releases Rule 26 Information.
8/10/2007Changes Fiscal Year-End to December 31st
7/24/2007to Raise £2.3 Million Through Convertible Loan Notes
4/5/2007Plans Listing of "Stellar Diamonds" Subsidiary
3/20/2007Changes To Board Of Directors
3/15/2007on Putu Range Iron Ore Project in Liberia
3/29/2006and SearchGold conclude joint venture in Guinea aimed at ear...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (MNO.V)LSE (MANA.L)
0.970-4.90%61.00-0.14%
TSX-V
CA$ 0.970
04/06 10:30 -0.050
-4.9%
Prev close Open
1.02 1.03
Low High
0.950 1.08
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.970 -%
Volume 1 month var.
249,775 -%
Produces
Develops Diamonds
Explores for Gold
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2022-14.16%1.230.83
2021438.10%1.340.18
2020250.00%0.390.06
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.03-0.28%Trend Power :
OceanaGold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 8.91-2.73%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.59-3.26%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.05+10.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.06+0.00%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
 12.67+0.88%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.34+6.25%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.19+2.70%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
 1.77-2.21%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 40.37-0.22%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.