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Paragon Diamonds: Operational Update at Lemphane

Contributed by Fox-Davies Capital

Paragon Diamonds have released an operational update at the Lemphane project. The key aspects are that the mining licence application has been submitted following the successful completion of the scoping study. The water pipeline, installed earlier in 2013 is performing as expected and as a result the bulk sampling processing is continuing apace. The drilling programme is proceeding on target and preparations are being made for trial mining (full details are overleaf).

Paragon has wasted no time. The bulk sampling is proceeding at between 800 and 1,000t per week and the processing of the bulk sample will be complete by June 2013. This will immediately be followed by the trial mining of a 100,000t sample, for which the stripping has commenced over the central portion of the Lemphane kimberlite. Approximately 30% of the initial stage drilling has been completed, and has confirmed projections that the wall rock contacts taper at between 82° and 85°. The high-level scoping study has shown that there is a project with a mine life greater than 10 years.

Overall, everything is proceeding to plan and on schedule, with the key milestones being achieved.