Gibb River Diamonds Revealed Quarterly And Trial Mining Updates

Gibb River Diamonds Revealed Quarterly And Trial Mining Updates

The West Perth, Australia-based Gibb River Diamonds Limited (ASX: GIB), established in 2008, is engaged in the development and exploration of minerals. Currently, the company owns and operates the Blina Diamond Project which includes many exploration leases spanning over 436 km2 in the Kimberley Region. Besides, it also explores for gold and phosphate deposits. [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]

Recently, the company released its Investor Presentation RIU-Hong Kong-PDAC Toronto, comprising the updates for the Trial Mining at the Blina Diamond Project in Western Australia. The highlights include alluvial channels with diamonds sourced from the E9 mine and multiple diamond bearing channels over 35 km of strike. Historically, the project had a high capacity for producing exceptional quality gems. The recent valuation of a 1,497-carat parcel of diamonds from Terrace 5 was posted including the overall parcel valuation of USD 389 per carat and the fancy yellow component valuation of USD 3,391 per carat. The company also wholly owns diamond processing plants.

At the end of the December 31st, 2018 quarter, the company reported that its bid for the Ellendale Diamond Mine lease, presently under government’s ownership, is actively being reviewed by the Department of Mines, Industry Regulation & Safety (DMIRS). Also, the Sortex diamond recovery machine installed by the company was fully operationalised during this period while the plant underwent testing with tracer beads and is now prepared for transport to site for the start of the process.

In addition, as per the mining exploration entity and oil and gas exploration entity quarterly report for December 31st, 2018, the cash and cash equivalents stood at around AUD 1.5 million. There were major cash outflows from operating activities at AUD 86,000, primarily resulting from payments for exploration and evaluation, administration and corporate costs along with staff costs. Besides, the cash outflows from investing activities were also recorded at AUD 43,000, stemming from payments rendered to acquire property, plant as well as equipment. There were no financing activities undertaken during the period.  The company estimates the cash outflows for the next quarter to be around AUD 496,000.

Most importantly, On November 26th, 2018, the company began trading on the ASX with its new name Gibb River Diamonds Limited from POZ Mineral Limited.

Gibb River Diamonds is a small cap diamond development company in the metals and mining sector on the ASX. It has a market capitalisation of approximately $ 10.39 million with around 179.08 million outstanding shares.

With the close of the trading session on February 19th, 2019, the GIB stock last traded at a market price of AUD 0.058, down 3.33% indicating an intra-day fall of AUD 0.002. Today, the stock is trading flat at A$0.058 (as at 2:15 PM AEST, 20 February 2019). Besides, the stock has generated a positive YTD return of 1.75% so far despite the sluggish performance with a negative return of 21.62% over the last six months.


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