Merlin Diamond discovers of two pink diamonds, one 0.039ct and the second 0.025ct. This is in addition to the recovery of a pink diamond (0.70ct) announced in the March 2017 quarterly report. The Company is encouraged by these discoveries that indicate the possibility of further pink diamonds at the Merlin diamond mine.
Merlin, the Company’s flagship project, undertook pilot production in 2013. The Merlin diamond mine is famous for producing large, high clarity, super white, and high value diamonds. Australia’s largest diamond, a 104.73 carat stone, was discovered at Merlin.
The Company sold parcels of rough diamonds from the 2010 production trials. The sales have generated proceeds of US$1.865 million. The Company has retained a quantity of high value special stones, including one which has been cut and polished for marketing and valuation purposes.