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Mano River Widens Loss

Release time: 2008-6-12 0:18:13 Visit frequency: 242

Exploration company Mano River Resources said its net loss widened by 169 percent to $745,653 in the three months ending March 31, 2008 as expenses soared during the period. The company, which has diamond, gold and exploration projects in Africa, said expenses increased nine-fold to $2.65 million for the period. No revenues were reported. In 2007, Mano transferred all its diamond assets into a new company named Stellar Diamonds Limited with the intention to list Stellar on the London Stock Exchange’s Alternative Investment Market (AIM). “This process has been ongoing and the timing of the planned IPO will be subject to market conditions,” Mano said in its quarterly report Thursday. Mano currently owns 64.06 percent of Stellar Diamonds Ltd. Mano said its focus at Stellar is to progress the two near-term production projects at Kono in Sierra Leone and at Mandala in Guinea. The Kono joint venture project, in which Stellar has 49 percent stake with Petra Diamonds owning the remainder, has moved into underground trial mining with good grades achieved to date, while the fully owned alluvial Mandala project has made considerable progress with a DMS plant now under construction, Mano reported. The Kono joint venture recently said that a total of 8,640 diamonds (760 carats) have been recovered at Kono in trial mining, and that a parcel of 581 carats has been shipped to South Africa for valuation.

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