Vaaldiam finds record 15 carat stone in Brazil

Canada’s Vaaldiam Resources Ltd. has reported finding a record-sized gem-quality diamond weighing 15.68 carats at its wholly-owned Duas Barras mine in the State of Minas Gerais, Brazil. The large, light yellow octahedral stone is 81 percent larger than the largest diamond previously recovered at Duas Barras, which weighed 8.68 carats. Production from the Duas Barras alluvial mine consists of predominantly gem-quality stones at an average size of 0.37 carats per stone.

In January, Vaaldiam sold 13,603 carats of diamonds from the Duas Barras mine for gross sales of $2.2 million (U.S.), or $162.19 per carat. An additional 4,816 carats of diamonds found at Duas Barras are awaiting a Kimberley Process certificate so that the parcel can be exported to Antwerp for sale. This is expected to happen later in February.

Vaaldiam has two “debt-free” alluvial mines in production in Brazil, and is currently advancing its Braúna kimberlite project towards a feasibility study to be completed later this year, following completion of a bulk sampling program that is expected to begin shortly. Vaaldiam is also developing the 250,000 hectare Pimenta Bueno kimberlite property in the State of Rondônia, and the Catalão kimberlite property in the State of Goias, Brazil. The company will use cash flow generated from its alluvial mines to directly fund the exploration and development of its Brazilian kimberlite properties.

Brazil was the world’s leading source of rough diamonds until the discovery of diamond in South Africa in the late nineteenth century.

[AFNS] VANCOUVER, CANADA 26-02-2008 – A service of the Antwerp Facets News Service (AFNS).