A sale of diamonds from the Aredor mine in Guinea has netted US$1.4 million for
The diamonds were sold in two separate deals. In the first deal, four parcels of gem-quality stones weighing 2,151.2 carats were sold for a total of US$1.3 million. The second sale, of near-gem diamonds weighing 2,178 carats, netted $104,000.
The company also reports that it will refine its processing circuit by adding a machine to treat oversize material. About 16,000 tonnes of oversize material have been stockpiled in the three years the company has operated the mine.
For the third quarter ended March 31, the company reported a loss of $855,717 on sales of $2.9 million.
During the quarter, Trivalence amended the terms of two of its loans. Its line of credit from an affiliated company was boosted to $10.8 million, with the due date pushed back two years to 2002. The loan is also convertible into Trivalence shares.
The second amendment stems from an increase in cash loans to the company by its directors. That figure now stands at $1.3 million, which comes due in 2002.
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