DIAMOND PAGE — Messina Diamond reports loss

Messina Diamond (MSC.U-T) reported a loss of US$3 million in the 10-month period ended Sept. 30, despite the third-quarter sale of two diamonds weighing together more than 54 carats.

Revenues from the sale of diamonds from the Messina and Star mines, in the South African provinces of Northern Transvaal and Orange Free State, respectively, totalled US$4 million.

At the company’s namesake mine, 8 high-quality stones, each weighing more than 5 carats, were recovered during the last quarter. The company also sold a 29.87-carat diamond for US$46,000 and a 25.83-carat stone for US$32,000.

At the Star mine, shaft sinking and development programs designed to access the East Star and Burns fissures remain on schedule. Grades and diamond quality in those fissures are higher than in areas currently being mined.

Messina spent US$2.65 million on exploration and development in the third quarter, chiefly at the Liqhobong project in Lesotho.