Newfield Resources Raises $8.7 Million to Advance Allotropes Diamond Project, Sierra Leone
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Newfield Resources Ltd has raised $8.7 million from an underwriting of unlisted options to for development of its Allotropes Diamond Project in Sierra Leone.
Earlier this month Newfield recovered over 2,000 carats of diamonds from the ongoing alluvial trial mining and resource definition program at the Allotropes project.
The company offered these diamonds for sale at the Antwerp, Belgium, diamond tender which commenced May 17, 2016.
The average stone size for this parcel was up 18 percent from the previous lot, and over 10 percent of the consignment comprised of stones 2 carats and above.
The stones mined to date could provide the technical basis for estimating Allotrope’s diamond population, as well as its future revenue modeling.
NWF’s milestones achieved at the Sierra Leone project include the completion of a 4,000 line-kilometer airborne magnetic survey, refurbishment of dredging facilities and the commencement of exploration at the Sewa river, and the relocation of a second processing plant to Sumbuya.
As at March 31, 2016, Newfield held cash of $3.3 million.
Source: (May 27, 2016) Proactive Investors
About Newfield Resources
Newfield Resources Ltd is focused on diamonds in Sierra Leone.
To stop by Newfield’s website, CLICK HERE
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