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Karelian losses widen

By BFN News | 08:14 AM | Monday 27 February, 2017

Karelian Diamond Resources posts an after-tax loss of €117,067 for the six months to the end of November compared with €109,813 a year ago. The group's net assets totalled €8,370,091 compared with €8,249,640 last time. The company said it raised £425,000 (€505,000) before expenses on 21 December to fund the advancement of its principal diamond opportunities. Chairman Professor Richard Conroy said the company's exploration programme led to the discovery of a diamond in a till sample. He said: "This very rare discovery was highly significant not only in itself but also because it was allied with the discovery of high concentrations of Kimberlite indicator minerals. "These high concentrations of KIMs suggest that a diamondiferous kimberlite body may be present in the area which could be the source of the diamond discovery. "Lahtojoki diamond deposit - Exploration carried out suggests that in addition to the Lahtojoki deposit there may be further diamond resource potential in the immediate area, six kimberlite boulders found. "Riihivaara - Analysis of the indicator minerals suggests that the kimberlite body is likely to be diamondiferous." At 8:14am: (LON:KDR) Karelian Diamond Resources PLC share price was 0p at 0.53p Story provided by

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