First Diamonds Sold From Brazil's Aragarcas Project

March 10, 2000

First Diamonds Sold From Brazil's Aragarcas Project

An initial parcel of diamonds recovered from test mining operations at the Aragarcas alluvial diamond project in Brazil has been sold, according to the two companies that have interests in the project, Highgrade Ventures Ltd. and Tapajos Gold Inc., both of Vancouver, BC, Canada.

A total of 2,616 diamonds with a combined weight of 742 carats were sold for $115,936. This is an average of $156 per carat for the parcel, which includes industrial and gem-quality diamonds. Higher value diamonds included:

  • Three diamonds with a combined weight of 10.79 carats, selling at $1,100 per carat.
  • Four diamonds with a combined weight of 11.72 carats selling at $1,000 per carat.
  • One 6.8-carat diamond selling at $900 per carat.
Michael J. Downes, president of Highgrade Ventures Ltd., and Jag Vyas, president of Tapajos Gold Inc., said their companies were encouraged that the selling price, on a per-carat basis, was higher than the average of a valuation previously reported in January.

This sale represents the proceeds from 75 days of test mining production, in a period from the start of processing in October 1999 through to January 2000. This phase of mining will provide information on grade continuity needed to complete a study to determine if a full-scale mining operation is feasible. Test mining is continuing.

- by Mark E. Dixon