Stellar Diamonds plc, the London listed diamond development company focused on West Africa, announces that it has agreed with Octea Mining to extend the longstop date (for the satisfaction of certain of the conditions precedent of the binding Tribute Mining and Revenue Agreements ( “Agreements”) in relation to the Tongo-Tonguma mine development project in Sierra Leone, as defined in the announcement dated 28 April 2017) to 31 January 2018 whilst certain project funding options are being pursued. Stellar will undertake to cover project costs at Tonguma during the longstop period, which equate to approximately US$80,000 per month.

Tonguma is a 25 year mining licence that is located adjacent to Stellar’s Tongo licence, which together form the Tongo-Tonguma project that hosts the 4.5 million carat resource currently defined from three individual high grade kimberlites that stretch across the licences. Tonguma hosts significant camp facilities and other infrastructure which will be used as the platform for the future mine development and kimberlite ore processing, thus saving significant time and money in the lead up to the proposed mine development.