Profit, profit, profit
Southstone Announces Profit for the 2019 Financial Year GlobeNewswireDecember 23, 2019, 2:06 PM PST VANCOUVER, British Columbia, Dec. 23, 2019 (GLOBE NEWSWIRE) -- Southstone Minerals Limited (Southstone or the Company) (TSX.V SML) is pleased to announce results of the audited financial statements for the Financial Year ending 31 August 2019. Southstone`s strategic focus on its diamond operations, in particular the Companys flagship asset, the Oena Diamond Mine, South Africa, resulted in a diamond production increase of 76% to 1,694.50 carats during the 2019 Financial Year (2018:961.90 carats), which sold for an average of US$1,664 (2018: US$1,462). The Oena Diamond Mine continues to improve operationally, produce very high-quality diamonds and notably 26 diamonds produced exceeded 10 carats in size and sold for an average price of US$4,109 per carat. Turnover from the Kwena Group operations was up 10% from C$13.1M in fiscal 2018 to C$14.5M in fiscal 2019. Tonnage remained consistent with 7.6M tonnes processed in fiscal 2019 compared to 7.7M tonnes in fiscal 2018. The increase in Oena Diamond Mine production, which resulted in financial recoveries from exploration increasing 108% year on year, along with the improved turnover of the Kwena Group, resulted in the Company reporting a profit of C$254,269 in the 2019 Financial Year as compared to a loss of C$1,126,172 for the 2018 Financial Year. ..... Awesome news... This is just the beginning of something big... Happy new year!!