Diamond exploration company Pangea DiamondFields has announced the third successful sale by tender of diamonds from its Bakerville Project 250km west of Johannesburg, South Africa.



The diamond sale yielded an average price of $238 per carat from a run of mine parcel of 796 carats. To date, over 2,000 carats have been sold by tender from Bakerville at an average price of $366 per carat of diamond.



The company announced that operations at the Bakerville diamond project will be put on care and maintenance with immediate effect until such time that the diamond mining company is in a position to develop a commercial scale operation.



However, diamond exploration will continue, targeted to delineate additional resource potential outside the current resource area.



Pangea DiamondFields CEO Brett Thompson commented: “The results from the Bakerville diamond project continue to encourage management and this latest update to the resource sees the economics of the project improve further. Whilst we do not wish to slow the momentum at Bakerville, it is a statutory requirement that we await the relevant authorization before scaling the diamond project up to its full potential. We remain in a strong position with the Bakerville project ready for development, an improved resource and the relatively low inherent operating risk present in South Africa.”