Merlin conjures up pink diamonds

PERTH (miningweekly.com) – The share price of ASX-listed Merlin Diamonds rose by more than 14% on Tuesday after the company announced that 32 pink diamonds, totalling 6.63 ct, have been recovered from its Merlin mine, in the Northern Territory.

Merlin told shareholders that the company was encouraged by the discovery of these pinks, and it was a good indicator that more significant discoveries will be made as mining in the five pits started.

Mining operations will ramp up this quarter, as the contractor begins extracting fresh ore from the first pit.

Merlin shares rose to a high of 0.9c a share, up from a low of 0.8c a share.