Q2 and Q3 2020 Operational Update

VANCOUVER, British Columbia, July 08, 2020 (GLOBE NEWSWIRE) -- Southstone Minerals Limited (“Southstone” or the “Company”) (TSX.V – SML) is pleased to provide a production and operational update for the period of 1 December 2019 to 28 February 2020 (Q2 2020) and 1 March to 31 May 2020 (Q3 2020) on its project portfolio located in South Africa.

Oena Diamond Mine, Republic of South Africa

Southstone continues to focus and prioritize its efforts on the Oena Diamond Mine. There is currently one mining contractor on site using eight (8) pan plants to process run of mine (“ROM”) material and one Bourevestnik (“BVX”) unit used for diamond recovery.

Production results for both Q1 and Q2 were impacted as a result of the mandatory closure of the mine for the period from 26 March 2020 to 3 May 2020 due to COVID-19. A total of 803.92 carats (112 diamonds) were produced, placed on tender and sold with an average price of US1,957 per carat.

Bluedust	Carats Produced	Number of Stones	US $ / carat
Q2 2020 ROM	588.14	77	1,942
Q3 2020 ROM	215.78	35	2,001

The Oena Diamond Mine continues to produce very large and high-quality diamonds as summarized below.

All stones > 10 cts
Stone	Stone Size (carats)	Sold Price US $	US $ / carat
1	52.62	$127,975	$2,432
2	44.25	$243,000	$5,492
3	37.03	$188,962	$5,103
4	35.00	$535,000	$15,286
5	33.54	$111,095	$3,312
6	33.36	$105,084	$3,150
7	32.01	$85,999	$2,687
8	19.42	$39,500	$2,034
9	15.16	$34,068	$2,247
10	14.74	$42,900	$2,910
11	14.64	$60,017	$4,100
12	14.51	$36,572	$2,520
13	13.52	$24,350	$1,801
14	12.75	$65,025	$5,100
15	12.74	$19,525	$1,533
16	11.46	$58,336	$5,090
17	11.11	$23,450	$2,111
18	10.65	$11,406	$1,071
19	10.63	$32,600	$3,067
20	10.63	$33,488	$3,150
21	10.51	$91,560	$8,712
22	10.34	$53,555	$5,179
23	10.23	$34,581	$3,380

Kwena Group, Republic of South Africa