Richland Resources, the coloured gem stone miner, says new tests have indicated the life of its Mereleni mine in Tanzania could be extended by 30 years.
The total indicated resource of the mine is now estimated at 105 million carats up from the previously thought 72 million carats.
Between 2004 and 2011 the mine produced over 11.5 million carats from around 266,000 tonnes of material.
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The new tests have made the asset "JORC compliant", which means it conforms to internationally recognised measurement standards.
Richmland shares have jumped 9.6% in morning trading. Over the past year the stock has gained 29%.
BS
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