February 21, 2024
NEWS RELEASE
LUCARA UNVEILS DIAMOND RECOVERIES
FROM ITS KAROWE MINE
VANCOUVER, BC - February 21,
2024 /CNW/ (LUC - TSX, LUC - BSE, LUC -
Nasdaq Stockholm)
Lucara Diamond Corp. ("Lucara" or
the "Company") is pleased to announce the recovery of a 320-carat,
111-carat, and two +50-carat stones from its 100% owned Karowe
Diamond Mine located in Botswana (image attached). These diamonds
were recovered from the direct milling of EM/PK(S) kimberlite ore
from the South Lobe during a recent production run that saw
additional recoveries of numerous, smaller +10.8 carat diamonds of
high value.
The 320-carat is a stunning,
gem-quality, top light brown diamond while the 111-carat diamond is
described as a magnificent Type IIa white stone of high quality.
The two +50-carat stones add to these recent recoveries and are
also Type IIa white diamonds. These recoveries add to the
collection of significant diamonds recovered at Karowe and further
solidifies Lucara's reputation as a leader in the recovery of
large, high-quality diamonds.
The recoveries from the EM/PK(S)
unit highlight the continued success of Lucara's mining operations
at the Karowe Diamond Mine and re-enforce the development of the
underground mine which will target >95% EM/PK(S) ore
during the first three years of underground production. The
Company's adoption of advanced diamond recovery technology has
enabled the continued identification and retrieval of these
extraordinary diamonds and strong resource performance.
William Lamb, President and CEO of
Lucara Diamond Corp., commented on the recent discoveries,
stating:
"These diamond recoveries from the
EM/PK(S) domain of the South Lobe further validate the quality and
potential of the Karowe Diamond Mine. We are thrilled with the
consistent success we continue to achieve in uncovering large,
high-value diamonds, reaffirming Lucara's position as a leading
producer of large high-quality gem diamonds. Our team's dedication
to innovation and operational excellence continues to drive our
success, and we look forward to delivering further value to our
stakeholders through these extraordinary discoveries."
Lucara Diamond Corp. remains
committed to responsible and sustainable mining practices while
delivering exceptional value to its shareholders and
stakeholders.
This press release has been reviewed
and approved by Dr. John Armstrong, Ph.D. P.Geol., Vice-President,
Technical Services of the Company and a "Qualified Person" for the
purposes of National Instrument 43-101.
On
behalf of the Board,
William Lamb
President and Chief Executive
Officer
Follow Lucara Diamond on
Facebook,
Instagram,
and LinkedIn
For further information, please
contact:
ABOUT LUCARA
Lucara is a leading independent
producer of large exceptional quality Type IIa diamonds from its
100% owned Karowe Diamond Mine in Botswana. The Karowe Mine has
been in production since 2012 and is the focus of the Company's
operations and development activities. Clara Diamond Solutions
Limited Partnership ("Clara"), a wholly-owned subsidiary of Lucara,
has developed a secure, digital sales platform which ensures
diamond provenance from mine to finger. Lucara has an
experienced board and management team with extensive diamond
development and operations expertise. Lucara and its
subsidiaries operate transparently and in accordance with
international best practices in the areas of sustainability, health
and safety, environment, and community relations. Lucara has
adopted the IFC Performance Standards and the World Bank Group's
Environmental, Health and Safety Guidelines for Mining
(2007). Accordingly, the development of the Karowe
Underground Project adheres to the Equator Principles. Lucara is
committed to upholding high standards while striving to deliver
long-term economic benefits to Botswana and the communities in
which the Company operates.
The information is information that
Lucara is obliged to make public pursuant to the EU Market Abuse
Regulation and the Swedish Securities Markets Act. This information
was submitted for publication, through the agency of the contact
person set out above, on February 21, 2024 at 6:00 a.m. Pacific
Time.
CAUTIONARY NOTE REGARDING FORWARD
LOOKING STATEMENTS
Certain of the statements made
herein contain certain "forward-looking information" and
"forward-looking statements" as defined in applicable securities
laws. Generally, any statements that express or involve discussions
with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions or future events or
performance and often (but not always) using forward-looking
terminology such as "expects", "is expected", "anticipates",
"believes", "plans", "projects", "estimates", "budgets",
"scheduled", "forecasts", "assumes", "intends", "strategy",
"goals", "objectives", "potential", "possible" or variations
thereof or stating that certain actions, events, conditions or
results "may", "could", "would", "should", "might" or "will" be
taken, occur or be achieved, or the negative of any of these terms
and similar expressions) are not statements of historical fact and
may be forward-looking statements.
In particular, forward-looking
information and forward-looking statements may include, but are not
limited to, information or statements with respect to the
anticipated benefits of the Diamond Sales Agreement, including the
ability to achieve regular cash flows and the ability to achieve
better pricing than available through tender.
.
Forward-looking information and
statements are based on the opinions and estimates of management as
of the date such statements are made, and they are subject to
several known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievement expressed or implied by such
forward-looking statements, including risks related to changes in
the market for diamond sales. The Company believes that
expectations reflected in this forward-looking information are
reasonable, but no assurance can be given that these expectations
will prove to be correct. Certain risks which could impact
the Company and its performance under the Diamond Sales Agreement
are discussed under the heading "Risks and Uncertainties" in the
Company's most recently filed Interim MD&A and, in the
Company's most recent Annual Information Form available at
http://www.sedar.com (the "AIF").
The foregoing is not exhaustive of
the factors that may affect any of our forward-looking statements.
Forward-looking statements are statements about the future and are
inherently uncertain, and our actual achievements or other future
events or conditions may differ materially from those reflected in
the forward-looking statements due to a variety of risks,
uncertainties, and other factors, including, without limitation,
those referred to in this news release.
Although the Company has attempted
to identify important factors that could cause actual actions,
events, or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. The forward-looking statements contained in this news
release are based on the beliefs, expectations, and opinions of
management as of the date of this disclosure. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers and investors should not place undue reliance on
forward-looking statements. Forward-looking information and
statements are made as of the date of this disclosure and
accordingly are subject to change after such date. Except as
required by law, the Company disclaims any obligation to revise any
forward-looking information and statements to reflect events or
circumstances after the date of such information and statements.
All forward-looking information and statements contained or
incorporated by reference in this news release are qualified by the
foregoing cautionary statements.