TSX.V Symbol (DMI)
KELOWNA, BC,
July 2, 2013 /PRNewswire/ -
Diamcor Mining Inc. (TSX-V.DMI), (the "Company") an emerging
producer of rough diamonds, announces the tender and sale of
3,123.32 carats of rough diamonds for total proceeds of
$415,495.03 (US), or $133.03 (US) per carat on average, from the
Company's Krone-Endora at Venetia Project (the "Project").
The rough diamonds sold were recovered in conjunction with testing
and commissioning exercises performed on the expanded quarrying and
in-field screening operations at the Project, which were very
limited due to the significant delays caused throughout the quarter
by the previously announced unusual rains. The Company
estimates that approximately 50% of the rough diamonds sold were
recovered from the re-treatment of previously processed -10mm
material through the new expanded quarrying and in-field screening
operations, with the remaining recoveries coming from the
processing of new material up to only -12mm.
"I am very pleased with our team's ability to achieve these
results given the significant challenges they faced during the
quarter", commented Mr. Dean
Taylor, President and Chief Executive Officer of Diamcor,
"The new expanded quarrying and in-field operations are more
efficiently able to process the smaller size fractions as confirmed
by the additional rough diamonds recovered thru the re-treatment of
these previously processed materials. The overall dollar per carat
achieved for these exercises certainly exceeded our expectations
given that the challenging operating circumstances of the quarter
were expected to result in a weaker, non-representative sample
consisting of a greater number of smaller rough diamonds as
compared to results expected during normal operations", added
Mr. Taylor.
Despite the fact that no material above 12mm in
size has yet been processed by the Company, of the 6,702.90 carats
tendered to date, approximately 500 individual rough diamonds have
been recorded at 1.0 carat in size or larger. The quantity, size
frequency distribution, quality assessment, and initial price
achieved by the rough diamonds recovered and sold to date continues
to meet or exceed the Company's expectations. The Company's
focus will now shift towards the processing of all materials,
including those above 12mm in size. It should be noted that
these testing recoveries, and sales, do not form part of the
initial NI43-101 Technical Report filed by the Company in
July 30, 2009, and thus no grade,
price, or quality determination is intended by the Company due to
the nature and purpose of the processing of this material.
About Diamcor Mining Inc.
Diamcor Mining Inc. is a fully reporting publically traded
junior diamond mining company which is listed on the TSX Venture
Exchange under the symbol V.DMI, and on the OTC QX International
under the symbol DMIFF. The Company has a well-established
operational and production history in South Africa, extensive experience supplying
rough diamonds to the world market, and has established a long-term
strategic alliance with world famous Tiffany & Co. Rather
than exposing itself to the high risks and costs associated with
exploration, the Company's focus is on the identification,
acquisition, and operation of unique diamond projects with
near-term production potential such as the Krone-Endora at Venetia
Project. For additional information on Diamcor, please visit
our website at www.diamcormining.com.
About the Tiffany & Co. Alliance
As announced on March 29, 2011,
the Company has established a long-term strategic alliance and
first right of refusal with Tiffany & Co. Canada, a subsidiary of world famous
New York based Tiffany & Co.,
to purchase up to 100% of the future production of rough diamonds
from the Krone-Endora at Venetia Project at then current prices to
be determined by the parties on an ongoing basis. In
conjunction with this first right of refusal, Tiffany & Co.
Canada also provided the Company
with substantial financing to advance the Project as quickly as
possible. Tiffany & Co. is a publically traded company which is
listed on the New York Stock Exchange under the symbol TIF.
Founded in 1837, the Tiffany name is now globally recognised as one
of the premier luxury jewellery and specialty retailers in the
world. Through Tiffany & Co. and various other subsidiaries,
the company is engaged in product design, manufacturing, and
retailing activities on a global basis. As of January 2013, Tiffany & Co. operated 275
stores and boutiques in the Americas, Japan, Asia-Pacific, Europe and the United Arab Emirates, and also engages in
direct selling through internet, catalog and business gift
operations. For additional information on Tiffany & Co., please
visit their website at www.tiffany.com.
About Krone-Endora at Venetia
In February 2011, Diamcor acquired
the Krone-Endora at Venetia Project from De Beers Consolidated
Mines Limited, consisting of the prospecting rights over the farms
Krone 104 and Endora 66, which
represent a combined surface area of approximately 5,888 hectares
directly adjacent to De Beers' flagship Venetia Diamond Mine in
South Africa. De Beers previously
completed various exploration efforts on initial areas of interest
comprised of approximately 307 hectares, a summary of which was
reported in an initial Independent NI 43-101 Technical Report filed
by the Company on July 30, 2009. The
deposits which occur on the properties of Krone and Endora have
been identified as a higher-grade "Alluvial" basal deposit which is
covered by a lower-grade upper "Eluvial" deposit. The deposits are
proposed to be the result of the direct-shift (in respect to the
"Eluvial" deposit) and erosion (in respect to the "Alluvial"
deposit) of an estimated combined 1,000 m (1 km) of material from
the higher grounds of the adjacent Venetia Kimberlite areas. The
deposits on Krone-Endora occur in two layers with an average total
depth of less than 15.0 metres from surface to bedrock, allowing
for a very low-cost mining operation to be employed with the
potential for near-term diamond production from a known
high-quality source. Krone-Endora also benefits from the
significant development of infrastructure and services already in
place due to its location directly adjacent to the Venetia
Mine. Since acquiring Krone-Endora the Company has completed
the construction and installation of extensive infrastructure at
the Project, along with the installation of a purpose built modular
processing plant, and extensive quarrying and in-field screening
operations. Commissioning of the processing plant is now
complete, and the Company's current efforts are designed to be a
continuation of the ongoing advancement of the Project, and as part
of the Company's final preparations in anticipation of a planned
move to 24/7 operations in the near future.
Qualified Person Statement:
Mr. James P.
Hawkins (BSc., P.Geo), is Manager of Exploration &
Special Projects for Diamcor Mining Inc., and the Qualified Person
in accordance with National Instrument 43-101 responsible for
overseeing the execution of Diamcor's exploration programmes and a
Member of the Association of Professional Engineers and
Geoscientists of Alberta
("APEGA"). Mr. Hawkins has reviewed this press release and
approved of its contents.
On behalf of the Board of Directors
Mr. Dean H. Taylor
President & CEO
Diamcor Mining Inc.
DTaylor@diamcormining.com
Tel (250) 864-3326
www.diamcormining.com
Investor Relations Contact:
Justin Vaicek
Liolios Group, Inc.
DMI@liolios.com
Tel (949) 574-3860
This press release contains certain
forward-looking statements. While these forward-looking
statements represent our best current judgement, they are subject
to a variety of risks and uncertainties that are beyond the
Company's ability to control or predict and which could cause
actual events or results to differ materially from those
anticipated in such forward-looking statements. Further, the
Company expressly disclaims any obligation to update any forward
looking statements. Accordingly, readers should not place
undue reliance on forward-looking statements.
WE SEEK SAFE HARBOUR
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE Diamcor Mining Inc.
