TSX.V Symbol (DMI)
KELOWNA, BC, July 11, 2013 /PRNewswire/ - Diamcor Mining
Inc. (TSX-V.DMI), (the "Company") an emerging producer of rough
diamonds, has recovered two additional "special" diamonds in the
+10.8 carat category from its Krone-Endora at Venetia Project (the
"Project"). The recovery of the two diamonds, a 15.16 carat
and a 13.38 carat, occurred during initial tests performed on the
processing of previously stockpiled material in the +12.0mm to
-28.0mm size fraction through the expanded quarrying and in-field
screening operations at the Project.
"The recovery of additional diamonds of this size confirm the
ability of the Project to produce large diamonds, and the potential
positive impact the processing of larger size fractions can provide
going forward", commented Mr. Dean
Taylor, President and Chief Executive Officer of Diamcor.
"We will continue our testing and commissioning efforts on both
the expanded quarrying and in-field screening operations, as well
as the main processing plant, with the goal being the efficient
processing of all size fractions in the long-term", Mr. Taylor
added.
Revised / Lower Finder's Fees
The Company also wishes to revise the information previously
provided on the finder's fee compensation in its news release of
June 17, 2013, with respect to the
closing of its non-brokered private placement (the
"Offering"). It was originally announced that the Company
would pay total finder's fees of $30,682.40 in cash on an aggregate of
$438,320 invested under the Offering,
and would issue an aggregate of 24,546 broker warrants exercisable
to purchase up to 24,546 common shares ("Shares") of the Company at
a price of $1.75 per Share until
June 17, 2016. The finder's fee
amounts have been revised and lowered, with a total finder's fee
amount of $28,932.40 in cash payable
on an aggregate of $413,320 invested,
and an aggregate of 23,146 broker warrants exercisable to purchase
up to 23,146 Shares of the Company at a price of $1.75 per Share until June
17, 2016. The total gross proceeds of the private
placement remains at $1,984,730.
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 rare, 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, Geologists,
and Geophysicists 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.
