DIAMCOR MINING INC.
TSX.V Symbol (DMI)
KELOWNA, BC, Oct. 24, 2013 /PRNewswire/ - Diamcor Mining
Inc. (TSX-V.DMI), (the "Company") an emerging producer of rough
diamonds announces the tender and sale of the previously announced
~91.65 carat gem quality octahedron diamond (final weight 91.72
carats) for total proceeds of $817,920.00 (US), or $8,917.58 (US) per carat. This is the first
gem quality diamond sold in the +50 carat size category. The
diamond was sold as part of a total sale of 2,654.63 carats of
rough diamonds generating total proceeds of $1,145,604.68 (US), or $431.55 (US) per carat from the Company's
Krone-Endora at Venetia Project ("Krone-Endora" or the
"Project"). The majority of rough diamonds sold were
recovered in conjunction with ongoing testing and commissioning
exercises on the lower-grade upper zone material in the +1.2mm to
-12.0mm size fractions. Despite the fact the lower-grade
upper zone material is expected to produce lower value and smaller
size stones, the value per carat achieved from the sale of these
diamonds exceeded the Company's expectations. The remaining
diamonds, including the 91.72 carat stone, came from the limited
processing of material in the +12.0mm to -26.0mm size
fractions.
To date, the Company has tendered and sold a total of 14,110.48
carats generating total proceeds of $2,928,047.73 (US), or $207.51 (US) per carat on average from the
ongoing commissioning and testing exercises being performed at the
Project. 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 at this time 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 and final refinements
to the quarry and in-field screening operations are designed to be
a continuation of the ongoing advancement of the Project, and 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.
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.
Image with caption: "Diamcor 91.72 Carat Gem Quality (CNW
Group/Diamcor Mining Inc.)". Image available at:
http://photos.newswire.ca/images/download/20131024_C6735_PHOTO_EN_32503.jpg
Image with caption: "Diamcor 91.72 Carat Gem Quality (CNW
Group/Diamcor Mining Inc.)". Image available at:
http://photos.newswire.ca/images/download/20131024_C6735_PHOTO_EN_32504.jpg
