TSX.V Symbol (DMI)
KELOWNA, BC, Sept. 11, 2014 /PRNewswire/ - Diamcor Mining Inc.
(TSX-V.DMI / OTCQX-DMIFF), (the "Company") today reports that the
South African Department of Mineral Resources has granted a Mining
Right for the Krone-Endora at Venetia Project (the "Project"). The
Mining Right has a 30 year term and grants the Company the sole and
exclusive right to mine and recover diamonds over areas initially
targeted by the Company encompassing 657.71 hectares of the
Project's total area of 5,888 hectares. The Company has also
submitted an application for a mining right over the remaining
areas of the Project. The Project is located directly adjacent to
De Beers' flagship Venetia Diamond Mine in South Africa, and the Project's associated
deposits have been identified as being the result of the
direct-shift and erosion of material from the higher grounds of the
adjacent Venetia Kimberlite areas.
"This is a significant achievement for the
Company, our Black Economic Empowerment Partner, the South African
Department of Mineral Resources, local government, and the people
in these areas that have and will continue to benefit from the
economic development associated with this Project," commented
Mr. Dean Taylor, Chief Executive
Officer of the Company. "With the mining right in place,
we look forward to advancing the Project to the next stages of
development, and in so doing create value for all stakeholders
while creating new direct and indirect jobs that contribute to the
socio-economic development of the Limpopo region and South Africa in general," added Mr.
Taylor.
By way of background, the Company was selected
by DeBeers to acquire the Project following an extensive
competitive proposal and review process that commenced in
2008. The Company closed the Project acquisition in February
of 2011 through its South African subsidiary, DMI Minerals South
Africa (Proprietary) Limited ("DMI Minerals"). DMI Minerals
is 70% owned by the Company, and 30% owned by the Company's Black
Economic Empowerment partner, Nozala Investments (Proprietary) Ltd,
("Nozala"). Nozala is a broad-based 100% women-owned business
entity with an estimated 500,000 rural women shareholders. Shortly
after finalizing the acquisition, the Company entered into a
long-term strategic alliance, inclusive of supply and financing
components, with world famous premier luxury jewellery and
specialty retailer, New York based
Tiffany & Co.
To date, the Company has financed, developed and
completed the design, construction and installation of extensive
infrastructure at the Project in support of the Project's
advancement. The near surface nature of the deposits provide
the potential for a low-cost mining operation with near-term
diamond production from a known high-quality diamond source, at a
critical time in the diamond sector.
The Company also reports that it plans to file
an updated NI43-101 technical report in the near future and this
updated NI43-101 technical report will incorporate and expand on
the extensive infrastructure development work achieved to date at
the Project, as well as other relevant data available to this
point. The current NI43-101 was prepared and filed in 2009 as part
of the acquisition process. In conjunction with further
advancement of the Project, the Company plans to complete
additional bulk sampling and exploration exercises on areas,
including those areas surrounding the current areas of focus, the
results of which will be incorporated into subsequent NI43-101
report(s).
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 prior operational and production history in
South Africa, extensive prior
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 traditional 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 April 30, 2014, Tiffany & Co. operated 292
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 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 roads,
water pipelines, and power infrastructure at the Project, along
with the design and installation of a purpose built modular
processing plant, and an extensive quarrying and in-field screening
plant. 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 preparations for an ultimate decision to move from
bulk sampling and trial mining exercises to full scale mining
operations.
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
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.
