VANCOUVER, BC, Aug. 8, 2023 /PRNewswire/ -- (TSX: LUC), (BSE:
LUC), (Nasdaq Stockholm: LUC)
Lucara Diamond Corp. ("Lucara" or the "Company") is pleased to
announce the recovery of a 1,080.1 carat diamond from its 100%
owned Karowe Diamond Mine located in Botswana (image attached). The diamond,
measuring 82.2 x 42.8 x 34.2mm is described as a Type IIa top white
gem of high quality, recovered in the Coarse XRT unit at Karowe
from direct milling of ore sourced from the M/PK(S) unit of the
South Lobe. The 1,080.1 carat diamond represents the fourth +1,000
carat diamond recovered from the South Lobe of the AK6 kimberlite
since 2015. Other notable recoveries include the 1,758 carat Sewelô
(2019), a 1,174 carat diamond (2021), and the 1,109 carat
Lesedi La Rona (2015). Please view
PDF version.
Eira Thomas, CEO commented: "Lucara is extremely pleased to be
reporting the recovery of another large, high quality gem diamond
in excess of 1,000 carats in size, representing our fourth diamond
over 1,000 carats since 2015. As we progress mining deeper in the
open pit and transition to underground mining, exclusively in the
South Lobe, the preponderance of large, high value stones is
increasing, consistent with the resource model and underpins the
strong economic rationale for investing in the Underground
expansion that will extend the mine-life out to at least 2040."
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,
Eira Thomas
President and Chief Executive Officer
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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 that uses
proprietary analytics together with cloud and blockchain
technologies to modernize the existing diamond supply chain,
driving efficiencies, unlocking value and ensuring 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 expansion project ("UGP") 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 August 8, 2023 at
2:00pm Pacific Time.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
Certain of the statements made and contained herein and
elsewhere constitute forward-looking statements as defined in
applicable securities laws. Generally, these forward-looking
statements can be identified by the use of forward-looking
terminology such as "expects", "anticipates", "believes",
"intends", "estimates", "potential", "possible" and similar
expressions, or statements that events, conditions or results
"will", "may", "could" or "should" occur or be achieved.
Forward-looking statements are based on the opinions and
estimates of management as of the date such statements are made,
and they are subject to a number of 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. 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 accurate and such
forward-looking information included herein should not be unduly
relied upon. The value of the Company's shares, its financial
results and its mining activities are significantly affected by the
price and marketability of the diamonds recovered. The sales price
of a diamond is determined by its characteristics. While
the Karowe Diamond Mine has produced several large, high-value
diamonds in excess of 100 carats, there is no assurance that the
diamonds recovered which are 100 carats or larger will have the
characteristics required to achieve a high sales price. Statements
with respect to the length by which the Karowe underground
expansion project will extend the life of mine are based on
key underlying assumptions including, but not limited to: future
diamond prices, future diamond recoveries, expected operating and
capital costs, the timing to achieve key construction milestones,
the availability of sufficient financing, people, equipment and
materials when needed for construction and operation of the
underground mine, the economic potential of a mineralized area, the
size and tonnage of a mineralized area, the estimation of mineral
resources.
There can be no assurance that such forward looking statements
will prove to be accurate, as the Company's results and future
events could differ materially from those anticipated in this
forward-looking information as a result of those factors discussed
in or referred to under the heading "COVID-19 Global Pandemic,
Economic and Geopolitical Risks" in the Company's most recent
MD&A and under the heading "Risks and Uncertainties" in the
Company's most recent Annual Information Form, both available at
http://www.sedar.com, as well as changes in general business and
economic conditions, the ability to continue as a going concern,
changes in interest and foreign currency rates, changes in
inflation, the supply and demand for, deliveries of and the level
and volatility of prices of rough diamonds, costs of power and
diesel, impacts of potential disruptions to supply chains, acts of
foreign governments and the outcome of legal proceedings,
inaccurate geological and recoverability assumptions (including
with respect to the size, grade and recoverability of mineral
reserves and resources), and unanticipated operational difficulties
(including failure of plant, equipment or processes to operate in
accordance with specifications or expectations, cost escalations,
unavailability of materials and equipment, government action or
delays in the receipt of government approvals, industrial
disturbances or other job actions, adverse weather conditions, and
unanticipated events relating to health safety and environmental
matters).
Accordingly, readers are cautioned not to place undue reliance
on these forward-looking statements which speak only as of the date
the statements were made, and the Company does not assume any
obligations to update or revise them to reflect new events or
circumstances, except as required by law.
CONTACT: Hannah Reynish, Investor Relations &
Communications, +1 604 674 0272 | info@lucaradiamond.com;
Sweden: Robert Eriksson, Investor Relations & Public
Relations, +46 701 112615 | reriksson@rive6.ch; UK Public
Relations, Charles Vivian / Jos
Simson, Tavistock, +44 778 855
4035 | lucara@tavistock.co.uk
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content:https://www.prnewswire.co.uk/news-releases/lucara-announces-recovery-of-fourth-diamond-in-excess-of-1-000-carats-from-the-karowe-mine-in-botswana-a-1-080-carat-type-iia-white-gem-quality-diamond-from-the-south-lobe-301896281.html