latest update I am a little disappointed in today's PR. After holding the stock for two years of trial mining while waiting for the company to receive approval to go 24/7, it appears that they are still not able to go full blast. The company has poor communications and this just muddies the water more. I listened to a presentation a couple of years ago that forecast profits as soon as they would get their permits. Two years have gone by and they sound like they are still tinkering.
KELOWNA, BC , Feb. 5, 2015 /CNW/ - Diamcor Mining Inc. (TSX-V.DMI / OTCQX-DMIFF), (the "Company") announces that subsequent to the closing of its recently announced $3.13M private placement on December 31, 2014 , it has commenced the planned further expansion of its Krone-Endora at Venetia (the "Project") mining facilities. To date, the Company has developed and financed the design, construction and installation of extensive infrastructure aimed at supporting the continued advancement of the Project. Due to the nature of the deposit, one of the primary objectives was the design and development of the Project's in-field dry-screening plant necessary for the efficient removal of fine material under 1.0mm in size. As a result of extensive testing and development, the in-field dry-screening plant now meets the Company expectations, thus clearing the way for the acquisition and deployment of infrastructure necessary to effectively treat and process larger material in the +26.0mm size fractions which, to date, has been stockpiled. The upgrades underway are also designed to enhance efficiencies related to all sizes of material. Additional infrastructure upgrades include the upgrade and expansion of the Project's X-ray final recovery systems, the installation of additional processing equipment to enhance the crushing and liberation of material in the noted larger size fractions and the deployment of larger heavy equipment. The Company expects the expansion to be complete with upgrades implemented in the fiscal quarter commencing April, 2015. In support of the Company's plans, Tiffany & Co. Canada agreed to one year deferral and loan extensions, effective December 1, 2014 , of all principal and interest payments accruing after that date pursuant to the terms of its loan and convertible debenture financings with the Company. Interest will continue to accrue on the outstanding balances of the financing facilities during this period. Payments of both principal and interest will once again commence in January, 2016.
During the Company's third fiscal quarter ended December 31, 2014 , preparations also continued in connection with the updating of the Company's initial NI43-101 technical report. Once filed, the updated report is expected to reflect the nature and extent of the infrastructure development achieved at the Project, as well as other relevant data available to this point. Subsequent to the filing of this updated technical report, and the completion of the above noted upgrades now underway, the Company plans to complete expanded trial mining exercises and the processing of material in all size fractions from deposits in the K1 area of the Project. The results of these exercises are aimed at providing the Company with more comprehensive information on all gravels and size fractions of the deposit, and to assist the Company in arriving at initial production decisions for the K1 area of the Project. Given the extensive facilities and operating infrastructure in place at the Project, the Company will also have the ability to complete additional exploration, bulk sampling, and the processing of bulk samples in the future from various areas including those areas surrounding K1 and the current areas of focus. Once complete, the results of these exercises will be used to support the planned subsequent filing of NI43-101 report(s), and to assist the Company in developing its operational strategy for the Project.
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 and extensive prior experience supplying rough diamonds to the world market.