 Diamcor First Quarter Diamond Sales and Operational Update at Krone-Endora at Venetia
KELOWNA, BC, July 20, 2015 /PRNewswire/ - Diamcor Mining Inc. (TSX-V.DMI / OTCQX-DMIFF), (the "Company") provides an operational update, and announces the results of rough diamond sales for the first fiscal quarter ended June 30, 2015, for its Krone-Endora at Venetia project in South Africa (the "Project").
Operational efforts during the first fiscal quarter ended June 30, 2015 focused on the completion, commissioning, and refinements of the previously announced upgrades and expansions to the Project's processing plant which included; the installation of a large autonomous mill/wet scrubbing unit to enhance the liberation of all material, the expansion of the treatment plant's feed bin capacity and conveyor structures to support added processing capacity, the installation of nuclear density measurement equipment to increase operational efficiencies and controls associated with the plant's pre-concentrating pans, the installation of expanded tailings storage and automated conveyor loading systems and, the installation and calibration of additional weightometer systems on various conveyor structures located throughout the Project. These Project upgrades have achieved the desired goals of increasing the liberation of the conglomerated material in all size fractions, and enhancing the overall operational efficiency of the treatment plant. The Project's large in-field dry-screening plant developed for the removal of fine material <1.0mm continued to operate efficiently and met company expectations throughout the quarter. Overall, processing levels remained intermittent during the early portion of the quarter, followed by increased levels later in the quarter as upgrades approached completion, with the combined dry screening and treatment plant facilities demonstrating the ability to achieve initially targeted processing levels approaching 100,000 tons per month, by the end of the period.
The Company participated in one rough diamond tender selling 2,856.24 carats generating gross revenues of (US) $455,227.66, yielding an average price of (US) $159.38 per carat during the first fiscal quarter ended June 30, 2015. An additional ~2,050 carats of rough diamonds were recovered during the period and are being prepared for sale at upcoming tenders along with rough diamonds expected to be recovered in the current fiscal quarter. Rough diamonds recovered and sold during the period were primarily the result of the continued processing of material in the +1.0mm to -26mm size fractions early in the period, along with limited processing of material from various larger size fractions throughout the later part of the period. The initial processing of larger size fractions during the commissioning of the upgrades provided the company with important insight into the processing of this material, its impact on the processing of other sized material, and the combined impact on operational efficiencies overall. The Company's focus during the current quarter will now shift to increasing processing volumes, the size fractions of material being processed (with consideration for above larger material cut-off size), and a move towards advancing objectives consistent with the recommendations of the updated NI43-101 Technical Report ("Updated Technical Report") filed by the Company on April 28, 2015.
The recovery of all rough diamonds during the fiscal quarter ended June 30, 2015, were incidental to the ongoing commissioning and testing exercises performed at the Company's Krone-Endora at Venetia Project. The above-noted testing exercises and incidental recoveries do not form part of the updated NI43-101 Technical Report filed by the Company on April 28, 2015, and thus no general 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.
The Company's audited financial results and associated Management Discussion and Analysis for its Fiscal year ended March 31, 2015, will be available at www.sedar.com, or on the Company's website atwww.diamcormining.com on or before July 28, 2015. The Company's financial results and associated Management Discussion and Analysis for its first quarter ended June 30, 2015, will be available atwww.sedar.com, or on the Company's website at www.diamcormining.com on or before August 29th, 2015.
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