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TSX.V Symbol (DMI)
KELOWNA, BC, April 8, 2013 /CNW/ - Diamcor Mining Inc. (TSX-V.DMI) (the "Company") is pleased to announce that pursuant to the terms of the
$2,000,000 convertible debenture ("Convertible Debenture"), originally
issued to its strategic alliance partner, Tiffany & Co. Canada
("Tiffany"), a subsidiary of Tiffany & Co., in March 2011, the Company
has exercised its right to convert the principal and accrued interest
into Company common shares. The Convertible Debenture was part of a
$5,500,000 long term financing with Tiffany, as announced on March 29,
2011. The Company has converted a total amount of $2, 295,920.25
inclusive of principal and accrued interest at the stipulated
conversion rate of $0.75 per Company common share, resulting in a total
issuance of 3,061,227 Company common shares to Tiffany. The hold
period applicable to the shares issued upon conversion of the
Convertible Debenture expired four months and one day from the date of
issuance of the Convertible Debenture.
Strategic 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. Originally founded in 1837,
the Tiffany's 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 31, 2013 Tiffany & Co. operated 275 stores and boutiques in
the Americas, Japan, Asia-Pacific, and Europe and 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:
On February 28, 2011, Diamcor successfully 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 rare, 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 an
extensive quarrying and in-field screening operations. Commissioning
of the processing plant is now complete, and 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 final preparations in
anticipation of a planned move to 24/7 operations in the near future.
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 experience supplying
rough diamonds to the world market. 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.
On behalf of the Board of Directors
Mr. Dean H. Taylor
President & CEO
Diamcor Mining Inc.
DTaylor@diamcormining.com
Phone: (250) 864-3326
Website: 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. This news release is not for dissemination
in the United States, to "U.S. Persons" or to United States of America
news services.
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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.
Mr. Dean H. Taylor
President & CEO
Diamcor Mining Inc.
DTaylor@diamcormining.com