TSX.V Symbol (DMI)
KELOWNA, BC, July 2, 2013 /CNW/ - Diamcor Mining Inc. (TSX-V.DMI), (the "Company") an emerging producer of rough diamonds, announces the
tender and sale of 3,123.32 carats of rough diamonds for total proceeds
of $415,495.03 (US), or $133.03 (US) per carat on average, from the
Company's Krone-Endora at Venetia Project (the "Project"). The rough
diamonds sold were recovered in conjunction with testing and
commissioning exercises performed on the expanded quarrying and
in-field screening operations at the Project, which were very limited
due to the significant delays caused throughout the quarter by the
previously announced unusual rains. The Company estimates that approximately 50% of the rough diamonds sold
were recovered from the re-treatment of previously processed -10mm
material through the new expanded quarrying and in-field screening
operations, with the remaining recoveries coming from the processing of
new material up to only -12mm.
"I am very pleased with our team's ability to achieve these results
given the significant challenges they faced during the quarter", commented Mr. Dean Taylor, President and Chief Executive Officer of
Diamcor, "The new expanded quarrying and in-field operations are more efficiently
able to process the smaller size fractions as confirmed by the
additional rough diamonds recovered thru the re-treatment of these
previously processed materials. The overall dollar per carat achieved
for these exercises certainly exceeded our expectations given that the
challenging operating circumstances of the quarter were expected to
result in a weaker, non-representative sample consisting of a greater
number of smaller rough diamonds as compared to results expected during
normal operations", added Mr. Taylor.
Despite the fact that no material above 12mm in size has yet been
processed by the Company, of the 6,702.90 carats tendered to date,
approximately 500 individual rough diamonds have been recorded at 1.0
carat in size or larger. The quantity, size frequency distribution,
quality assessment, and initial price achieved by the rough diamonds
recovered and sold to date continues to meet or exceed the Company's
expectations. The Company's focus will now shift towards the
processing of all materials, including those above 12mm in size. It
should be noted that these testing recoveries, and sales, do not form
part of the initial NI43-101 Technical Report filed by the Company in
July 30, 2009, and thus no grade, price, or quality determination is
intended by the Company due to the nature and purpose of the processing
of this material.
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, extensive 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
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
January 2013, Tiffany & Co. operated 275 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 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 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.
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
Investor Relations Contact:
Justin Vaicek
Liolios Group, Inc.
DMI@liolios.com
Tel (949) 574-3860
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.
