TSX.V Symbol (DMI)
KELOWNA, BC, Feb. 24, 2014 /CNW/ - Diamcor Mining Inc. (TSX-V.DMI /
OTCQX-DMIFF), (the "Company") reports its unaudited third fiscal
quarter results for the period ended December 31, 2013.
For the fiscal quarter ended December 31, 2013, the Company sold 3,955
carats of rough diamonds generating gross revenues of $1,396,591 net of
commissions and fees, as compared to gross revenues of $539,980 net of
commissions and fees during the same period in the prior fiscal year.
During the three month period ended December 31, 2013, the Company
incurred operating expenses of $573,720, and general and administrative
expenses of $799,572. The Company realized income from operations of
$23,299 during the quarter, as compared to a loss from operations of
$903,302 for the same period in the prior fiscal year. The Company
realized $667 from other income and expense, and a reduction of
deferred tax of $97,951, which resulted in Net Income for the quarter
ended December 31, 2013 of $121,917, as compared to a Net Loss of
$901,062 for the same period in the prior fiscal year. The Company
realized positive cash flow from operations during the quarter as
compared to negative cash flow from operations for the same period in
the prior fiscal year.
The recovery of all rough diamonds during the three month period ended
December 31, 2013, and for the same period in the prior fiscal year
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 initial NI43-101 Technical Report filed by the Company on
July 30, 2009, 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 complete financial results and associated Management
Discussion and Analysis for its third fiscal quarter ended December 31,
2013, can be accessed at www.sedar.com, or on the Company's website at www.diamcormining.com.
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 prior operational and
production history in South Africa, extensive prior 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
traditional 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
December 31, 2013, Tiffany & Co. operated 286 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 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
preparations for an ultimate decision to move from bulk sampling and
trial mining exercises to full scale mining operations.
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:
Ron Both
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.
