TSX.V Symbol (DMI)
KELOWNA, BC, March 31, 2014 /PRNewswire/ - Diamcor Mining Inc. (TSXV: DMI)
(OTCQX: DMIFF), (the "Company") reports that during the fourth quarter
of fiscal 2014 ended March 31, 2014, the Company participated in two
rough diamond tenders, and sold a total of 4,395.51 carats of rough
diamonds generating gross revenues of $1,330,689.00 (US), or $302.74
(US) per carat on average. Total gross proceeds for the fourth quarter
of fiscal 2014 included proceeds from the sale of the previously
announced 43.9 carat diamond recovered during the period which sold for
$317,924.10 (US), or $7,242.01 (US) per carat. As of March 31, 2014
the Company had approximately 1,000 additional carats of rough diamonds
on hand, which will be tendered for sale in the next quarter.
To date, the Company has tendered and sold a total of 19,807.25 carats
generating total gross proceeds of $4,544,420.00 (US), or $229.43 (US)
per carat on average. The recovery of all rough diamonds to date,
including those recovered and sold during the three month period ended
March 31, 2014, was incidental to the ongoing commissioning and testing
exercises being 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 also reports that it has granted incentive stock options
("Options") to purchase an aggregate 1,300,000 common shares ("Shares")
to certain officers, directors, employees, and consultants pursuant to
the Company's stock option plan. All Options are exercisable at a price
of $1.40 per share, for a period of five years expiring on March 31,
2019. No Shares acquired upon exercise of the Options may be traded
prior to August 1, 2014. With the issuance of these Options the Company
now has outstanding Options to purchase an aggregate of 6,768,333
shares.
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
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.