KELOWNA, British Columbia, Feb. 23, 2017 (GLOBE NEWSWIRE) -- Diamcor Mining Inc. (TSX-V:DMI) (OTCQX:DMIFF),
(“Diamcor”)
The Company has determined to extend the expiry date of 1,073,929 share purchase warrants (“Warrants”) which are
exercisable to purchase up to 1,073,929 common shares in the authorized share capital of the Company at an exercise price of $1.80
per share, from March 11, 2017 to March 11, 2018. The Company has also determined to extend the expiry date of 169,350
share purchase warrants which are exercisable to purchase up to 169,350 common shares in the authorized share capital of the
Company at an exercise price of $1.80 per share, from March 21, 2017 to March 21, 2018. All other terms of the Warrants will remain
unchanged. The extension of the expiry date of the aforementioned Warrants by one year is subject to TSX Venture Exchange
approval.
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 prior experience supplying rough diamonds to the
world market.
About the Tiffany & Co. Alliance
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 financing to advance the Project.
Tiffany & Co. is a publically traded company which is listed on the New York Stock Exchange under the symbol TIF. 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. On September 11,
2014, the Company announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora
at Venetia Project encompassing 657.71 hectares of the Project’s total area of 5,888 hectares. The Company has also submitted
an application for a mining right over the remaining areas of the Project. 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 a maximum total depth of approximately 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.
Qualified Person Statement:
Mr. James P. Hawkins (B.Sc., 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.