VANCOUVER, BC, Sept. 15,
2024 /CNW/ - (TSX: LUC) (BSE: LUC) (Nasdaq Stockholm:
LUC)
Lucara Diamond Corp. ("Lucara" or the "Company") is very pleased
to announce the recovery of an extraordinary 1,094 carat rough
diamond from its 100% owned Karowe Mine in Botswana. This remarkable stone bears striking
similarities to the 692 carat diamond announced in
August 2023, which was polished by HB
Antwerp and yielded polished diamonds that sold for in excess of
USD13 million. Lucara confirms that this newly recovered 1,094
carat stone will also be polished by HB Antwerp, as part of
the ongoing partnership between the two companies. View PDF
version
The newly recovered 1,094 carat diamond, the sixth stone in
excess of 1,000 carats recovered by Lucara, continues the Company's
track record of unearthing large, high-value stones from the EMPKS
ore type in the South Lobe of the Karowe Mine. Its exceptional size
and quality underscore the unique characteristics of the Karowe ore
body and reinforce the Company's position as the leading producer
of large, high-quality diamonds.
William Lamb, President and CEO
of Lucara, commented on the significance of this latest
recovery:
"The recovery of this exceptional 1,094 carat diamond is a
testament to Karowe's remarkable potential and further validates
our investment in the underground expansion project. These
continued discoveries of large, high-value diamonds demonstrate the
consistent quality of our resource and its ability to deliver
substantial returns. As we progress with our underground
development, we're increasingly confident in Karowe's capacity to
produce these legendary diamonds well into the future, cementing
our position in the high-end diamond market."
The recovery of a second historic +1,000 carat diamond this year
aligns with Lucara's underground expansion project which aims to
extend the life of the Karowe Mine to beyond 2040 and has been
designed to access the parts of the South Lobe at depth where the
EMPKS ore type is prevalent.
This news release has been reviewed and approved by Dr.
Lauren Freeman, PhD. Pr. Sci. Nat.,
Vice-President, Mineral Resources of the Company and a "Qualified
Person" for the purposes of National Instrument 43-101.
On behalf of the Board,
William Lamb
President and Chief Executive Officer
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ABOUT LUCARA
Lucara is a leading independent producer of large exceptional
quality Type IIa diamonds from its 100% owned Karowe Diamond Mine
in Botswana. The Karowe Mine has
been in production since 2012 and is the focus of the Company's
operations and development activities. Clara Diamond Solutions
Limited Partnership ("Clara"), a wholly-owned subsidiary of Lucara,
has developed a secure, digital sales platform that ensures diamond
provenance from mine to finger. Lucara has an experienced board and
management team with extensive diamond development and operations
expertise. Lucara and its subsidiaries operate transparently and in
accordance with international best practices in the areas of
sustainability, health and safety, environment, and community
relations. Lucara is certified by the Responsible Jewellery
Council, complies with the Kimberley Process, and has adopted the
IFC Performance Standards and the World Bank Group's Environmental,
Health and Safety Guidelines for Mining (2007). Accordingly, the
development of the Karowe underground expansion project ("UGP")
adheres to the Equator Principles. Lucara is committed to upholding
high standards while striving to deliver long-term economic
benefits to Botswana and the
communities in which the Company operates.
The information is information that Lucara is obliged to make
public pursuant to the EU Market Abuse Regulation. This information
was submitted for publication, through the agency of the contact
person set out above, on September 15, 2024, at 8:00 p.m.
Pacific Time.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
Certain of the statements made in this news release contain
certain "forward-looking information" and "forward-looking
statements" as defined in applicable securities laws. Generally,
any statements that express or involve discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance and often (but not
always) using forward-looking terminology such as "expects", "is
expected", "anticipates", "estimates", "intends", "potential", or
variations thereof or stating that certain actions, events,
conditions or results "may", "could", "would", "should", "might" or
"will" be taken, occur or be achieved, (or the negative of any of
these terms and similar expressions) are not statements of
historical fact and may be forward-looking statements.
Forward-looking information and statements are based on the
opinions and estimates of management as of the date such statements
are made, and by their nature involve assumptions, and are subject
to several known and unknown or inherent risks and uncertainties,
many of which are difficult to predict and are usually beyond the
control of management. These risks and uncertainties and other
factors may cause the actual results, performance or achievements
of the Company to be materially different from any future results,
performance or achievement expressed or implied by such
forward-looking statements and information.
In particular, forward-looking information in this release and
risks related thereto may pertain to general business and economic
conditions, the project schedule and capital costs for the Karowe
UGP, inaccurate geological assumptions of a mineralized area and
its economic potential (including with respect to the size, grade
and recoverability of mineral reserves and resources), the impact
of the supply and demand for, and the price volatility of, rough
and polished diamonds, the impact of the renewed HB Antwerp diamond
sales agreement on the Company's projected revenue and sales
channels, cost and timing of the development of deposits and
estimated future production, the Company's ability to meet its
obligations under the Rebase Amendments with its Lenders, changes
in interest and foreign currency rates, expectations that the
Karowe UGP will extend mine life, forecasts of additional revenues,
future production activity and forecasts of revenue, costs of power
and diesel, unanticipated operational difficulties (including
failure of plant, equipment or processes to operate in accordance
with specifications or expectations), cost escalations,
unavailability of materials and equipment, acts of foreign
governments or delays in the receipt of government approvals,
industrial disturbances or other job actions, adverse weather
conditions, and unanticipated events relating to health safety and
environmental matters, the potential impacts of economic and
geopolitical risks, and other risks and uncertainties describe
under the heading "Risks and Uncertainties" in the Company's most
recent MD&A and Annual Information Form available at SEDAR+ at
www.sedarplus.ca.
The Company believes that the expectations reflected in this
forward-looking information are reasonable, but no assurance can be
given that these expectations will prove to be correct. Readers and
investors are thus cautioned not to place undue reliance on such
statements. Forward-looking information and statements contained in
this news release are made as of the date of this news release and
accordingly are subject to change after such date. Except as
required by law, the Company disclaims any obligation to revise any
forward-looking information and statements to reflect events or
circumstances after the date of such information and statements.
All forward-looking information and statements contained or
incorporated by reference in this news release are qualified by the
foregoing cautionary statements.
SOURCE Lucara Diamond Corp.