KELOWNA, November 27, 2012 – Diamcor Mining Inc.
(TSX-V.DMI) (the “Company”) is pleased to announce the initial
tender and sale of 3,579.58 carats of rough diamonds for total
gross proceeds of $510,829.00 (US), or (US)$142.71 per carat on
average, from the Company’s Krone-Endora at Venetia Project (the
“Project”). The
initial rough diamonds sold were recovered in conjunction with the
previously announced ongoing testing and commissioning exercises
underway, with the vast majority being from the recovery,
screening, and processing of material only in the +1.0mm to -10mm
size fractions of the lower-grade surface to 10 meter depths of the
K1 area of the Project.
Despite the fact no material above 10mm in size has
yet been processed by the Company, of the 3,579.58 carats tendered,
362 individual rough diamonds with a combined weight of 659.33
carats were recorded at 1.0 carat in size or larger. Below is a summary of the rough
diamonds 1.0 carat or larger tendered and sold:
-
264 diamonds (total 352.82 carats) between 1 and 2
carats in size
-
58
diamonds (total 138.78 carats) between 2 and 3 carats in
size
-
23
diamonds (total
81.02 carats) between 3 and 4 carats in size
-
13
diamonds (total
56.09 carats) between 4 and 5 carats in size
-
1 diamond of
5.37 carats
-
1 diamond of
7.37 carats
-
1 diamond of
8.05 carats
-
1 diamond of
9.83 carats
The quantity, size frequency distribution, quality
assessment, and initial price achieved by the rough diamonds
recovered and sold to date, meet or exceed the Company’s
expectations. The
NI43-101 Technical Report previously filed by the Company on July
30, 2009 identified the upper areas of the deposit as being
lower-grade, and provided an estimate of (US)$70.00 per carat on
average. It should
however 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.
“The initial tender and sale of rough diamonds and
revenue generated from the Krone-Endora at Venetia Project marks
yet another important milestone for our Company”
commented Diamcor President and Chief Executive
Officer, Mr. Dean H. Taylor, “With this important milestone
achieved, our focus has already shifted to the recovery and
screening of material from the higher-grade, lower areas of the
deposit, and the procurement, delivery and installation of
additional equipment to enhance overall recoveries and allow for
the effective treatment of material in the +10mm size
fractions”, added Mr. Taylor.
As previously announced on November 16, 2012, the
Company secured an additional $4.0M in financing from its long-term
strategic alliance partner, world famous premier luxury jewellery
and specialty retailer Tiffany & Co. At that time, the Company
announced that, as part of the commissioning and testing exercises,
various equipment manufacturers and engineering firms had
continuously evaluated material from the deposit and the current
quarrying and in-field screening equipment and had performed tests
on new equipment using material from the Project. The Company believed that the
deployment of additional dry-scrubbing and screening equipment
would not only more efficiently treat material in the +10mm size
fraction, but also further enhance the treatment of all material
and provide operational efficiencies and enhance recoveries over
the long-term. In line
with these objectives, the Company is proceeding with the
procurement and delivery of various pieces of additional
dry-scrubbing and screening equipment, associated conveyor
structure, heavy equipment, and items aimed at achieving the
desired objectives.
The Company will provide information on these efforts in a separate
news release in the coming weeks.
Project Status Overview:
The extensive planning, development and construction
of site infrastructure at Krone-Endora at Venetia was successfully
completed over a period of less than 18 months, which has
positioned the Company to now further advance the development of
the Project and pursue near-term production. Following the completion of the
above-mentioned commissioning and testing exercises, the Company
plans to
focus on achieving targeted staged monthly operational increases
through a move to trial mining to provide the Company with
production and cash flow. The Company anticipates that the
move to full scale mining will coincide with the confirmation by
the South African Department of Mineral Resources of the issuance
of a mining right which has been applied for and is currently in
process. In
conjunction with the full scale mining exercises, the Company also
plans to carry out a bulk sampling programme on new areas of the
Project not previously accounted for in the initial NI 43-101
Technical Report filed by the Company as part of the acquisition
process. These efforts
are designed to support the future filing of an updated NI 43-101
Technical Report, and to assist Management when developing long-term production
targets and decisions for the Project.
Strategic Tiffany & Co.
Alliance:
As announced on March 29, 2011, the Company has
established a long-term strategic alliance and first right of
refusal with world famous New York based Tiffany & Co.
to purchase up to 100% of the future production of
rough diamonds (excluding Specials, individual stones of 10.8
carats or greater) from the Krone-Endora at Venetia Project at
current prices to be determined by the parties on an ongoing
basis. In conjunction
with this right of first refusal, Tiffany & Co. also provided
the Company with substantial financing to advance the Project as
quickly as possible.
This right of first refusal was modified in conjunction with the
additional $4.0 Million financing from Tiffany & Co. announced
on November 16, 2012 such that the Company may sell for its own
account the standard assortments derived from the first three
shipments of diamonds produced from the Project, subject to certain
conditions. This
initial tender and sale of 3,579.58 carats falls within this
modified right of first refusal arrangement. Tiffany & Co. is a publically
traded company which is listed on the New York Stock Exchange under
the symbol TIF.
Originally founded in 1837, the Tiffany’s 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 July 31,
2012 Tiffany & Co. operated 260 stores and boutiques in the
Americas, Japan, Asia-Pacific, and Europe and 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:
On February 28, 2011, Diamcor successfully 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 rare,
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. Commissioning
of the processing plant is now underway, and the Company’s current
efforts are designed to be a continuation of the ongoing
advancement of the Project.
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 experience supplying rough diamonds to the
world market. 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.
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
Phone:
(250) 864-3326
Website:
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. This news release is not for
dissemination in the United States, to “U.S. Persons” or to United
States of America news services.
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.
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