Shares Issued and Outstanding:
63,885,888
TSXV:DMI
OTCQB:DMIFF
KELOWNA, BC, Dec. 3, 2018 /CNW/ - Diamcor Mining Inc.
(TSX-V.DMI / OTCQB-DMIFF), (the "Company") is pleased to announce
the tender and sale of 2,979.67 carats of rough diamonds recovered
from resumed processing exercises at the Company's Krone-Endora at
Venetia Project (the "Project"). The 2,979.67 carats tendered
were sold for gross proceeds of USD $653,652.23, resulting in an average price of USD
$218.82 per carat. Most of the
material processed consisted of smaller size fractions, in addition
to a low percentage of larger higher-grade stockpiled basal
material processed in conjunction with the initial incorporation of
processing of all size fractions through the Project's recently
refined crushing circuit. An additional 2,312.82 carats of
rough diamonds (prior to acid wash) were also delivered prior to
the end of November 2018, which will
be offered in a final tender of the Company's third fiscal quarter
in December 2018.
"We are pleased with the quality and value of the Project's
rough diamonds, and our efforts have shifted to increasing the
volume of material being processed, and the inclusion of all size
fractions up to 40.0mm moving forward", commented Diamcor CEO,
Mr. Dean Taylor. "Initial
processing of material in all size fractions is meeting Company
expectations, and we look forward to the potential that the
processing and incorporation of the larger material may have on our
overall dollar per carat and the potential recovery of any larger
rough diamonds", added Mr. Taylor.
As previously announced, revisions completed to the crushing and
screening systems at the in-field screening plant were aimed at the
improved liberation and removal of fines through added crushing to
support increasing volumes and allow for the inclusion of all size
fractions up to 40.0mm in the long-term. An additional 30 ton
per hour dense media separation plant was incorporated into the
Project's large diamond recovery circuit to provide greater
efficiencies and added processing capacity, and this item is now
operational. The majority of material previously being
processed at the Project consisted of material under 15.0mm in
size, with material above that size fraction being stockpiled.
Given that much of this larger material consists of calcretized
balls of higher-grade basal material, the crushing, treatment, and
inclusion of this material in the +15.0mm to -40.0mm size fractions
has the potential to have a positive impact on the overall size
frequency distribution of the rough diamonds recovered, while also
providing the Company with the potential to recover any larger
diamonds from the Project.
About Diamcor Mining Inc.
Diamcor Mining Inc. is a fully reporting publicly traded junior
diamond mining company which is listed on the TSX Venture Exchange
under the symbol V.DMI, and on the OTC QB 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
publicly 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.
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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content:http://www.prnewswire.com/news-releases/diamcor-achieves-usd-218-82-per-carat-in-november-tender-delivers-additional-rough-diamonds-for-december-tender-300759018.html
SOURCE Diamcor Mining Inc.