DCP Diamondcorp

TIDMDCP

RNS Number : 4307F

Diamondcorp Plc

12 November 2015

12 November 2015

DiamondCorp plc

AIM share code: DCP & JSE share code: DMC

ISIN: GB00B183ZC46

(Incorporated in England and Wales)

(Registration number 05400982)

(SA company registration number 2007/031444/10)

("DiamondCorp" or "the Company")

CONVEYOR BELT COMMISSIONED

DiamondCorp, the Southern African diamond mining, development and exploration company, is pleased to report that installation of the 400 tonne per hour underground conveyor belt system from the first production level at the Lace mine to surface has been successfully commissioned.

The Company's web site has been updated with photographs of the first kimberlite being brought to surface by conveyor belt, which can be accessed via the following link: http://www.diamondcorp.plc.uk/investors-and-media/photo-gallery

DiamondCorp Chief Executive Officer, Paul Loudon, said: "Today marks a game changer with respect to the development of the Lace mine as commissioning of the conveyor belts results in an effective ten-fold increase in our capacity to haul ore out from the mine.

"Not only does the conveyor belt provide Lace with the ability to increase development rates, the cost of future development will decrease in the absence of the need for trucks for waste hauling as the underground loaders will now empty their buckets directly onto the end of the conveyor belt which keeps getting extended as the development goes deeper. Until block cave production commences, the use of trucks will be confined to hauling kimberlite from the Upper K4 Block production level to the tipping point on the conveyor belt."

The conveyor belt capacity has been sized at double the current front end capacity of the processing plant so that future opportunities for increasing the underground mining rate are not constrained by an inability to transport ore to surface, as well as providing an ability to handle both kimberlite and development waste.

The Company can also confirm that the current drought conditions in South Africa will not impact kimberlite mining ramp up as the additional storage dam capacity constructed last year is full and holding enough water to process all kimberlite mining planned for the next 12 months.

Contact details:

DiamondCorp plc

Paul Loudon, Chief Executive

Tel: +27 56 216 1300

Euan Worthington, Chairman

Tel: +44 7753 862 097

UK Broker & Nomad

Panmure Gordon (UK) Limited

Dominic Morley/Adam James

Tel: +44 20 7886 2500

JSE Designated Advisor

Sasfin Capital (a division of Sasfin Bank Limited)

Megan Young

Tel: +27 11 445 8068

SA Corporate Advisor

Qinisele Resources Proprietary Limited

Dennis Tucker/Andrew Brady

Tel: +27 11 883 6358

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCUAOKRVOAAAAA

(END) Dow Jones Newswires

November 12, 2015 02:00 ET (07:00 GMT)

Diamondcorp (LSE:DCP)
Historical Stock Chart
From Jun 2024 to Jul 2024

Diamondcorp (LSE:DCP)
Historical Stock Chart
From Jul 2023 to Jul 2024