TSX.V Symbol (DMI)
KELOWNA, BC, March 31, 2014 /PRNewswire/ - Diamcor Mining Inc.
(TSXV: DMI) (OTCQX: DMIFF), (the "Company") reports that during the
fourth quarter of fiscal 2014 ended March
31, 2014, the Company participated in two rough diamond
tenders, and sold a total of 4,395.51 carats of rough diamonds
generating gross revenues of $1,330,689.00 (US), or $302.74 (US) per carat on average. Total
gross proceeds for the fourth quarter of fiscal 2014 included
proceeds from the sale of the previously announced 43.9 carat
diamond recovered during the period which sold for $317,924.10 (US), or $7,242.01 (US) per carat. As of
March 31, 2014 the Company had
approximately 1,000 additional carats of rough diamonds on hand,
which will be tendered for sale in the next quarter.
To date, the Company has tendered and sold a total of 19,807.25
carats generating total gross proceeds of $4,544,420.00 (US), or $229.43 (US) per carat on average. The
recovery of all rough diamonds to date, including those recovered
and sold during the three month period ended March 31, 2014, was incidental to the ongoing
commissioning and testing exercises being performed at the
Company's Krone-Endora at Venetia Project. The above-noted
testing exercises and incidental recoveries do not form part of the
initial NI43-101 Technical Report filed by the Company on
July 30, 2009, and thus no general
grade, price, or quality determination is intended by the Company
at this time due to the nature and purpose of the processing of
this material.
The Company also reports that it has granted
incentive stock options ("Options") to purchase an aggregate
1,300,000 common shares ("Shares") to certain officers, directors,
employees, and consultants pursuant to the Company's stock option
plan. All Options are exercisable at a price of $1.40 per share, for a period of five years
expiring on March 31, 2019. No Shares
acquired upon exercise of the Options may be traded prior to
August 1, 2014. With the issuance of
these Options the Company now has outstanding Options to purchase
an aggregate of 6,768,333 shares.
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 prior operational and production history in
South Africa, extensive prior
experience supplying rough diamonds to the world market, and has
established a long-term strategic alliance with world famous
Tiffany & Co. Rather than exposing itself to the high
risks and costs associated with traditional 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.
About the Tiffany & Co. Alliance
As announced on March 29,
2011, 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 substantial financing to advance the Project as quickly as
possible. Tiffany & Co. is a publically traded company which is
listed on the New York Stock Exchange under the symbol TIF.
Founded in 1837, the Tiffany 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 December 31, 2013, Tiffany & Co. operated 286
stores and boutiques in the Americas, Japan, Asia-Pacific, Europe and the United Arab Emirates, and also 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
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. 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 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 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, and extensive quarrying and
in-field screening operations. Commissioning of the
processing plant is now complete, and the Company's current efforts
are designed to be a continuation of the ongoing advancement of the
Project, and as part of the Company's preparations for an ultimate
decision to move from bulk sampling and trial mining exercises to
full scale mining operations.
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
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.
SOURCE Diamcor Mining Inc.