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Shares Issued and Outstanding: 60,375,573
TSXV:DMI
OTCQB:DMIFF
KELOWNA, BC, Aug. 9, 2018 /CNW/ - Diamcor Mining
Inc. (TSX-V.DMI / OTCQB-DMIFF), (the "Company") is pleased to
announce the recovery of six rough diamonds in the special (+10.8
carats) category. The diamonds were recovered from material
processed through the Company's recently updated facilities. The
special category rough diamonds recovered include: one high quality
18.45 carat gem octahedron rough diamond, two gem quality rough
diamonds weighing 18.56 and 14.71 carats respectively, and three
non-gem quality rough diamond weighing 21.92 carats, 17.32 carats,
and 15.84 carats. The recoveries are the result of limited
processing completed during part of July and the first week of
August. In addition to the recovery of these special category
diamonds, ~2,400 additional carats of rough diamonds were
recovered. The initial modifications completed on the Company's
In-field dry-screening plant were focused on improving the crushing
of larger material to reduce the amount of fine kimberlitic clay
material reporting to the Company's Main Treatment Plant, and by
doing so, reduce the previously announced water recovery issues
being caused by these kimberlitic clays.
"We are very pleased with the results of the initial
modifications made to the processing plants, as well as with the
number of larger diamonds recovered on very limited volumes",
noted Diamcor CEO Dean Taylor.
"With these initial modifications meeting or exceeding
expectations, our focus will now shift to running increasing
volumes in the coming weeks, and to completing the installation of
the paste thickener system to allow for us to further increase
processing volumes for the long term", added Mr. Taylor.
Financing Update
The Company is also pleased to provide an update on the status
of the previously announced Revised Offering. Despite the
current lack of focus on the resource sector in the capital
markets, the Company has received commitments from various parties
and anticipates closing the remaining balance of the Revised
Offering in a Second and Final Tranche to be finalized in the very
short-term, subject to the receipt and finalization of subscription
documentation from various parties by the Company. As noted
above, the proceeds from the First Tranche of the Revised Offering
have now allowed the Company to reduce the impact of the
insufficient water recoveries from the Project's settling dams
through the installation of additional screening equipment, the
second tranche of the funding will allow the Company to incorporate
the paste thickening technology that will be used to further
increase processing volumes at the Project for the long-term.
The planned Second and Final closing of the balance of the
Revised Offering is subject to the approval of the TSX Venture
Exchange along with completion of all definitive documentation and
filings as required. Additional securities issued pursuant to
the Revised Offering will be subject to a hold period of four
months plus one day following the date of their issuance.
The securities sold in the Revised Offering have not been
registered under the United States Securities Act of 1933, as
amended, or any state securities laws and may not be offered or
sold in the United States absent
registration under such Act or an applicable exemption from such
registration requirements. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
securities in the United States or
any other jurisdiction nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such jurisdiction.
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 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
publically 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.
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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.