Shares Issued and Outstanding:
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TSXV:DMI
OTCQB:DMIFF
KELOWNA, BC, Nov. 6, 2018 /CNW/ - Diamcor Mining Inc.
(TSX-V.DMI / OTCQB-DMIFF), (the "Company") is pleased to announce
that subsequent to its previous release on the initial tender of
2,606.50 carats of rough diamonds recovered from resumed processing
exercises at the Company's Krone-Endora at Venetia Project (the
"Project"), an additional 5,335.83 carats of rough diamonds were
delivered prior to the end of October. A total of 2,277.47
carats of these rough diamonds were recovered as part of planned
refinements to the Project's screening systems, and were sold for
gross proceeds of USD $431,701.48,
resulting in an average price of USD $189.55 per carat. The majority of material
processed consisted of smaller size fractions from the lower grade
upper zone of the Project in order to test the refined systems'
ability to remove fines under 1.0mm in size at higher volumes, and
thus the recovery of larger diamonds was not expected in these
materials. The remaining 3,058.36 carats delivered were recovered
from the subsequent processing of material which included the
blending of larger, higher-grade basal material to perform planned
refinements to the Project's crushing circuit, and due to the
inclusion of this material, this processing was expected to yield a
higher number of rough diamonds in the 3 to 5 carat range. The
tendering of these rough diamonds will be completed in November 2018, which will be followed by an
additional final delivery and tender of rough diamonds for the
Company's third fiscal quarter in December
2018.
"Efforts to perform planned refinements on the crushing and
screening systems installed continue to progress well. Our focus is
now on ramping up both the volume of material being processed and
the inclusion of all size fractions up to 40.0mm", commented
Diamcor CEO, Mr. Dean Taylor.
"The changes have reduced the volume of fines being delivered to
the main treatment plant as desired and, given that, significantly
reduced the challenges those fines have caused with regard to water
consumption and recycling ", added Mr. Taylor.
With the revisions to the crushing and screening at the in-field
screening plant largely complete, future processing will not only
focus on increasing volumes, but also the inclusion of all size
fractions up to 40.0mm. To assist in these efforts, an additional
30 ton per hour dense media separation plant has been incorporated
into the Project's large diamond recovery circuit which will
provide greater efficiencies and added capacity at the main
treatment plant in the long-term. The majority of processing
completed has consisted of material under 15.0mm, with material
above that size fraction largely being stockpiled. The crushing,
treatment, and inclusion of material in the +15.0mm to -40.0mm size
fractions moving forward is expected to not only have a positive
impact on the recovery of larger individual rough diamonds under
10.8 carats in size, but also now provide the Company with the
potential to recover larger diamonds within those size fractions
which would have previously been stockpiled.
The Company is also pleased to provide an update on the
previously announced installation of a paste thickener at the
Project. Given the success of the revisions made to the crushing
and screening at the in-field plant, a significant reduction in the
fine material reporting to the main treatment plant has been
achieved. This reduction of fines not only allows the Company to
proceed with ramping up and increasing the processing volumes of
material in all size fractions, it has also allowed for a reduction
in both the size and cost of the paste thickener required for the
long-term. As noted above, the Company plans to increase
processing volumes in the short-term while finalizing the
installation of this planned smaller paste thickener, which is
expected to be completed in the first quarter of calendar 2019.
Further updates on the size and progress of this item will be
provided in the coming weeks.
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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SOURCE Diamcor Mining Inc.