Shares Issued and Outstanding:
63,885,888
TSXV:DMI
OTCQB:DMIFF
KELOWNA, BC, Feb. 6, 2019 /CNW/ - Diamcor Mining Inc.
(TSX-V.DMI / OTCQB-DMIFF), (the "Company") is pleased to announce
the results of an initial tender and sale of rough diamonds for the
Company's fourth fiscal quarter ending March
31, 2019. The Company tendered and sold 1,407.66 carats of
rough diamonds recovered from ongoing processing exercises
performed at the Company's Krone-Endora at Venetia Project (the
"Project"), for gross proceeds of USD $384,928.86, resulting in an average price of USD
$273.45 per carat for the rough
diamonds tendered and sold. The tender included the sale of one gem
quality rough diamond in the "specials" category (+10.8 carats),
weighing 11.57 carats.
An additional ~1,858.92 carats of rough diamonds were also
delivered prior to the end of January
2019, which included a gem quality 44.09 carat rough
diamond, and a low quality 37.0 carat rough diamond. These
diamonds will be sold in a tender planned for later this month.
"We are pleased with the results of this tender and the sale
price realized", commented Diamcor CEO Mr. Dean Taylor. "We are equally as pleased
with the recovery of the 44.09 and 37.0 carat rough diamonds which
we believe is attributable to the additional crushing modifications
recently completed at the Project. The modifications are
performing well and allowing us to process all size fractions
moving forward. Our efforts are now focused on increasing
volumes and normalizing operations for the longer-term", added
Mr. Taylor.
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-273-45-average-in-initial-tender-of-2019-and-recovers-44-09-and-37-0-carat-rough-diamonds-in-january-300790542.html
SOURCE Diamcor Mining Inc.