TORONTO and JOHANNESBURG, Oct. 22 /CNW/ - BRC DiamondCore Ltd. ("BRC" or the "Company") (TSX - "BCD"; JSE - "BCD") announces that it has sold all of its shares in its wholly-owned South African subsidiary, Diamond Core Resources (Pty) Ltd (in liquidation) ("DCR"), for nominal consideration plus, if the offer of compromise referred to below is approved by the court, for value of US$500,000. DCR was the holding company for the Company's South African projects and was put into liquidation by court order on July 3, 2009. The terms of the sale contemplate that the purchaser enter into an offer of compromise with the creditors of DCR. The previously announced heads of agreement with KIG Mining Plc has been cancelled.
The Company's projects in the Democratic Republic of the Congo are unaffected by this sale transaction.
BRC DiamondCore Ltd. is an African-focused diamond explorer with projects in the Democratic Republic of the Congo. Led by a management team with extensive experience in diamond exploration and mine development, the Company works in a systematic and responsible manner to discover, assess and develop diamond resources for the benefit of its shareholders and local stakeholders.
SOURCE BRC DiamondCore Ltd.
For further information: For further information: please visit our website, www.brc-diamondcore.com, or contact: In Toronto: Martin D. Jones, Vice President, Corporate Development, (416) 366-2221 or 1-800-714-7938; In Johannesburg: Brian P. Scallan, Vice President, Finance, +27 11 9582885