TORONTO, Aug. 17 /CNW/ - BRC DiamondCore Ltd. (the "Company") (TSX -
"BCD"; JSE - "BCD") reported a net loss of $2,062,000 ($0.08 per share) and
$3,544,000 ($0.14 per share) respectively for the three and six month periods
ended June 30, 2009 (compared to a net loss of $1,193,000 or $0.05 per share
and $4,631,000 or $0.20 per share for the three and six month periods ended
June 30, 2008 respectively).
The Company's expenses for the second quarter included the costs
associated with the retrenchment of employees. These costs are at an end now.
Even though the Company has placed its operations on a care and maintenance
basis, there are still significant costs such as surface use rentals payable
to the land owners, electricity, security, fuel etc. Depreciation also
continues even though the assets are not in use. As well, costs incurred in
South African rand increased due to the 17% increase in the value of the rand
against the Canadian dollar over the quarter.
The Company continues to focus on its prospective Tshikapa project in the
Democratic Republic of the Congo.
The Company's unaudited interim consolidated financial statements as at
and for the three and six month periods ended June 30, 2009 and the related
management's discussion and analysis have been filed on SEDAR at
As per the listing requirements of the JSE Limited, the following
announcement was issued by the Company in South Africa on August 17, 2009 on
the Securities Electronic News Service under the heading "BRC DiamondCore's
Sale of Alluvial Diamond Projects - Renewal of Cautionary": "Further to the
cautionary announcements issued, on 6 May 2009, 20 May 2009 and 3 July 2009
respectively, shareholders are advised that negotiations are ongoing and that
they should continue to exercise caution when dealing in their securities
until a further announcement in made."
BRC DiamondCore Ltd. is an African-focused diamond explorer active in
South Africa and the Democratic Republic of the Congo. Led by a management
team with extensive experience in diamond exploration and mine development,
the Company has a broad spectrum of projects ranging from advanced stage trial
mining operations through grass-roots exploration. The Company's projects
comprise both prospective alluvial gravels and primary kimberlite targets. The
Company works in a systematic and responsible manner to discover, assess and
develop diamond resources for the benefit of its shareholders and local
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