/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO and JOHANNESBURG, South Africa, June 30 /CNW/ - BRC DiamondCore
Ltd. (the "Company") (TSX - BCD; JSE - BCD) announces that the following Board
of Directors was elected at the annual meeting of shareholders of the Company
held on June 27, 2008: Simon Village, Dr. Michiel (Mike) de Wit,
Arnold Kondrat, Gregory Hunter, Geoffrey Farr and Stephen Thomson. The
Company's Chief Executive Officer, Theo Botoulas, and Chief Financial Officer,
Craig Campbell, withdrew themselves from nomination for election as directors.
Mr. Botoulas will continue in his position as CEO of the Company until a
new CEO is appointed by the Board, which is expected to occur shortly. Mr.
Botoulas will continue to be associated with the Company as a consultant to
optimize the empowerment structure and work with the empowerment groups to
attract new opportunities to the Company.
Danie Van Der Merwe, currently head of operations in South Africa, will
be appointed Chief Operating Officer of the Company. Mr. Van Der Merwe has
extensive operational experience, building, operating and successfully
managing diamond projects in South Africa and Sierre Leone.
Brian Scallan will join the Company as interim Chief Financial Officer.
Mr. Scallan has an extensive background in arranging and structuring corporate
finance, particularly for capital projects, as well as in strategic and
contractual planning. He also has a wealth of banking experience, including
some 15 years in a senior position with Standard and Corporate Merchant Bank.
He has also had financial experience in the Democratic Republic of the Congo
since 1996, initially with Standard Bank and then on a project finance
consultancy basis. More recently, Mr. Scallan was Head of Funding at Nikanor
plc, a company which had extensive copper and cobalt mining interests in the
DRC prior to its takeover by Katanga Mining Ltd. He was involved in setting up
the capital expenditure control procedures for Nikanor and negotiating certain
capital expenditure contracts as well as the copper and cobalt off-take
agreements between Nikanor and the Glencore Group. Mr. Scallan will work
actively with Company President Mike de Wit and Mr. Van Der Merwe in respect
of the financing of the Company's exploration and operational divisions.
Simon Village, Chairman of the Company, stated: "On behalf of the Board,
I would like to thank both Theo and Craig for their contributions to the
Company over the past years. The Company has benefited from Theo's success
over the last five years in structuring a company with a superior portfolio of
assets. The new role for Theo will be a tremendous support for the empowerment
group and should deliver new opportunities for the Company. We believe that
the announced restructuring will also lead to improved dynamics within the
organization which will benefit all stakeholders, and allow us to realize the
full potential of the Company's portfolio of projects."
The Company also announces that it proposes to carry out a non-brokered,
interim financing by way of private placement of up to 1,000,000 common shares
of the Company at a price of Cdn$1.50 per share for total proceeds of up to
Cdn$1,500,000. The proceeds of the financing will be used for the exploration
of the Company's diamond properties and for general corporate purposes.
The securities offered have not been registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or any applicable exemption from the
registration requirements. This press release does not constitute an offer to
sell or the solicitation of an offer to buy nor will there be any sale of the
securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful.
BRC DiamondCore is an African-focused diamond explorer active in South
Africa and the Democratic Republic of the Congo (the "DRC"). 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 stakeholders.
This press release contains forward-looking statements. All statements,
other than statements of historical fact, that address activities, events or
developments that the Company believes, expects or anticipates will or may
occur in the future (including, without limitation, statements regarding the
closing of the financing and future plans of the Company) are forward-looking
statements. These forward-looking statements reflect the current expectations
or beliefs of the Company based on information currently available to the
Company. Forward-looking statements are subject to a number of risks and
uncertainties that may cause the actual results of the Company to differ
materially from those discussed in the forward-looking statements, and even if
such actual results are realized or substantially realized, there can be no
assurance that they will have the expected consequences to, or effects on the
Company. Factors that could cause actual results or events to differ
materially from current expectations include, among other things, the
possibility that future exploration results will not be consistent with the
Company's expectations, changes in equity markets, changes in diamond markets,
foreign currency fluctuations, political developments in the DRC or South
Africa, changes to regulations affecting the Company's activities,
uncertainties relating to the availability and costs of financing needed in
the future, delays in obtaining or failure to obtain required project
approvals, the uncertainties involved in interpreting geological data and the
other risks involved in the diamond exploration business. Any forward-looking
statement speaks only as of the date on which it is made and, except as may be
required by applicable securities laws, the Company disclaims any intent or
obligation to update any forward-looking statement, whether as a result of new
information, future events or results or otherwise. Although the Company
believes that the assumptions inherent in the forward-looking statements are
reasonable, forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on such
statements due to the inherent uncertainty therein.
For further information:
For further information: visit our website, www.brc-diamondcore.com, or
contact: Simon Village, Chairman, + 44 788 405 4012 in the U.K.; or Martin
Jones, Vice President, Corporate Development, at (416) 366-2221, or
1-800-714-7938 in Toronto