Shares Issued and Outstanding: 63,885,888
KELOWNA, BC, March 5, 2019 /CNW/ - Diamcor Mining Inc. (TSX-V.DMI / OTCQB-DMIFF), (the "Company") is pleased to announce the results of a second tender and sale of rough diamonds for the Company's fourth fiscal quarter ending March 31, 2019. The Company sold 1,220.23 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 $375,907.72, resulting in an average sale price of USD $308.06 per carat. This represented a price increase of 76% as compared to the Company's average price per carat of $176.16 realized on all rough diamonds tendered and sold to date. The tender included the sale of the previously announced 44 carat gem quality rough diamond.
The Company is also pleased to announce the addition of Precision Capital Development Services ("PCDS") to act on a consulting basis to support the existing operational team. PCDS has extensive experience in the operational management of mining projects, and their services are aimed at aiding the Company with its primary objectives of increasing processing levels, operational efficiencies, and the normalization of operations for the long-term.
"We continue to be pleased with the results of our tenders, and this recent tender clearly demonstrates the positive impact that larger diamonds in the special category can have on our revenues", commented Diamcor CEO Mr. Dean Taylor. "With rough diamond tenders performing well, our stated focus has been on increasing volumes, and the further advancement of the Project. After several months of planning and discussions, I believe the addition of PCDS to our existing operational team will greatly enhance our ability to achieve those objectives, and we look forward to working with them in the coming weeks and months", 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
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.
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SOURCE Diamcor Mining Inc.
For further information: Mr. Dean H. Taylor, President & CEO, Diamcor Mining Inc., DTaylor@diamcormining.com, Tel (250) 864-3326, www.diamcormining.com