TSX.V Symbol (DMI)
KELOWNA, BC, Aug. 7 /CNW/ - Diamcor Mining Inc. (TSX-V:DMI) (the
"Company"), today announces it plans to proceed with the disposition of
certain of the Company's So Ver mining assets. The Company will begin
considering and evaluating various proposals from interested parties. The
transaction may take the form of an asset sale or a sale of the Company's
subsidiary, So Ver (Pty) Ltd. The disposition of these non-core assets is part
of the Company's strategy to divest itself of current non-producing assets and
re-deploy its resources to new mining opportunities that can provide near-term
diamond production with long-term potential.
The So Ver non-core assets include landholdings comprising 556.7 hectares
with certain portions having water rights suitable for various uses, mining
permit rights for the remaining tailings at the property, reconditioned items
associated with the five-story processing plant, and housing and workshops.
The Company will retain ownership of certain processing equipment that will be
re-deployed to new projects.
In addition to the immediate cost savings from the discontinuance of
on-going maintenance of these non-core assets, the potential proceeds from the
sale of these assets would be applied to the acquisition and development costs
associated with the purchase of the Krone-Endora alluvial deposit from De
Beers Consolidated Mining Company, previously announced on May 26, 2008.
Diamcor Mining is a junior resource company with established operations
and production history in South Africa. The Company is determined to use its
established operating history, industry knowledge, and proprietary
relationships to acquire and develop quality diamond properties in the region.
On behalf of the Board of Directors
Mr. Dean H. Taylor
Diamcor Mining Inc.
Phone: (250) 862-3212
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. This news release is not for
dissemination in the United States, to "U.S. Persons" or to United States of
America news services.
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or accuracy of this release.
For further information:
For further information: Mr. Dean H. Taylor, CEO, Diamcor Mining Inc.,
DTaylor@Diamcormining.com, Phone: (250) 862-3212, Website: