TSX.V Symbol (DMI)
KELOWNA, BC, April 20, 2015 /CNW/ - Diamcor Mining Inc. (TSX-V.DMI / OTCQX-DMIFF), (the "Company") announces it has retained MZ Group as its investor relations advisor.
"We are committed to growing our investor relations and outreach efforts and, after careful review, we selected MZ Group as our investor relations partner because of their experience in clearly communicating opportunities in the natural resource sector to qualified investors", said Dean Taylor, CEO and President of Diamcor Mining. "We believe this to be an important step in creating long-term shareholder value as we progress with the planned advancement of our Krone-Endora at Venetia Project."
MZ Group will assist Diamcor with communicating its corporate, financial and investor developments to current shareholders and prospective investors, while enhancing awareness of the Company's story within the capital markets. Derek Gradwell, Senior Vice President for MZ North America, will be the Company's primary investor contact at MZ Group.
"Diamcor Mining is a unique junior diamond producer with significant near-term production potential," stated Ted Haberfield, President of MZ Group North America. "Diamcor has a proven history of successful operations and established relationships that we believe positions the Company very well in its efforts to expand as a supplier of rough diamonds to the world market at a very critical time. We look forward to helping the Company with all aspects of its corporate communications and investor relations needs."
The initial term of the engagement is for six (6) months, after which it will automatically renew every six (6) months unless either party provides written notice to the other within thirty 30 days prior to the end of the current term, that the engagement is to be terminated. The Company will pay MZ Group a monthly fee of (US) $5,000 per month for the first three months, and (US) $7,500 per month thereafter, for a total of (US) $37,500, plus applicable taxes, for the initial six (6) month term. MZ will also receive stock options to purchase up to 100,000 common shares of the Company at a price of $1.35 for a period of thirty six months. These options will vest over a 12-month period at a rate of 25% per quarter, and were granted in accordance with the Policy 4.4 of the TSX Venture Exchange and the terms and conditions of the Company's Stock Option Plan.
The above-mentioned agreement is subject to the approval of the TSX Venture Exchange.
About Diamcor Mining Inc.
Diamcor Mining Inc. is a fully reporting publically traded junior diamond mining company which is listed on the TSX Venture Exchange under the symbol V.DMI, and on the OTC QX 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 publically 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 an average total depth of less than 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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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Diamcor Mining Inc.
For further information: Investor Relations Contact: Derek Gradwell, SVP Natural Resources, MZ Group North America, Phone: 512-270-6990, Email: [email protected], Web: www.mzgroup.us