Shares Issued and Outstanding: 65,311,488
KELOWNA, BC, March 30, 2020 /CNW/ - Diamcor Mining Inc. (TSX-V.DMI / OTCQB-DMIFF), (the "Company") has made several short-term operational changes in response to the unprecedented events unfolding due to the Covid-19 virus crisis. On March 23, 2020 the Government of South Africa issued a directive imposing a 21-day national lockdown (the "Directive") requiring all non-essential businesses and activities be suspended, and for people to remain at home. The lockdown will be in effect from midnight March 26, 2020 to midnight April 16, 2020 and is aimed at containing the spread of the Covid-19 virus. The Company's primary focus is the health, wellbeing, and safety of its employees, and to support the decisive recommendations made by the Government of South Africa to control the spread of the Corid-19 Virus. As a result of the Directive, mining operations have been suspended and placed into care and maintenance for the duration of the Directive, and cost saving measures will be implemented wherever possible. Rough diamond tenders and sales have also been limited or cancelled over the past number of weeks due to travel restrictions and related market uncertainties, and the Company will continue to monitor developments and review its plans in this area as well.
"During these unprecedented times, our focus remains the health and safety of our employees, consultants, and their families, and on doing our part to control the spread of this Covid-19 virus", commented Diamcor CEO Mr. Dean Taylor. "We have overcome many challenges over the years, and in this case, we will continue to evaluate and revise our plans in the coming weeks so we may resume operations as soon as possible, and continue to build on the positive momentum we established entering 2020", 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., [email protected], Tel (250) 864-3326, www.diamcormining.com