Shares Issued and Outstanding:
49,702,714
TSXV:DMI
OTCQX:DMIFF
KELOWNA, BC, May 30, 2017 /CNW/ - Diamcor Mining Inc., (the
"Company") is pleased to announce it has recovered a 5.36 carat
green gem quality octahedron rough diamond from the initial
processing of material in the +1.0mm to -45.0mm size fractions
underway through the newly expanded facilities at the Company's
Krone-Endora at Venetia Project (the "Project"). The
significance of this rough green diamond is currently uncertain,
however given the rarity and potential high value of green
diamonds, an analysis of this diamond will be performed over the
coming weeks to aid the Company in determining the best course of
action to take with respect to this diamond. In certain
instances, radiation may cause the outer surface of rough diamonds
to present with a green colour, as was thought to be the case with
two very small, lower quality rough diamonds previously recovered
from testing and commissioning at the Project. The Company
believed neither of these smaller, lower quality rough diamonds
warranted additional consideration at the time. However, given the
larger size, quality, and shape of this rough diamond, the Company
believes further analysis is warranted due to the relative rarity
and value of green diamonds. While an initial analysis may
provide some insight into this 5.36 carat green rough diamond, it
is probable that the cutting and polishing of this rough diamond,
at the Company's discretion will be required to determine if the
rough diamond retains its green colour throughout or if the green
colouration is limited to the outer surfaces only.
The 5.36 carat green rough diamond has been shipped to
Antwerp along with other rough
diamonds recovered from the ongoing efforts and processing underway
at the Project. On May 18,
2017, the Company announced the results of two initial
tenders held earlier in the current quarter, in which a combined
total of 6,165.69 carats of rough diamonds where sold, including
the sale of seven individual rough diamonds in the specials
category (+10.8 carats). The two tenders and sales completed
to date in the current quarter generated gross proceeds of USD
$1,512,741.96 for an average price of
USD $245.35 per carat. The
above noted rough diamonds delivered, excluding the 5.36 carat
green rough diamond, will be offered in a third and final tender
and sale of the current quarter, which is scheduled to be completed
prior to the end of June 2017.
The combined testing, commissioning, and calibration exercises
currently underway are designed to support the continued
advancement of objectives consistent with the recommendations of
the updated NI 43-101 Technical Report ("Updated Technical Report")
filed by the Company on April 28,
2015, and to aid the Company in arriving at initial
production decisions for the Project. The recovery of all
rough diamonds to date are incidental to the ongoing commissioning
and testing exercises performed at the Project. The
above-noted testing exercises and incidental recoveries do not form
part of the Updated Technical Report and therefore no general
grade, price, or quality determination is intended by the Company
at this time due to the nature and purpose of the processing of
this material.
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 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
Mr. Dean H. Taylor
President & CEO
Diamcor Mining Inc.
DTaylor@diamcormining.com
Tel (250) 864-3326
www.diamcormining.com
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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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.