TIDM0QUI
RNS Number : 5204K
Lucara Diamond Corp
05 January 2021
January 4, 2021
PRESS RELEASE
KAROWE RECEIVES MINING LICENCE RENEWAL AND EXTENSION TO 2046
VANCOUVER, January 4, 2021 /CNW/ - (LUC - TSX, LUC - BSE, LUC -
Nasdaq Stockholm)
Lucara Diamond Corp and Lucara Botswana (Proprietary) Limited
(both "Lucara" respectively) are pleased to announce that the
application for the renewal of Mining Licence No 2008/6L in respect
of its AK06 (Karowe) Mine has been approved by Botswana's Minister
of Mineral Resources, Green Technology and Energy Security. The
renewal is effective January 4, 2021 for a period of 25 years,
securing Lucara's mining rights to 2046 and marks a critical step
in the formal sanction of the Karowe underground expansion
project.
Eira Thomas, President and CEO commented: "The receipt of our
mining licence renewal and extension to 2046 is an important
milestone for the Karowe underground expansion project, paving the
way for the completion of a supplemental debt financing and full
project sanction later this year. Lucara is grateful for the
confidence and support demonstrated by the Government of Botswana
as we work to expand our operations at Karowe underground, for the
benefit of the Government and the people of Botswana together with
Lucara's shareholders. We look forward to continued cooperation and
a mutually rewarding partnership with the Government of
Botswana."
The Karowe underground expansion project, which continued to
advance in 2020 under a revised US $22 million budget in response
to Covid, focused on time critical-path items, detailed engineering
and design, and limited earth works and geotechnical studies. The
Company continues to explore debt financing options for the
underground expansion for those amounts which are expected to
exceed the Company's cash flow from operations during the
construction period. The Company anticipates financing to be in
place by the second half of this year. The underground expansion
program has an estimated capital cost of $514 million and a
five-year period of development, with first ore anticipated from
underground in 2026.
Eira Thomas
President and Chief Executive Officer
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For further information, please contact:
North America Investor Relations & Communications
+1 604 674 0272| info@lucaradiamond.com
Sweden Robert Eriksson, Investor Relations & Public
Relations
+46 701 112615 | reriksson@rive6.ch
UK Public Relations Emily Moss / Jos Simson, Tavistock
+447788554035 | lucara@tavistock.co.uk
ABOUT LUCARA
Lucara is a leading independent producer of large exceptional
quality Type IIa diamonds from its 100% owned Karowe Mine in
Botswana. The Company has an experienced board and management team
with extensive diamond development and operations expertise. The
Company operates transparently and in accordance with international
best practices in the areas of sustainability, health and safety,
environment and community relations.
The information in this release is accurate at the time of
distribution but may be superseded or qualified by subsequent news
releases.
This information is information that the Company is obliged to
make public pursuant to the EU Market Abuse Regulation. The
information was submitted for publication, through the agency of
the contact person set out above at 2:00pm Pacific Time on January
4, 2021.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
Certain of the statements made and contained herein and
elsewhere constitute forward-looking statements as defined in
applicable securities laws. Generally, these forward-looking
statements can be identified by the use of forward-looking
terminology such as "expects", "anticipates", "believes",
"intends", "estimates", "potential", "possible" and similar
expressions, or statements that events, conditions or results
"will", "may", "could" or "should" occur or be achieved.
In particular, this release may contain forward looking
information pertaining to the following: the timing for an
investment decision, the arrangement of external financing and the
satisfaction of conditions to develop an underground mine at
Karowe, which may include but which are not limited to: the receipt
of all required authorizations, the arrangement of external
financing on terms satisfactory to the Company and the timing of
that financing; what impact the Company's cash flows from
operations could have on the Company's external financing
requirements; the Company's ability to meet the estimated schedule
and budget to develop underground operations and the accuracy of
related estimates, the production profile at Karowe and the timing
to process ore from underground operations, anticipated changes in
diamond pricing, including trends in supplies and demands and the
potential for stability in the diamond market and diamond pricing;
changes to foreign currency exchange rates; and other forward
looking information.
There can be no assurance that such forward looking statements
will prove to be accurate, as the Company's results and future
events could differ materially from those anticipated in this
forward-looking information as a result of those factors discussed
in or referred to under the heading "Risks and Uncertainties"' in
the Company's most recent Annual Information Form available
athttp://www.sedar.com, as well as changes in general business and
economic conditions, changes in interest and foreign currency
rates, the supply and demand for, deliveries of and the level and
volatility of prices of rough diamonds, costs of power and diesel,
acts of foreign governments and the outcome of legal proceedings,
inaccurate geological and recoverability assumptions (including
with respect to the size, grade and recoverability of mineral
reserves and resources), and unanticipated operational difficulties
(including failure of plant, equipment or processes to operate in
accordance with specifications or expectations, cost escalations,
unavailability of materials and equipment, government action or
delays in the receipt of government approvals, industrial
disturbances or other job actions, adverse weather conditions, and
unanticipated events relating to health safety and environmental
matters).
Accordingly, readers are cautioned not to place undue reliance
on these forward-looking statements which speak only as of the date
the statements were made, and the Company does not assume any
obligations to update or revise them to reflect new events or
circumstances, except as required by law.
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END
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