TIDM0QUI
RNS Number : 9085E
Lucara Diamond Corp
11 November 2020
November 10, 2020
PRESS RELEASE
LUCARA RECOVERS 998 CARAT DIAMOND FROM THE KAROWE MINE IN
BOTSWANA
VANCOUVER, November 10, 2020 /CNW/ - (LUC - TSX, LUC - BSE, LUC
- Nasdaq Stockholm)
Lucara Diamond Corp. ("Lucara" or the "Company") is pleased to
announce the recovery of an unbroken 998 carat high white clivage
diamond from its 100% owned Karowe Diamond Mine located in Botswana
(image attached). The diamond, measuring 67x49x45mm, was recovered
from direct milling of ore sourced from the EM/PK(S) unit of the
South Lobe, and follows a notable series of diamond recoveries
during this recent production run, including a number of top
quality clivage and gem quality stones of 273, 105, 83, 73, and 69
carats in weight. The EM/PK(S) forms an important economic driver
for the proposed underground mine at Karowe and continues to
produce large gem quality diamonds in line with expectations, a
further testament to the strong resource performance at Karowe.
The 998 carat diamond was recovered in the MDR ("Mega Diamond
Recovery") XRT circuit that allows for diamond recovery post
primary crushing and prior to milling. This recovery represents the
second +500 carat diamond recovered from this circuit in 2020. Year
to date, Karowe has produced 31 diamonds greater than 100 carats
including 10 diamonds greater than 200 carats comprising of the 549
carat Sethunya, and the 998 carat diamond. In accordance with the
partnership between Lucara and HB Antwerp regarding all diamonds
greater than 10.8 carats produced from Karowe, both companies are
evaluating the next steps in order to maximise the value of this
rare large diamond.
Eira Thomas, CEO commented: "Lucara is extremely pleased with
the continued recovery of large high quality diamonds from the
South Lobe of the Karowe mine. To recover two +500 carat diamonds
in 10 months along with the many other high quality diamonds across
all the size ranges is a testament to the unique aspect of the
resource at Karowe and the mine's ability to recover these large
and rare diamonds. Operations at Karowe have continued through 2020
and operational challenges, due to Covid-19 restrictions, have been
met with professionalism by the team. We look forward to a safe
finish to 2020 and continued success at Karowe as we remain
focussed on strong operations to ensure maximum resource
performance."
This press release has been reviewed and approved by Dr. John
Armstrong, Ph.D. P.Geol., Vice-President, Technical Services of the
Company and a "Qualified Person" for the purposes of National
Instrument 43-101.
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 and owns a 100% interest in Clara Diamond Solutions, a
secure, digital sales platform positioned to modernize the existing
diamond supply chain and ensure diamond provenance from mine to
finger. 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 persons set out, at 2:00pm Pacific Time on November 10,
2020.
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.
Forward-looking statements are based on the opinions and
estimates of management as of the date such statements are made and
they are subject to a number of known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievement
expressed or implied by such forward-looking statements. The
Company believes that expectations reflected in this
forward-looking information are reasonable, but no assurance can be
given that these expectations will prove to be accurate and such
forward-looking information included herein should not be unduly
relied upon.. The value of the Company's shares, its financial
results and its mining activities are significantly affected by the
price and marketability of the diamonds recovered. The sales price
of a diamond is determined by its characteristics. While the Karowe
Diamond Mine has produced a number of large, high-value diamonds in
excess of 100 carats, there is no assurance that the diamonds
recovered which are 100 carats or larger will have the
characteristics required to achieve a high sales price.
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 at
http://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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