Shares Issued and Outstanding:
63,885,888
TSXV:DMI
OTCQB:DMIFF
KELOWNA, BC, Dec. 20, 2018 /CNW/ - Diamcor Mining Inc.
(TSX-V.DMI / OTCQB-DMIFF), (the "Company") is pleased to announce
the results of its final tender and sale of rough diamonds for the
Company's third fiscal quarter ending December 31, 2018. The Company tendered
2,256.52 carats of rough diamonds recovered from resumed processing
exercises at the Company's Krone-Endora at Venetia Project (the
"Project"), of which 1905.07 carats were sold for gross proceeds of
USD $303,138.39, resulting in an
average price of USD $158.60 per
carat for the rough diamonds tendered and sold. The balance of
351.45 carats will be tendered along with additional rough diamonds
delivered by the Company in January of 2019.
With this final tender of the fiscal quarter complete, total
rough diamonds tendered and sold during the Company's third fiscal
quarter ending December 31, 2018 will
be 7,162.21 carats, for gross proceeds of USD $1,401,322.01, resulting in an average price of
USD $195.66 per carat for the period.
This represents an increase of 64% in carats recovered and a
62% increase in revenues realized when compared to recoveries of
4,353.91 carats and revenues of USD $864,546.09 reported for the same period during
the prior fiscal year. The average price per carat achieved
was relatively unchanged year over year. Material processed
during the current quarter consisted of smaller size fractions,
with an increased percentage of larger size fractions being
incorporated later in the quarter as part of the Company's planned
move to the processing of all size fractions through the recently
upgraded facilities. In addition to the total rough diamonds
tendered and sold during the quarter, the Company has delivered
approximately 2,000 additional carats of rough diamonds (prior to
acid wash) to Antwerp, which will
be offered in upcoming tenders planned for early 2019.
The Company also announces that the directors of the Company,
Dean Taylor, Darren Vucurevich, Sheldon Nelson, and Dr. Stephen Haggerty were re-elected by the
shareholders at the Company's annual general meeting held on
December 18, 2018. The
disinterested shareholders of the Company also approved an
amendment to the Company's fixed stock option plan to increase the
number of options available under the plan from 8,622,233 options
to 12,777,177 options, being 20% of the Company's issued and
outstanding shares as at the record date for the meeting. MNP
LLP, were also re-appointed as the Company's auditors for the
ensuing year.
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
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.
WE SEEK SAFE HARBOUR
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.
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content:http://www.prnewswire.com/news-releases/diamcor-announces-results-of-tender-and-achieves-usd-195-66-average-for-the-fiscal-quarter-ending-december-31st-300769300.html
SOURCE Diamcor Mining Inc.
