Shares Issued and Outstanding:
65,311,488
TSXV:DMI
OTCQB:DMIFF
KELOWNA, BC, Feb. 25, 2020 /CNW/ - Diamcor Mining Inc.
(TSX-V.DMI / OTCQB-DMIFF), (the "Company") is pleased to announce
it has now completed the previously announced processing of
tailings material at the Company's Krone-Endora at Venetia project
(the "Project"), and that mining operations using a new larger
fleet of Caterpillar heavy equipment has begun. The new
equipment is aimed at providing the Project with improved
reliability, lower operating costs, and to support the Company's
planned increases in processing volumes moving forward. The
equipment is comprised of a full compliment of large excavator
models, articulated dump trucks (ADT's), front end loaders,
bulldozers, and various other smaller support equipment.
Additional provisions are also underway to increase the size
of the Project's standby power capacities by replacing the
Project's two smaller generators with one larger, more efficient
unit from Caterpillar to minimize shortfalls in power supply and
processing downtime for the long-term.
"We are confident the new equipment fleet will enhance the
Project's advancement in all areas, and enable us to better achieve
our stated goals, and increase processing volumes in a meaningful
way moving forward", commented Diamcor CEO Mr. Dean Taylor. "While the processing of
tailings delivered a lower dollar per carat average than what
we would typically see historically, it served a valuable purpose
of validating our new operating plan to remediate past deficiencies
and reduce operating costs through assessing and implementing the
ideal field equipment for the long
term".
As of the date of this release, the Company had finalized the
delivery of approximately 4,500 carats of rough diamonds from the
conclusion of the tailings processing efforts for tender and sale
in the coming weeks. Rough diamonds recovered and delivered
for tender and sale moving forward will again be from quarrying and
trial mining exercises using the new equipment and are expected to
better mirror historical results in terms of size frequency
distribution and the average dollar per carat values
achieved. Additional focus moving forward is also being
placed on the processing of the larger material previously
stockpiled during the development of the Project's In-Field
Screening plant, and an increase in the volume of this material
being introduced through the large diamond recovery circuit.
PDAC 2020
The Company will be attending PDAC 2020 at the Metro Toronto
Convention Centre, South Building from March
1st to 4th. Company executives will be
in attendance at Booth #2316 in the Investor's Exchange for the
duration of the show. Company CEO Dean
Taylor will be presenting in the Corporate Presentation
Forum for Investors in the Diamonds Session on Monday March 2nd at 10:00am in the South Building in Room
801B. Interested parties are welcome
to attend.
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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SOURCE Diamcor Mining Inc.
