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KELOWNA, BC / ACCESSWIRE / Aug 9, 2021 / Diamcor Mining Inc. (TSX-V: DMI) (OTCQB: DMIFF), (“Diamcor” or, the “Company”) announced today that it has obtained very encouraging results in its tender and its sale of rough diamonds recovered from the processing of quarry materials to the Company’s Krone Endora at Venetia project (the “Project”). In July 2021, the first month of its current fiscal quarter ending September 30, 2021, the Company deposited and sold a total of 2,989.54 carats. The results confirm the potential for increasing average dollar per carat values through the Company’s operational and processing improvements and the recovery of larger gem-quality rough diamonds in the special grade (+10.8 carats).
The highlights of the Company’s rough diamond sales offered for tender in July 2021 are as follows:
- The combined total of rough diamonds offered for tender and sold in July 2021 was 2,989.54 carats, generating initial gross revenue for the quarter to date of $ 744,085.44, which translates to a combined average price of $ 248.90 per carat.
- The initial sale of 1,560.39 carats of rough diamonds recovered from the processing of quarry materials was submitted and sold in early July 2021, generating gross revenues of $ 271,509.02 and an average price of $ 174.00 per carat.
- The second sale, at the end of July, of an additional 1,429.15 carats of rough diamonds recovered from the processing of quarry materials, generated additional gross revenues of US $ 472,576.28, for an average price of US $ 330.67 the carat.
- The bidding and sales again included several rough diamonds in the special category (+10.8 carats).
- The Company expects to offer additional rough diamonds during the quarter for bidding and sale in August and September 2021.
- Aggregate demand and prices for the majority of rough diamond assortments offered and sold by the Company continue to meet or exceed expectations.
The size and quantity of special rough diamonds in sales and tenders held in July 2021 are not considered unusual for the project, which continues to demonstrate its ability to generate significant results and revenue in dollars per carat. when processing quarry materials.
“We are once again pleased with these results, which continue to confirm our ability to achieve one dollar per carat and high gross sales while operating on lower volumes due to the COVID-19 pandemic ”, said Dean Taylor, CEO of Diamcor. “Based on these continued results, we are now focused on the previously announced goal of completing the first phase of upgrades. These upgrades are intended to provide us with the ability to increase our current processing volumes up to 100% by September 30, 2021, and all efforts in this regard are progressing as planned or ahead of schedule. “
About Diamcor Mines Inc.
Diamcor Mining Inc. is a fully publicly traded junior diamond mining company 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 previous experience in supplying rough diamonds to the global market.
About the Tiffany & Co. Alliance
The Company has established a long-term strategic alliance and a right of first refusal with Tiffany & Co. Canada, a subsidiary of world-renowned Tiffany & Co., based in New York, to purchase up to 100% of the future production of rough diamonds from Krone-Endora to the Venetia project at prices then in effect to be determined by the parties on an ongoing basis. Along with this first right of refusal, Tiffany & Co. Canada also provided the Company with funding to move the project forward. Tiffany & Co. is a publicly traded company that trades on the New York Stock Exchange under the symbol TIF. For more information about Tiffany & Co., please visit their website at www.tiffany.com.
About Krone-Endora in Veneto
In February 2011, Diamcor acquired the Krone-Endora at Venetia project from De Beers Consolidated Mines Limited, comprising the exploration rights to the Krone 104 and Endora 66 farms, which represent a combined area of approximately 5,888 hectares directly adjacent to that by De Beers. Lighthouse at the 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 covering 657.71 hectares of the total project area of 5,888 hectares. The Company has also filed a mining right application on the remaining areas of the Project. The deposits on the Krone and Endora properties have been identified as a higher grade “alluvial” basal deposit which is covered by a lower grade upper “eluvial” deposit. It is proposed that the deposits are the result of direct displacement (with respect to the “Eluvial” deposit) and erosion (with regard to the “Alluvial” deposit) of materials from the higher terrains of the adjacent areas of Venetia Kimberlite. The deposits on Krone-Endora occur in two layers with a maximum total depth of approximately 15.0 meters from surface to bedrock, allowing for a very low cost mining operation with the potential for diamond production. short term from a 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 Declaration:
Mr. James P. Hawkins (B.Sc., P.Geo.), Is Director of Exploration and Special Projects for Diamcor Mining Inc., and the Qualified Person under National Instrument 43-101 responsible for overseeing the Execution of Diamcor’s exploration programs and member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved its contents.
On behalf of the board of directors
Mr. Dean H. Taylor
President and CEO
Diamcor Mines Inc.
For more information contact:
Mr. Dean H. Taylor
Diamcor Mines Inc
+1 250 862-3212
Mr. Rich Matthews
+1 (604) 355-7179
This press release contains certain forward-looking statements. Although these forward-looking statements represent our current best judgment, they are subject to a variety of risks and uncertainties which are beyond the Company’s ability to control or predict and which could cause events or actual results differ materially from those anticipated in these forward-looking statements. staring statements. In addition, the Company expressly disclaims any obligation to update any forward-looking statements. Therefore, readers should not place undue reliance on forward-looking statements.
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
THE SOURCE: Diamcor Mines Inc.
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