KELOWNA, BC / ACCESSWIRE / December 16, 2021 / Diamcor Mines Inc. (TSXV: DMI) (OTCQB: DMIFF) (FRA: DC3A), (“Diamcor” or the “Company”) today announced that an additional 2,925.66 carats of rough diamonds have been recovered, delivered, offered and sold from processing quarry materials at the Company’s Krone-Endora project in Venetia (the “Project”), which represents an increase of approximately 175.66 carats over the approximately 2,750 carats that the Company planned to deliver, bid and sell as announced on November 18, 2021. This brings the total rough diamonds delivered, offered and sold for the current quarter to 5,442.57 carats, an increase of 25% over the previous quarter’s sales. The sale of the 5,442.57 carats generated gross revenue of $ 1,074,780.69, resulting in a combined average price of $ 197.48 per carat for the period. Additional rough diamonds already recovered but not yet delivered, as well as any other rough diamonds recovered from the project during the remainder of the quarter through December 31, 2021, will be held in stock for delivery and tender in the next quarter.
The Company remains satisfied with the continued progress on targeted increases in processing volumes for phase one facility upgrades that were completed ahead of schedule as announced on September 8, 2021. These upgrades continue to demonstrate the capability of ” achieve the desired goal of increasing historical processing. 100% volumes. The Company also continues to advance its efforts on planning and deploying a larger second phase of upgrades to its processing facilities, which are on schedule for completion in the first half of 2022. These upgrades Additional are designed to support further targeted increases in processing volume beyond the target 100% increase in historical processing volumes associated with Phase I upgrades now complete.
“We are pleased with the increase in total rough diamonds offered and sold during the current quarter, and we continue to focus on optimizing processing volumes and recoveries based on Phase One upgrades for the remainder of December and the quarter to come, ”said Dean Taylor, CEO of Diamcor. “Sales made in the current quarter are affected by the variability in lead times between the delivery of rough diamonds and their eventual submission and sale, but we continue to believe that the positive impact of these upgrades will continue to be demonstrated through in the coming quarters ”.
About Diamcor Mines Inc.
Diamcor Mining Inc. is a fully publicly traded junior diamond mining company that trades 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 mining 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 then-prevailing prices 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 owned by Moet Hennessy Louis Vuitton SE (LVMH), a company listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on OTC under the symbol LVMHF. 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 project to Venetia 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 that 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 lands 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) -757-7179
This press release contains certain forward-looking statements. While 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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