Shares Issued and Outstanding:
65,311,488
TSXV:DMI
OTCQB:DMIFF
KELOWNA, BC, Nov. 27, 2019 /CNW/ - Diamcor Mining Inc.
(TSX-V.DMI / OTCQB-DMIFF), (the "Company") is pleased to announce
the results of its second tender and sale in the Company's third
fiscal quarter ending December 31,
2019. In the second tender, the Company sold 6,055.28 carats
of rough diamonds, which generated total gross proceeds of USD
$693,401.94, resulting in an average
price of USD $114.51 per carat.
This brings the total rough diamonds delivered and tendered thus
far in the Company's third fiscal quarter ended December 31, 2019 to 10,088.29 carats, which have
generated total gross proceeds to date in the quarter of USD
$1,117,474.38, resulting in an
average price of USD $110.77 per
carat. An additional 3,306.40 carats have been delivered for
tender and sale at a third and final tender for the period in the
coming weeks. This brings the total rough diamonds delivered
to tender in the Company's third fiscal quarter to 13,394.69, which
represents a significant increase when compared to the 3,882.82
carats tendered and sold which generated total gross proceeds of
USD $569,059 in the Company's
previous fiscal quarter ended September 30,
2019.
The lower than historical average dollar per carat in these
tenders continues to be the result of a higher percentage of
smaller, lower quality rough diamonds being recovered due to the
operational refinement exercises being performed. Price weaknesses
in certain categories of the rough diamond market also contributed,
to a lesser extent, to the lower dollar per carat average. The
Company remains confident that the average price per carat will
increase to historical levels as the processing of mined material
from the Project's quarry resumes through the refined processing
facilities in the coming weeks.
"The exercises being performed by our new operational team
continue to demonstrate the historical issues hindering previous
operations have now been corrected, and we look forward to the
benefits of this as we begin processing material from the quarry at
increased volumes in the coming weeks and months", noted
Diamcor CEO Mr. Dean Taylor. "The
exercises have not only allowed us to refine our operations and
processing plant during the quarter, but do so while reducing our
operating costs during both this period, and for the
long-term", added Mr. Taylor.
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.