Shares Issued and Outstanding: 65,311,488
TSXV:DMI
OTCQB:DMIFF
KELOWNA, BC, March 30, 2020 /CNW/ - Diamcor Mining Inc.
(TSX-V.DMI / OTCQB-DMIFF), (the "Company") has made several
short-term operational changes in response to the unprecedented
events unfolding due to the Covid-19 virus crisis. On
March 23, 2020 the Government of
South Africa issued a directive
imposing a 21-day national lockdown (the "Directive") requiring all
non-essential businesses and activities be suspended, and for
people to remain at home. The lockdown will be in effect from
midnight March 26, 2020 to midnight
April 16, 2020 and is aimed at
containing the spread of the Covid-19 virus. The Company's
primary focus is the health, wellbeing, and safety of its
employees, and to support the decisive recommendations made by the
Government of South Africa to
control the spread of the Corid-19 Virus. As a result of the
Directive, mining operations have been suspended and placed into
care and maintenance for the duration of the Directive, and cost
saving measures will be implemented wherever possible. Rough
diamond tenders and sales have also been limited or cancelled over
the past number of weeks due to travel restrictions and related
market uncertainties, and the Company will continue to monitor
developments and review its plans in this area as well.
"During these unprecedented times, our focus remains the
health and safety of our employees, consultants, and their
families, and on doing our part to control the spread of this
Covid-19 virus", commented Diamcor CEO Mr. Dean Taylor. "We have overcome many
challenges over the years, and in this case, we will continue
to evaluate and revise our plans in the coming weeks so we may
resume operations as soon as possible, and continue to build on the
positive momentum we established entering 2020", 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.
