TSX.V Symbol (DMI)
KELOWNA, BC , July 8, 2014 /CNW/ - Diamcor Mining Inc. (TSX-V.DMI /
OTCQX-DMIFF), (the "Company") reports that it has now completed the
construction, installation, and commissioning work associated with the
planned expansion of the Company's in-field dry-screening plant at the
Company's Krone-Endora at Venetia Project (the "Project"). These
upgrades included the installation of a second Dabmar Bivitec screening
unit as well as the design, construction and installation of
significant additional conveyor and material handling structures to
create a closed-loop automated system to enhance the treatment and
removal of fine materials under 1.2mm. The Company also completed the
design, construction and installation of a large material storage and
transfer bin and associated conveyor structures to allow for the
automated loading of screened material for transport to the Company's
treatment plant. The Company believes this expansion will enhance the
efficient screening of fine material, reduce operating costs, and
effectively support increased processing capacities in the long-term.
While much of the focus during the first fiscal quarter ended June 30,
2014 centred on completing the above expansion, the Company did
participate in one Diamond tender selling a total of 2,507.23 carats of
rough diamonds generating gross revenues of $487,018.12 (US), or
$194.25 (US) per carat, on average. The Company is pleased with these
tender results given that the vast majority of materials processed
during the commissioning and testing exercises performed later in the
fiscal quarter were from upper gravels and areas which were expected to
be of generally lower grade. As of June 30, 2014 the Company had
approximately 1,000 additional carats of rough diamonds on hand, which
will be tendered for sale in the Company's second fiscal quarter ending
September 30, 2014 .
The recovery of all rough diamonds to date, including those recovered
and sold during the three month period ended June 30, 2014 , has been
incidental to the ongoing commissioning and testing exercises being
performed at the Company's Krone-Endora at Venetia Project. The
above-noted testing exercises and incidental recoveries do not form
part of the initial NI43-101 Technical Report filed by the Company on
July 30, 2009 , and thus no general grade, price, or quality
determination is intended by the Company at this time due to the nature
and purpose of the processing of this material.
About Diamcor Mining Inc.
Diamcor Mining Inc. is a fully reporting publically traded junior
Diamond mining company which is listed on the TSX Venture Exchange
under the symbol V.DMI, and on the OTC QX International under the
symbol DMIFF. The Company has a well-established prior operational and
production history in South Africa , extensive prior experience
supplying rough diamonds to the world market, and has established a
long-term strategic alliance with world famous Tiffany & Co. Rather
than exposing itself to the high risks and costs associated with
traditional exploration, the Company's focus is on the identification,
acquisition, and operation of unique Diamond projects with near-term
production potential such as the Krone-Endora at Venetia Project. For
additional information on Diamcor, please visit our website at www.diamcormining.com.
About the Tiffany & Co. Alliance
As announced on March 29, 2011 , 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
substantial financing to advance the Project as quickly as possible.
Tiffany & Co. is a publically traded company which is listed on the New
York Stock Exchange under the symbol TIF. Founded in 1837, the Tiffany
name is now globally recognised as one of the premier luxury jewellery
and specialty retailers in the world. Through Tiffany & Co. and various
other subsidiaries, the company is engaged in product design,
manufacturing, and retailing activities on a global basis. As of April
30, 2014 , Tiffany & Co. operated 292 stores and boutiques in the
Americas, Japan , Asia-Pacific , Europe and the United Arab Emirates , and
also engages in direct selling through internet, catalog and business
gift operations. 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 . De Beers
previously completed various exploration efforts on initial areas of
interest comprised of approximately 307 hectares, a summary of which
was reported in an initial Independent NI 43-101 Technical Report filed
by the Company on July 30, 2009 . 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 an average total depth of less than 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. Since acquiring Krone-Endora the Company has completed
the construction and installation of extensive infrastructure at the
Project, along with the installation of a purpose built modular
processing plant, and extensive quarrying and in-field screening
operations. The Company's current efforts are designed to be a
continuation of the ongoing advancement of the Project, and as part of
the Company's preparations for an ultimate decision to move from bulk
sampling and trial mining exercises to full scale mining operations.
Qualified Person Statement:
Mr. James P. Hawkins (BSc., 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.
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that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Diamcor Mining Inc.