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THIS NEWS RELEASE IS NOT FOR
DISSEMINATION IN THE UNITED STATES,
TO "U.S. PERSONS" OR TO UNITED
STATES OF AMERICA NEWS SERVICES./
KELOWNA,
BC, Feb. 28 /CNW/ - Diamcor Mining Inc. (CDNX:DMI.V) (the "Company"), is pleased to
announce that further to its release on December
14, 2010,
the parties to the transaction have received confirmation the registration
of the cession documents for Krone and Endora have been completed with the Department of Mineral
and Petroleum Titles Registration Office of the South African Department of
Mineral Resources. With this final condition of closing satisfied and the
final approval from the TSX Venture Exchange granted, the funds for the
transaction have now been released from escrow, and the acquisition of the Krone-Endora Project at Venetia has now been
closed.
The
Krone-Endora Project (the "Project") at
Venetia consists 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 Beer's
flagship Venetia Diamond Mine in South Africa. The deposits which occur
on the properties of Krone and Endora
have been identified as both, an upper "alluvial" deposit, as well
as a rare lower "eluvial" deposit, both
proposed to have originated from the higher grounds of the adjacent Venetia kimberlites. De Beers previously completed various
exploration efforts on an initial area of interest comprised of approximately
310 hectares of the properties, the results of which were reported in an
initial Independent National Instrument 43-101 Technical Report (the
"NI43-101 Report") filed by the Company on July
30,
2009. Based on the work completed to date, the current NI43-101 Report
provided an inferred resource estimate of 54,258,600 tonnes
of diamond-bearing gravels and 1.3 million carats of diamonds for this area
of interest alone.
With
the acquisition now closed, the Company plans to proceed immediately with the
extended drilling and bulk sampling programmes
recommended by the NI43-101 Report which are aimed at identifying additional
resources which have not yet been quantified, and determining a current
market diamond price estimate for the Project. These efforts will be
used by the Company to support the filing of a new and updated NI43-101
Report, to identify potential areas for the more extensive planned and
recommended move to near-term trial-mining exercises, and to aid in
determining the future long-term production targets for the Project.
The Company plans to release additional details on the work programmes in the coming weeks.
PDAC
Show - Toronto
Diamcor
Mining Inc. will be displaying at the upcoming Prospectors & Developers
Association of Canada show in Toronto from March
6th
- 9th, 2011 in booth #3316. The Company will also be
presenting as part of the Exchange Forum in room 803AB at 4:40pm on Tuesday,
March 8th,
2010.
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. The Company has well established operational and production
history in South Africa, and extensive
experience supplying rough diamonds to the world market. Rather than
exposing itself to the high-risks and costs associated with Kimberlite exploration, the Company's focus is on the
identification, acquisition, and operation of quality near-term production
based diamond projects within South Africa. For further information on
the above Krone-Endora at Venetia acquisition, see
the Company's news releases of May 26, 2008,
December 22, 2008,
March 2, 2010, March 31, 2010, July 30, 2010, September 7, 2010, October 13, 2010, and December 14, 2010, which are all
available on SEDAR under the Company's profile, or on the Company's website
at www.diamcormining.com.
On
behalf of the Board of Directors
Mr. Dean H. Taylor
President & CEO
Diamcor Mining Inc.
DTaylor@diamcormining.com
Phone: (250)
864-3326
Website: 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.
This news release is not for dissemination in the United States, to "U.S.
Persons" or to United States
of America news services.
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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