TSX.V Symbol (DMI)
KELOWNA, BC , Sept. 11, 2014 /CNW/ - Diamcor Mining Inc. (TSX-V.DMI /
OTCQX-DMIFF), (the "Company") today reports that the South African
Department of Mineral Resources has granted a Mining Right for the
Krone-Endora at Venetia Project (the "Project"). The Mining Right has a
30 year term and grants the Company the sole and exclusive right to
mine and recover diamonds over areas initially targeted by the Company
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 Project is located
directly adjacent to De Beers' flagship Venetia Diamond Mine in South
Africa , and the Project's associated deposits have been identified as
being the result of the direct-shift and erosion of material from the
higher grounds of the adjacent Venetia Kimberlite areas.
"This is a significant achievement for the Company, our Black Economic
Empowerment Partner, the South African Department of Mineral Resources,
local government, and the people in these areas that have and will
continue to benefit from the economic development associated with this
Project," commented Mr. Dean Taylor , Chief Executive Officer of the Company. "With the mining right in place, we look forward to advancing the Project
to the next stages of development, and in so doing create value for all
stakeholders while creating new direct and indirect jobs that
contribute to the socio-economic development of the Limpopo region and
South Africa in general," added Mr. Taylor.
By way of background, the Company was selected by DeBeers to acquire the
Project following an extensive competitive proposal and review process
that commenced in 2008. The Company closed the Project acquisition in
February of 2011 through its South African subsidiary, DMI Minerals
South Africa (Proprietary) Limited ("DMI Minerals"). DMI Minerals is
70% owned by the Company, and 30% owned by the Company's Black Economic
Empowerment partner, Nozala Investments (Proprietary) Ltd, ("Nozala").
Nozala is a broad-based 100% women-owned business entity with an
estimated 500,000 rural women shareholders. Shortly after finalizing
the acquisition, the Company entered into a long-term strategic
alliance, inclusive of supply and financing components, with world
famous premier luxury jewellery and specialty retailer, New York based
Tiffany & Co.
To date, the Company has financed, developed and completed the design,
construction and installation of extensive infrastructure at the
Project in support of the Project's advancement. The near surface
nature of the deposits provide the potential for a low-cost mining
operation with near-term diamond production from a known high-quality
diamond source, at a critical time in the diamond sector.
The Company also reports that it plans to file an updated NI43-101
technical report in the near future and this updated NI43-101 technical
report will incorporate and expand on the extensive infrastructure
development work achieved to date at the Project, as well as other
relevant data available to this point. The current NI43-101 was
prepared and filed in 2009 as part of the acquisition process. In
conjunction with further advancement of the Project, the Company plans
to complete additional bulk sampling and exploration exercises on
areas, including those areas surrounding the current areas of focus,
the results of which will be incorporated into subsequent NI43-101
report(s).
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 roads, water pipelines,
and power infrastructure at the Project, along with the design and
installation of a purpose built modular processing plant, and an
extensive quarrying and in-field screening plant. 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.