Home       Technology / Education       Events & News       Archives       Designs       e - NewsLetter

Diamcor Mining Inc. (TSX-V.DMI / OTCQX-DMIFF), (the “Company”) announces the results of rough diamond tenders and sales for the Company’s fiscal quarter ending March 31, 2016 from its Krone-Endora at Venetia project in South Africa (the “Project”).

In an initial tender and sale held in January, the Company sold 3,697.33 carats of rough diamonds, for gross proceeds of US $542,540.43, resulting in an average price of US $146.74 per carat. In the second and final tender of the current fiscal quarter completed on February 29th, the Company sold 3,199.17 carats of rough diamonds, for gross proceeds of US $485,834.09, resulting in an average price of US $151.86 per carat. This brings the combined rough diamonds tendered and sold during the fiscal quarter to 6,896.50 carats, generating gross proceeds of US $1,028,374.34 for an average price of US $149.12 per carat. The price per carat realized during the tenders were consistent with Company expectations. Rough diamonds tendered and sold in the second tender were the result of rough diamonds recovered and delivered for preparation prior to a February 3, 2016 cut-off date. Rough diamonds recovered after February 3 and until March 31, 2016 will be recorded as rough diamond inventory on-hand for the fiscal year ending March 31, 2016.

The fourth fiscal quarter rough diamond tender and sale results represent a ~49% increase when compared to 4,619.11 carats tendered and sold in the Company’s Fourth fiscal quarter ending March 31, 2015, and a ~22% increase in gross revenues when compared to US $842,420.21 gross revenues reported in that same prior period. Of particular note during the current fiscal quarter, a 12.78 carat special rough diamond and a 7.50 carat rough diamond were recovered utilizing the new Tomra XRT sorting unit recently deployed at the Company’s Project. These rough diamonds sold for US $4,747.47 per carat, and US $4,152.00 per carat respectively.

Rough diamonds tendered were the result of the continued processing of material in the +1.0mm to -26mm size fractions, along with initial limited processing of material from various larger size fractions during the period. The combined efforts currently underway are designed to support the continued advancement of objectives consistent with the recommendations of the updated NI43-101 Technical Report (“Updated Technical Report”) filed by the Company on April 28, 2015, and to aid the Company in arriving at initial production decisions for the Project. The recovery of all rough diamonds to date are incidental to the ongoing commissioning and testing exercises performed at the Project. The above-noted testing exercises and incidental recoveries do not form part of the Updated Technical Report and therefore 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.