Diamcor Sells $1M Rough Diamonds from Krone-Endora Trial Mining

Mining and Exploration
11/04/2017 10:24

Diamcor Mining Inc. has moved forward with the testing, commissioning and calibration of its new operational items and expansions at the company’s Krone-Endora at Venetia Project and expects the finalization of these facilities to be completed by April 30, 2017. In the meantime, they have held two rough diamond tenders this year, earning over $1 million from nearly 4,500 carats. In an initial tender and sale of rough diamonds recovered from the initial processing of material in the +1.0mm to -15.0mm size fractions held in February 2017, they sold 1,533.37 carats, for gross proceeds of USD $209,949.02, resulting in an average price of USD $136.92 per carat.

In a second tender and sale completed early in April 2017, they sold 2,900.62 carats of rough diamonds recovered from the initial processing of crushed material in the +1.0mm to -45.0mm size fractions through the new substantially completed facilities prior to March 13, 2017, for gross proceeds of USD $810,106.26, resulting in an average price of USD $279.29 per carat.  This second tender and sale included the sale of four gem quality rough diamonds which were recovered in the specials category (+10.7 carats):  a 12.13 carat, a 15.46 carat, a 17.97 carat, and a 29.1 carat rough diamond.

Diamcor notes, "The facilities have very recently begun demonstrating an ability to achieve the desired goals of: increased processing volumes; the crushing and treatment of material up to 45mm in size; the processing of material through a dedicated ultra-coarse large diamond recovery circuit; and, an increase in the overall capacity of the Krone-Endora project's final recovery and sorting facilities." Diamcor’s primary focus will now shift towards the planned transition to large-scale trial-mining exercises at the Krone-Endora at Venetia Project. They have also announced that in conjunction with its planned transition from project development to large-scale trial-mining, Mr. Rob De Pretto has been appointed as the new Managing Director of Operations – South Africa of the Company’s operating subsidiary.