Diamcor Announces Progress Towards Processing Stones

Mining and Exploration
25/05/2016 08:20

Diamcor Mining Inc. is advancing its Krone-Endora at Venetia project in South Africa with the completion of the first two of four additional boreholes associated with the recently granted long-term water use license, and expects to finalize the two remaining boreholes before the end of the current fiscal quarter ending June 30. The additional water resources will enable the company to increase the processing levels of all size fractions of material up to 45mm to test and evaluate the full targeted design capacity of its facilities, and to compile key data to enable it to arrive at an initial production decision.     

Diamcor has a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of 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 financing to advance the project.