Diamcor Holds Second Rough Diamond Sale from Expanded Krone-Endora at Venetia

Mining and Exploration
24/05/2017 17:09

Diamcor Mining Inc. announce the results of its second tender and sale of rough diamonds from the newly expanded facilities at the Company’s Krone-Endora at Venetia Project in South Africa. Diamcor sold 3,265.07 carats of rough diamonds at the second sale of the quarter for gross proceeds of $702,635.70, resulting in an average price of $215.20 per carat. The tender included the sale of three specials (+10.8 carats): 12.80 ct, 12.89 carat gem quality, and a 13.51 ct rough diamond. Their initial tender and sale of 2,900.62 carats from the newly expanded facilities generated gross proceeds of $810,106.26 at an average price of $279.29 per carat. That tender included the sale of four specials, all of gem quality: 12.13 ct, 15.46 ct, 17.97 ct, and 29.1 ct. This brings the total rough diamonds tendered and sold from processing through the newly expanded facilities to 6,165.69 carats, generating gross proceeds of $1,512,741.96 at an average price of $245.35 per carat. They plan to complete a third tender prior to the end of the current quarter.

Diamcor's CEO Mr. Dean Taylor commented: “We’re very pleased with the results of these initial tenders and sales of rough diamonds from our newly expanded facilities, especially at a time when many operators are experiencing lower than expected results due to continued weakness in rough diamond prices. The results are very encouraging, and given they are from the initial processing of material at a time when the new components are being calibrated and refined, they certainly point to the potential benefits that the crushing and treatment of material up to 45.0mm through these new facilities have when compared to previous tenders and sales of material processed through the previous facilities in the +1.0mm to -15.0mm size fractions.” The company adds that the testing, commissioning and calibration of the newly expanded facilities at the Project continued to progress well during the quarter, with overall increases in processing volumes and reliability now consistently being achieved. The crushing and treatment of material up to 45.0mm is also performing well, with no significant issues or breakage of rough diamonds to report in this area of the plant.