News Bureau

 
October 11, 2017

Diamcor Tender sold over 7771 carats of rough!


Diamcor Mining announces the results of the tender and sale of rough diamonds recovered from ongoing exercises performed during the quarter ended September 30, 2017 at the Company’s Krone-Endora at Venetia Project. 

The Company sold 7,771.13 carats of rough diamonds for gross proceeds of USD $1,334,335.41, resulting in an average price of USD $171.70 per carat.  As of the end of the quarter, the Company had approximately 2,465.00 additional carats of rough diamonds, before acid washing, which will be tendered in the coming quarter. 

The Project continued to demonstrate potential for the recovery of larger rough diamonds despite limited processing, with 3 individual rough diamonds in the specials category (+10.8 carats), and 35 individual rough diamonds over 5 carats in size recovered and sold during the quarter. 

Given the continued price weaknesses in certain categories of rough diamonds during the period, the Company was pleased with the average dollar per carat achieved, which is indicative of the overall quality of the Project’s rough diamonds.

“it is unfortunate that the material being processed through our larger facilities reacts in a manner which does not allow us to recover/recycle sufficient water from the current settling dams; however, we firmly believe this is the only item limiting the processing of materials at much higher levels, and the solution we have identified will not only address this issue, but will also provide other operational benefits over the long-term”, noted Diamcor’s CEO Mr. Dean Taylor.

“With the Project’s newly expanded facilities, permitting, and infrastructure in place and the average dollar per carat continuing to confirm the quality of the Project’s diamonds, we are confident that implementing the new water recovery solution will allow us to demonstrate the considerable value proposition of the Project in the near-term”, added Mr. Taylor.