News Bureau

July 31, 2020

Diamcor rough bags US$$111.87 per carat!

Diamcor Mining announces the filing status of its audited annual financial statements, the accompanying management discussion and analysis and the related CEO and CFO certifications for the fiscal year ended March 31, 2020.

Due to the novel coronavirus pandemic, the Company has determined to follow the British Columbia Securities Commission Blanket Order 51-517 – Temporary Exemption from Certain Corporate Finance Requirements with Deadlines during the Period from June 2 to August 31, 2020, which provides the Company with an additional 45-day period to complete the Annual Filings.

The Company will be filing the Annual Filings after July 29, 2020, the required deadline under National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102”). The Company will issue a news release on the updated status of the Annual Filings by close of business of August 28, 2020, and will complete the Annual Filings by September 12, 2020.

For operational and rough diamond sales the Company also announces it continues efforts to implement short-term operational changes and cost reduction efforts at the Company’s Krone-Endora at Venetia Project since the lockdown directive associated with the Covid-19 virus was imposed by the Government of South Africa on March 23, 2020. 

The Project has been put on temporary care and maintenance, and the Company continues to reduce, defer, and minimize costs, including management and director compensation, where possible, during the lockdown period.  The Company is also working with its corporate bank, and the South African Government, in an effort to secure Covid-19 relief funds, to support the Project’s return to day-shift operations when possible. 

Further operational updates will be provided by the Company as they become available in the coming months. In addition to the ongoing efforts above, the Company recently completed the tender and sale of 2,427 carats, generating gross revenues of USD $271,263, which resulted in an average price of USD $111.87 per carat for the period.

“We were very pleased with the results of this tender given the higher dollar per carat was primarily associated with a higher percentage of larger, higher-quality rough diamonds which were recovered just prior to the required shutdown of operations at the Project”, commented Diamcor CEO Dean Taylor.

“It was unfortunate timing, as the efforts undertaken by our new operational team were clearly demonstrating positive results, and our entire team is looking forward to resuming operations as soon as possible” Dean added.


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