Dec 03, 2015

Diamcor Announces Results of Initial Third Quarter Rough Diamond Tender

Diamcor Mining Inc.  yesterday announced  the results of its initial rough diamond sales for the third fiscal quarter ending December 31, 2015 from its Krone-Endora at Venetia project in South Africa .

“In the first of two rough diamond tenders planned for the third fiscal quarter ending December 31, 2015, the Company sold 6,859.31 carats for gross proceeds of US$ 813,440.67, with an average price of US$ 118.59 per carat,” the Company said in a press statement.  “As of November 16, 2015, approximately 2,625 carats of additional rough diamonds have been delivered and prepared for a second tender scheduled to be completed in December 2015.” 

The Company indicated that it plans to tender approximately 9,480 carats in this quarter, which signifies an almost 95% increase when compared to the 4,845.93 carats tendered and sold in its second fiscal quarter. 

“Rough diamonds recovered between the previously noted November 16, 2015 second tender cut-off date to the end of the fiscal quarter ending December 31, 2015 will be recorded at the end of the period as rough diamond inventory on-hand,” the Company noted. “This inventory will be prepared for upcoming tenders expected to take place early in the Company’s fourth fiscal quarter ending March 31, 2016.”

The rough diamonds which have been tendered are from material in the +1.0mm to -26mm size fractions which are continually being processed, and also include limited processing of material from various larger size fractions during the period, Diamcor said.