Diamcor Mining Inc announced its results for the first fiscal quarter ending June 30, 2017 stating that it sold 8,318.82 carats over three tenders, generating gross proceeds of US$ 1.85 million at an average price of US$ 222.52 per carat.  The company said that this represents a 38% drop in volume, a 3% fall in value terms, but a 56% rise in average per carat price.

The Company said that the rough diamonds recovered, tendered, and sold during the period were from the processing of material being completed as part of the testing, commissioning, and calibration work underway on the newly expanded facilities at the Company’s Krone-Endora at Venetia project in South Africa.

During the quarter, Diamcor held three tenders – at the first on April 10, 2017, 2,900.62 carats of rough were sold for gross proceeds of US$ 810,106.26 at an average price of US$ 279.29 per carat; at the second held in May 2017, 3,265.07 carats of rough were sold for gross proceeds of US$ 702,635.70 at an average price of US$ 215.20 per carat; and at the third and final tender in June 2017, 2,153.13 carats of rough were sold for gross proceeds of US$ 338,380.59 at an average price of US$ 157.16 per carat. 

Diamcor said that the Project’s newly expanded facilities processed materials in the +1.0mm to -45mm size fractions as compared to the +1.0mm to -26mm size fractions that could be processed in the same period a year earlier.  Rough diamonds recovered after May 25 and until June 30, 2017 will be recorded as rough diamond inventory on-hand for the first fiscal quarter ending June 30, 2017.

All operational items associated with various other planned upgrades have now been completed and are being incorporated into the processing, Diamcor said. It added that the recovery of all rough diamonds to date are incidental to the ongoing commissioning and testing exercises performed at the Project.