Diamcor Mining Inc. has announced a ~470% increase in carats sold and to be sold through tenders in the first quarter of the Company's current financial year which ends on June 30, 2016.

The Company said a total of 13,436.21 carats of rough diamonds will be sold during the period this year compared to 2,856.24 carats tendered and sold in the comparative period last year. The diamonds are from the Company’s Krone-Endora at Venetia project in South Africa.

The Company has planned three tenders in this fiscal, Diamcor said. In an initial tender and sale completed on April 15, 2016, the Company sold 3,031.95 carats of rough diamonds, for gross proceeds of US $386,992.89, resulting in an average price of US $127.64 per carat.  In a second tender and sales completed in May 2016, the Company sold 4,789.18 carats of rough diamonds, for gross proceeds of US $564,639.06, resulting in an average price of US $117.90 per carat.  An additional 646.56 carats of rough diamonds, which included 148.29 carats of higher quality goods, were withdrawn from the second tender and sale held in May, and will be included in a third tender scheduled for June of 2016.  This brings the combined rough diamonds tendered and sold to date during the current fiscal quarter to 7,821.13 carats, generating gross proceeds of US $951,631.95, resulting in an average price of US $121.67 per carat. 

In addition to the above rough diamonds tendered and sold to date during the current quarter, the Company said it has delivered an additional 4,968.52 carats, which combined with the previously mentioned 646.56 carats withdrawn from the May tender, will form a third and final tender for the quarter of 5,615.08 carats planned for June of 2016.  This will bring the combined total rough diamonds delivered for tender and sale in the quarter to 13,436.21 carats. 

Rough diamonds tendered were the result of the continued processing of material in the +1.0mm to -26mm size fractions, along with initial limited processing of material from various larger size fractions during the period.