Diamcor Mining Inc. in an announcement issued earlier this week said that it had sold 1,648.78 carats for total gross proceeds of US$ 236,599.43, resulting in an average price of US$ 143.50 per carat at a recent tender in South Africa.

The Company said that this was part of the 2,545 carats of rough diamonds delivered for tender earlier this month from ongoing processing exercises at the Company’s Krone-Endora at Venetia Project.

The balance 896.22 carats of rough diamonds along with rough diamonds recovered after June 1, 2019, will be sold at a planned third tender in Antwerp later this fiscal quarter, Diamcor said.

Noting that a lower dollar per carat price had been achieved as compared to the Company’s average price per carat of $176.16 realized on all rough diamonds tendered and sold to date, Daimcor said that this is in part attributable to the goods being tendered in South Africa, coupled with a higher percentage of smaller, lower quality rough diamonds offered.   

These rough diamonds, when combined with the 3,714.97 carats delivered and tendered earlier in the fiscal quarter, brings the total rough diamonds delivered for tender thus far in the Company’s first fiscal quarter ending June 30, 2019, to 6,259.97 carats. 

Diamcor, which purchased the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited in 2011, has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at then current prices to be determined by the parties on an ongoing basis. As part of the strategic alliance, Tiffany & Co. Canada has provided Diamcor with financing to advance the Project.