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Diamcor Mining announces results of final tender for third fiscal quarter

Published by
Global Mining Review,

Diamcor Mining Inc. has announced the results of its final tender and sale of rough diamonds for the company's third fiscal quarter ending 31 December 2018.

The company tendered 2 256.52 carats of rough diamonds recovered from resumed processing exercises at the company's Krone-Endora at Venetia project of which 1905.07 carats were sold for gross proceeds of US$303 138.39, resulting in an average price of US$158.60 per carat for the rough diamonds tendered and sold. The balance of 351.45 carats will be tendered along with additional rough diamonds delivered by the company in January of 2019.

With this final tender of the fiscal quarter complete, total rough diamonds tendered and sold during the company's third fiscal quarter ending 31 December 2018 will be 7162.21 carats, for gross proceeds of US$1 401 322.01, resulting in an average price of US$195.66 per carat for the period. This represents an increase of 64% in carats recovered and a 62% increase in revenues realised when compared to recoveries of 4353.91 carats and revenues of US$864 546.09 reported for the same period during the prior fiscal year. The average price per carat achieved was relatively unchanged year over year. Material processed during the current quarter consisted of smaller size fractions, with an increased percentage of larger size fractions being incorporated later in the quarter as part of the company's planned move to the processing of all size fractions through the recently upgraded facilities. In addition to the total rough diamonds tendered and sold during the quarter, the company has delivered approximately 2000 additional carats of rough diamonds (prior to acid wash) to Antwerp, which will be offered in upcoming tenders planned for early 2019.

The company also announces that the directors of the company, Dean Taylor, Darren Vucurevich, Sheldon Nelson and Dr. Stephen Haggerty were re-elected by the shareholders at the company's annual general meeting held on 18 December 2018. The disinterested shareholders of the company also approved an amendment to the company's fixed stock option plan to increase the number of options available under the plan from 8 622 233 options to 12 777 177 options, being 20% of the company's issued and outstanding shares as at the record date for the meeting. MNP LLP, were also re-appointed as the company's auditors for the ensuing year.

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