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Diamcor Mining Junior Mining

Diamcor Announces Application for a Management Cease Trade Order

Shares Issued and Outstanding: 120,320,746

KELOWNA, BC / ACCESSWIRE / July 29, 2022 / Diamcor Mining Inc. (TSXV.DMI / OTCQB-DMIFF / FRA-DC3A), (the “Company“) announces that due to ongoing delays in South Africa noted below, the Company will be unable to file its audited financial statements and corresponding management’s discussion and analysis for the year ended March 31, 2022 (collectively, the “Financial Disclosure“) on or before the prescribed filing deadline of July 29, 2022 as required by National Instrument 51-102 – Continuous Disclosure Obligations.

The Company’s mining operations are located in South Africa, which has been experiencing Stage 6 load-shedding (also known as rolling blackouts) this month by the state-owned electricity utility, Eskom. The reasons for the delay in filing include the inability to complete the South African portion of the Company’s annual audit in normal time frames as a result of ongoing delays relating to the power load-shedding implemented by Eskom, and the Canadian auditors’ inability to complete their audit due to reliance on the finalization of audit work in South Africa.

The Company is working with its auditors on the remaining items to allow for the audit of the financial statements for the year ended March 31, 2022 to be completed. The Company anticipates that it will be in a position to file its Financial Disclosure before August 31, 2022. The Company confirms that it will comply with the alternative information guidelines included in National Policy 12-203 – Management Cease Trade Orders, for so long as it remains in default of a specified requirement.

The Company has filed an application with the British Columbia Securities Commission and the Alberta Securities Commission requesting that they issue a management cease trade order against the Company’s Directors, Officers and Insiders instead of a cease trade order against the Company and all of its securityholders.

As has been widely reported, South Africa’s state-owned power supplier Eskom was forced to implement significant load-shedding measures over a period of several weeks. The load-shedding measures were varied depending on power reduction requirements, but resulted in power blackouts several times per day over a period of weeks. The frequency of these power blackouts limited the ability of the majority of businesses in South Africa to operate as normal, and resulted in various operational and administrative delays for the Company.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522South_Africa%253BTiffany_%2526_Co.%253BCompany%253BFinancial_statement%253BTSX_Venture_Exchange%253BFinancial_disclosure_of_public_servants%253BEskom%253BAlberta_Securities_Commission%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%25227fe2adb3-eb6e-3a3b-b496-4fe5d107cf3c%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

About Diamcor Mining Inc.

Diamcor Mining Inc. is a fully reporting publicly traded junior diamond mining company which is listed on the TSX Venture Exchange under the symbol V.DMI, and on the OTC QB International under the symbol DMIFF. The Company has a well-established operational and production history in South Africa and extensive prior experience supplying rough diamonds to the world market.

About the Tiffany & Co. Alliance

The Company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of world famous New York based Tiffany & Co., 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. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing to advance the Project. Tiffany & Co. is owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.

About Krone-Endora at Venetia

In February 2011, Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers’ flagship Venetia Diamond Mine in South Africa. On September 11, 2014, the Company announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project’s total area of 5,888 hectares. The Company has also submitted an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “Alluvial” basal deposit which is covered by a lower-grade upper “Eluvial” deposit. The deposits are proposed to be the result of the direct-shift (in respect to the “Eluvial” deposit) and erosion (in respect to the “Alluvial” deposit) of material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur in two layers with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for a very low-cost mining operation to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the Venetia Mine.

Qualified Person Statement:

Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor’s exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved of its contents.

On behalf of the Board of Directors

Mr. Dean H. Taylor
President & CEO Diamcor Mining Inc.
Deant@diamcor.com
Tel (250) 864-3326
www.diamcormining.com

Statement Regarding Forward-Looking Information

This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

Forward-looking statements in this document include statements concerning the Company’s intent to file the Financial Disclosure before August 31, 2022 and all other statements that are not statements of historical fact.

Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements.

Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with adverse industry events; future legislative and regulatory developments; COVID-19 and other assumptions, risks and uncertainties.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

The Canadian Securities Exchange has not approved nor disapproved the contents of this news release.

WE SEEK SAFE HARBOUR

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Diamcor Mining Inc.



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Categories
Diamcor Mining Energy Exclusive Interviews Junior Mining

(VIDEO) Diamcor Mining – Reaching an Inflection Point in Revenue from their Gem Quality Diamond Sales

Diamcor Mining, Proven and Probable

Diamcor Mining Inc. is a fully reporting publically traded junior diamond mining company which is listed on the TSX Venture Exchange under the symbol V.DMI, and on the OTC QB International under the symbol DMIFF. The Company has a well-established prior operational and production history in South Africa, extensive prior experience supplying rough diamonds to the world market, and has established a long-term strategic alliance with world famous Tiffany & Co. Rather than exposing itself to the high risks and costs associated with traditional exploration, the Company’s focus is on the identification, acquisition, and operation of unique diamond projects with near-term production potential such as the Krone-Endora at Venetia Project.

The Krone-Endora at Venetia project was acquired from De Beers and is co-located directly adjacent to the De Beers Venetia Diamond Mine in the Limpopo province of the Republic of South Africa, approximately 500 km north-northeast of Johannesburg. The Venetia mine is the 3rd largest diamond mine in the world, and South Africa’s largest producer of diamonds, accounting for over 50% of South Africa’s annual output. A high percentage of the diamonds produced at Venetia are reported as being gem quality, with the rest sold for industrial uses. Given the Krone-Endora projects location directly adjacent to the established Venetia mine, many operational benefits are obvious. In addition to this, both the previous exploration and the NI43-101 report concluded that the deposit on Krone-Endora at Venetia was not only an alluvial deposit, but also a rare eluvial deposit indicating a direct shift of material from the higher grounds of the Venetia Kimberlite clusters onto the lower surrounding areas of Krone-Endora. Given the eluvial nature of the deposit and its location directly adjacent to the source, the diamondiferous gravels at Krone-Endora at Venetia appear much more consistent in nature with initial grades from drilling and bulk testing much higher than that of typical alluvial type deposits.

As part of the acquisition process an independent NI 43-101 technical report for the Krone-Endora at Venetia project was released by the Company in July of 2009 and updated in April of 2015. The updated report provided an inferred resource estimate of 57,981,000 tonnes of diamond-bearing gravels with 1,387,000 carats of diamonds for the areas of the project on which work has been done to date. In conjunction with a planned move to immediate trial-mining exercises on these areas, the Company will concurrently perform additional drilling to determine the full potential of the project to assist in final production decisions. The deposit is also noted to be near surface, and diamond bearing from surface to bedrock, and with a total depth of 15 meters from surface to bedrock, will allow for a simple, low-cost strip mining operation to be employed.

Categories
Base Metals Junior Mining

Diamcor Reports Initial Tender and Sale Results for Quarter and The Recovery of Two Gem Quality Special Diamonds

Diamcor Mining, Proven and Probable

KELOWNA, BC / ACCESSWIRE / July 14, 2022 / Diamcor Mining Inc. (TSX-V.DMI), (OTCQB-DMIFF), (FRA:DC3A), (“Diamcor” or, the “Company”) announces today the results of its first tender and sale of rough diamonds recovered from the processing of quarry material from the Company’s Krone-Endora at Venetia Project (the “Project”) in the Company’s fiscal second quarter (“Fiscal Q2”) ending September 30, 2022. In this initial tender, the Company sold a total of 1,939.81 carats of rough diamonds, generating gross revenues of USD $478,391.90, resulting in an average price of USD $246.62 per carat.

The Company is also pleased to report the recovery of two gem quality rough diamonds in the specials category, a 59.25 carat and a 21.85 carat diamond, which have been delivered and are expected to be tendered in August of 2022.

We are very pleased with the results of this first tender and sale early in the current quarter and continue to see strong demand for our rough diamonds given their overall quality”, stated Mr. Dean Taylor, Diamcor CEO. “Our efforts continue to focus on increasing processing volumes, and the recovery of two large gem quality rough diamonds in the specials category from our recently upgraded facilities at this point is yet further confirmation of the Project’s potential for large high value gem quality rough diamonds”.

About Diamcor Mining Inc.

Diamcor Mining Inc. is a fully reporting publicly traded junior diamond mining company which is listed on the TSX Venture Exchange under the symbol V.DMI, and on the OTC QB International under the symbol DMIFF. The Company has a well-established operational and production history in South Africa and extensive prior experience supplying rough diamonds to the world market.

About the Tiffany & Co. Alliance

The Company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of world famous New York based Tiffany & Co., 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. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing to advance the Project. Tiffany & Co. is owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.

About Krone-Endora at Venetia

In February 2011, Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers’ flagship Venetia Diamond Mine in South Africa. On September 11, 2014, the Company announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project’s total area of 5,888 hectares. The Company has also submitted an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “Alluvial” basal deposit which is covered by a lower-grade upper “Eluvial” deposit. The deposits are proposed to be the result of the direct-shift (in respect to the “Eluvial” deposit) and erosion (in respect to the “Alluvial” deposit) of material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur in two layers with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for a very low-cost mining operation to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the Venetia Mine.

Qualified Person Statement:

Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor’s exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved of its contents.

On behalf of the Board of Directors

Mr. Dean H. Taylor
President & CEO
Diamcor Mining Inc.
www.diamcormining.com

For further information contact:

Mr. Dean H. Taylor
Diamcor Mining Inc
DeanT@Diamcor.com
+1 250 862-3212

Mr. Rich Matthews
Integrous Communications
rmatthews@integcom.us
+1 (604) -757-7179

This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.

WE SEEK SAFE HARBOUR

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Diamcor Mining Inc.

Categories
Base Metals Diamcor Mining Energy Junior Mining

Diamcor Optimizes Expansion Upgrades / Processing Volumes

KELOWNA, BC / ACCESSWIRE / July 7, 2022 / Diamcor Mining Inc. (TSX-V:DMI), (OTCQB:DMIFF), (FRA:DC3A), (“Diamcor” or, the “Company”) announces today that the optimization and refinement efforts to its upgraded processing plant continued as planned during the quarter. These combined efforts continue to demonstrate the processing plant’s potential to support the Company’s goal to increase long-term processing volumes. The Company also reports that gross revenues from the tender and sales of rough diamonds held in its fiscal first quarter ended June 30, 2022 (“Fiscal Q1”), totaled (USD) $557,559.22. Total carats sold during Fiscal Q1 were 3,061.70 resulting in an average dollar per carat of (USD) $182.11. These results were lower in part due to the Company electing to withhold 1944.36 carats from the Fiscal Q1 tender and sales planned for June 2022. The withholding of these rough diamonds was done to take advantage of what the Company expects will be a more positive price environment forecasted for July 2022. This resulted in a decrease in revenues realized in the quarter, but the Company anticipates it will receive higher aggregate revenue for these rough diamonds in July 2022.

The Company experienced reduced processing volumes in Fiscal Q1, when compared to the previous quarter, which was partially attributable to the upgrade optimization efforts and supply chain delays. The reduced processing volumes were even more significantly attributable to the unusually cold weather in South Africa during the end of the quarter and into July, resulting in significant unplanned rolling power blackouts implemented by the country’s national power supplier, Eskom. Despite the complications associated with managing these unplanned daily power outages, the upgrades continued to demonstrate increases in processing volumes per operating hour of up to 70% over historical levels. The capacity to further increase volumes over the long-term is expected once Eskom is able to reduce or eliminate the rolling power outages currently being experienced throughout South Africa. The Company continues to monitor the situation and where appropriate, with due consideration for diesel usage and costs, supplement power outages by using Gen-Set power and by adjusting operations accordingly for the short-term. Additionally, Diamcor is finalizing plans to augment their current Gen-Set power capabilities to withstand future power outages with minimal interruptions. Further increases in processing volumes are being targeted as the Company continues to refine and expand its operations as planned by the end of 2022.

Operating Highlights

  1. Processing Volumes Increasing. Despite the current issues surrounding the national power supply in South Africa, efforts to optimize the completed upgrades were successful, resulting in processing volume increases per operating hour of up to 70% over historical volumes. Additional increases in processing volumes remain targeted for the current quarter as issues with consistent power supply are resolved in due course.
  2. Reduction in Operating Costs on a Per Ton Basis. The screening upgrades and additions completed to date have achieved the Company’s goal to increase hourly processing volumes and reduce operating costs through the reduction of fine clay and sands in materials being processed. These upgrades have resulted in a reduction in consumables and improvements in handling and equipment cycle times.
  3. Water Recovery Improvements. Available fresh water, and the management of wastewater, in any processing plant is a key element to increasing processing volumes in semi-arid regions. The Company is pleased to report the initial efforts completed to date have already resulted in a surplus of water available for processing. The Company remains on target to finalize all water recovery upgrades prior to the end of the current quarter with a focus on a final water cleaning recovery system to provide the potential for further increases to long-term processing volumes.

“We continue to be pleased with the results of the recently completed upgrades, and our operations team has done an excellent job of dealing with the complexities of various global supply chain issues, and more recently, the unexpected national power supply issues in South Africa. Despite these short-term issues, the team has continued to deliver on the majority of the planned upgrades on time and on budget,” stated Mr. Dean Taylor, Diamcor CEO. “We now look forward to the ability to process material without interruption on a daily basis which will provide us with the opportunity to support our efforts to further increase processing volumes to position our Company at a time when rough diamond supplies are contracting.”

About Diamcor Mining Inc.

Diamcor Mining Inc. is a fully reporting publicly traded junior diamond mining company which is listed on the TSX Venture Exchange under the symbol V.DMI, and on the OTC QB International under the symbol DMIFF. The Company has a well-established operational and production history in South Africa and extensive prior experience supplying rough diamonds to the world market.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%253B1480989%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%253B1480989%2522%252C%2522wiki_topics%2522%253A%2522Power_outage%253BSouth_Africa%253BCompany_(musical)%253BTSX_Venture_Exchange%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%2522ed09bdbd-5cba-3806-8bc1-7d793c886b6d%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

About the Tiffany & Co. Alliance

The Company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of world famous New York based Tiffany & Co., 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. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing to advance the Project. Tiffany & Co. is owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.

About Krone-Endora at Venetia

In February 2011, Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers’ flagship Venetia Diamond Mine in South Africa. On September 11, 2014, the Company announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project’s total area of 5,888 hectares. The Company has also submitted an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “Alluvial” basal deposit which is covered by a lower-grade upper “Eluvial” deposit. The deposits are proposed to be the result of the direct-shift (in respect to the “Eluvial” deposit) and erosion (in respect to the “Alluvial” deposit) of material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur in two layers with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for a very low-cost mining operation to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the Venetia Mine.

Qualified Person Statement:

Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor’s exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved of its contents.

On behalf of the Board of Directors

Mr. Dean H. Taylor
President & CEO
Diamcor Mining Inc.
www.diamcormining.com

For further information contact:

Mr. Dean H. Taylor
Diamcor Mining Inc
DeanT@Diamcor.com
+1 250 862-3212

Mr. Rich Matthews
Integrous Communications
rmatthews@integcom.us
+1 (604) -757-7179

This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.

WE SEEK SAFE HARBOUR

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Diamcor Mining Inc.



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Categories
Diamcor Mining Junior Mining Precious Metals

Diamcor Gross Revenues from Tender and Sales Increase Again in Fourth Quarter Ending March 31, 2022

KELOWNA, BC / ACCESSWIRE / April 12, 2022 / Diamcor Mining Inc. (TSX.V:DMI), (OTCQB:DMIFF), (FRA:DC3A), (“Diamcor” or, the “Company”) announced today that the Company’s gross revenues from tenders and sales held in its fourth quarter, ending March 31, 2022, increased to (USD) $1,301,978, a 21% increase over the previous quarter. Total carats sold during the fourth quarter decreased by 12% to 4,787.89 when compared to the 5,441.88 sold in the previous quarter. This, however, was largely due to the timing of tenders during the fourth quarter, and the decision by the Company in March 2022 to retain and instead offer approximately 2,000 additional carats at upcoming tenders during the current quarter. Despite the lower volume sold during the fourth quarter ended March 31, 2022, the average dollar per carat of (USD) $271.93 achieved during the period increased by 38% over the previous quarter. The increase in the average price per carat achieved during the period was primarily due to significant price increases experienced early in the quarter which appear to be due to rough diamond shortages in various categories.

Progress of Accelerated Upgrades

The Company also announces that its efforts to increase current processing volumes and efficiencies during the last quarter continued, and further results of these efforts are expected to be realised during the current quarter. The reconfiguration and installation of the Project’s X-Ray diamond sorting units and final recovery systems remained a priority during the quarter, and these efforts, along with the installation of additional screening systems now nearing completion, remain on schedule to advance the Company’s continued increases in processing volumes. These accelerated upgrades position the Company to take advantage of any potential rough diamond shortages associated with on-going international sanctions, which may impact a significant portion of the world’s rough diamonds supply originating in Russia.

Acceleration Highlights

  • Processing Volume Increases – The installation of additional screening equipment to compliment the previously completed phase one upgrades and specifically increase efficiencies in the removal of soil and clay fines at the Project’s Main Treatment Plant are now nearing completion. These refinements are expected to be operational prior to the end of April 2022 and to increase current hourly feed-rates and processing volumes by approximately 60%.
  • Water Recovery Improvements – Initial revisions to the Project’s water recovery systems aimed at supporting additional tonnages have also been completed. The construction and delivery of a larger purpose-built water recovery system continues to progress on schedule, with delivery targeted prior to the end of the current quarter. All water recovery system additions are designed to ultimately lower water consumption on a per ton basis through improvements in the recovery of wastewater, and provide the potential for further increases to processing volumes moving forward.
  • Reductions in Operating Costs on a Per Ton Basis – In addition to providing the potential to increase processing volumes, the screening upgrades are expected to provide the added benefit of lowering the Project’s operating costs on a per-ton basis by reducing consumables due to added screening efficiencies. Material handling and equipment cycle times are also expected to improve.
  • Continued Support of Further Growth – The collective upgrades completed to date have retained much of their original design and scope to ensure they continue to support the Company’s ongoing larger growth plans.
  • No Disruptions to Current Operations – The installation of the upgrades to date have been completed in conjunction with ongoing processing as envisioned, and have not caused any material disruptions to operations.

“The progress made during the quarter has strategically positioned our Company with the potential to supply quality buyers with increased volumes of rough diamonds at a time when potential shortages are anticipated moving forward,” stated Mr. Dean Taylor, Diamcor CEO.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%253B1480989%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%253B1480989%2522%252C%2522wiki_topics%2522%253A%2522Company%253BTSX_Venture_Exchange%253BTiffany_%2526_Co.%253BProject%253BStargate_SG-1_(season_4)%253BDiamond%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%252202b7c941-b464-37df-ad39-2fbcb91eeeb9%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

About Diamcor Mining Inc.

Diamcor Mining Inc. is a fully reporting publicly traded junior diamond mining company which is listed on the TSX Venture Exchange under the symbol V.DMI, and on the OTC QB International under the symbol DMIFF. The Company has a well-established operational and production history in South Africa and extensive prior experience supplying rough diamonds to the world market.

About the Tiffany & Co. Alliance

The Company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of world famous New York based Tiffany & Co., 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. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing to advance the Project. Tiffany & Co. is owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.

About Krone-Endora at Venetia

In February 2011, Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers’ flagship Venetia Diamond Mine in South Africa. On September 11, 2014, the Company announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project’s total area of 5,888 hectares. The Company has also submitted an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “Alluvial” basal deposit which is covered by a lower-grade upper “Eluvial” deposit. The deposits are proposed to be the result of the direct-shift (in respect to the “Eluvial” deposit) and erosion (in respect to the “Alluvial” deposit) of material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur in two layers with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for a very low-cost mining operation to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the Venetia Mine.

Qualified Person Statement:

Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor’s exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved of its contents.

On behalf of the Board of Directors

Mr. Dean H. Taylor

President & CEO

Diamcor Mining Inc.

www.diamcormining.com

For further information contact:

Mr. Dean H. Taylor
Diamcor Mining Inc
DeanT@Diamcor.com
+1 250 862-3212

Mr. Rich Matthews
Integrous Communications
rmatthews@integcom.us
+1 (604) -757-7179

This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.

WE SEEK SAFE HARBOUR

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Diamcor Mining Inc.



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