Diamcor announces initial rough diamond sales’ results for Q3

2819b sizedownsmall Diamcor announces initial rough diamond sales’ results for Q32819b sizeupsmall Diamcor announces initial rough diamond sales’ results for Q3
 Diamcor announces initial rough diamond sales’ results for Q3Diamcor Mining Inc. announced the results of its initial rough diamond sales for the third fiscal quarter ending December 31, 2015. The sales pertain to its Krone-Endora at Venetia project in South Africa.

The first of two rough diamond tenders planned in the said term recorded 6,859.31 carats being sold for gross proceeds of US $813,440.67. The average price at the tender was of US $118.59 per carat. The price per carat realized was in line with company expectations given current market conditions.

The second tender is scheduled to be completed in December 2015, for which around 2,625 carats of additional rough diamonds have been delivered, as of November 16, 2015. Altogether, the company plans to tender approximately 9,480 carats in its current said fiscal quarter indicating a ~95 percent increase when compared to the 4,845.93 carats tendered and sold in its second fiscal quarter.

Rough diamonds recovered between the previously noted November 16, 2015 second tender cut-off date to the end of the fiscal quarter ending December 31, 2015 will be recorded at the end of the period as rough diamond inventory on-hand. This inventory will be prepared for upcoming tenders slated early in the fourth fiscal quarter ending March 31, 2016. In addition to the ongoing processing of materials in the +1.0mm to -26mm size fractions completed to date, the Company also anticipates that the processing of the previously stockpiled materials in the +26.0mm will commence in the coming weeks.

The rough diamonds which have been tendered are the result of the continued processing of material in the +1.0mm to -26mm size fractions, along with limited processing of material from various larger size fractions during the period.



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