Diamcor resumes expansion plan – GuruFocus.com

By on May 27, 2021 0

KELOWNA, BC / ACCESSWIRE / May 27, 2021 / Diamcor Mining Inc. (TSX-V.DMI / OTCQB-DMIFF), (“Diamcor” or, the “Company”) announced today that it is expanding the processing facilities of the Krone Endora project in Venetia of the Company (the “Project”). The Company had initially targeted expansion for 2020; however, due to events surrounding the COVID-19 pandemic and associated public health restrictions implemented in South Africa, these plans were intentionally delayed in an effort to reduce spending and capital spending during this time. The company’s COO, Mr. Kurt Petersen, presented a strategy based on a thorough ongoing assessment of the fleet. heavy equipment of the project, operations, processing plants, final recovery systems, mineral resource management and rehabilitation commitments.

The expansion is expected to take place in two phases. The first phase will aim to double the current processing volumes in the short term, the second phase will aim to finalize the mining and processing scheme of the project to significantly improve the long term processing volume capacities under the mining project. long-term overall of the company. management strategy. These plans are not expected to affect ongoing treatment efforts currently underway. The initial phase will consist of a new final x-ray recovery process to increase the efficiency of diamond recovery and additional processing equipment to improve bulk material reduction. The expected completion of this initial phase is before the end of the Company’s second quarter ending September 30, 2021.

A second, larger phase will focus on completing the necessary preparatory work for future expansion capacities. The company plans to consolidate its current facilities to further increase throughput, reduce the overall treatment footprint and unit costs, and minimize environmental disruption. Additional heavy equipment will also be added as needed to support these objectives. This comprehensive strategy will be supported by parallel drilling and bulk sampling activities of potential target areas of the project, which are expected to start before the end of 2021.

“We are very satisfied with this expansion plan carried out by our team”, said Dean Taylor, CEO of Diamcor. “The expansion and refinement of our facilities is simply a continuation of our pre-COVID-19 plans to support future growth, with the two-step approach designed to increase volumes and revenues in the short term, with the goal of to finance our planned expansion through increased cash flow “.

About Diamcor Mining Inc.

Diamcor Mining Inc. is a fully reported, publicly traded junior diamond mining company that trades 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 experience in supplying rough diamonds to the global market.

About Alliance Tiffany & Co.

The company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of renowned New York-based Tiffany & Co., to purchase up to 100% of future diamond production. crude from the Krone-Endora project in Venetia at then current prices to be determined by the parties on an ongoing basis. Along with this right of first refusal, Tiffany & Co. Canada also provided the Company with funding to move the project forward. For more information on Tiffany & Co., please visit their website at www.tiffany.com.

About Krone-Endora in Venetia

In February 2011, Diamcor acquired the Krone-Endora project in Venetia from De Beers Consolidated Mines Limited, comprising the exploration rights to the Krone 104 and Endora 66 farms, which represent a combined area of ​​approximately 5,888 hectares directly adjacent to De Beers. lighthouse of the 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 project to Venetia covering 657.71 hectares of the total project area of ​​5,888 hectares. The company has also submitted a request for mining rights on the other areas of the project. The deposits on the Krone and Endora properties have been identified as a higher grade “alluvial” basal deposit that is overlain by a lower grade upper “eluvial” deposit. It is proposed that the deposits result from the direct displacement (with respect to the “Eluvial” deposit) and erosion (with regard to the “alluvial” deposit) of materials from the higher terrains of the adjacent regions of Venetia. Kimberlite. The deposits on Krone-Endora occur in two layers with a maximum total depth of approximately 15.0 meters from surface to bedrock, allowing a very low cost mining operation to be used with the potential for diamond production. in the short term from a known high level. 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 Declaration:

Mr. James P. Hawkins (B.Sc., P.Geo.), Is Director of Exploration and Special Projects for Diamcor Mining Inc., and the Qualified Person under National Instrument 43-101 responsible for overseeing the running Diamcor’s exploration programs and a member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved its contents.

On behalf of the board of directors

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

For more information contact:

Mr. Dean H. Taylor
Diamcor Mining Inc
[email protected]
+ 1250 862-3212

Mr. Rich Matthews
Integrated communications
[email protected]
+1 (604) 355-7179

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

WE ARE LOOKING FOR A SECURE PORT

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

SOURCE: Diamcor Mining Inc.

See the source version on accesswire.com:
https://www.accesswire.com/649381/Diamcor-Resumes-Expansion-Plans-to-Increase-Processing-Volumes