Diamcor Mining Inc is pleased to announce it has successfully completed the procurement, delivery, construction, and installation of the vast majority of equipment and infrastructure required to expand the quarrying and in-field screening operations at its Krone-Endora at Venetia (diamond) Project.
These upgrades were part of the Company's final preparations in anticipation of a planned move to 24/7 operations in the near future, and were completed as envisioned in the previously announced $4.0 million in additional financing from its long-term strategic alliance partner, Tiffany & Co. late in 2012.
As part of the initial commissioning and testing exercises performed at the Project prior to the financing, Company executives in conjunction with various equipment manufacturers and engineering firms had continuously evaluated the treatment of various size fractions of material from the deposit, the quarrying and in-field screening equipment capacities and efficiencies, and performed additional material testing using various new pieces of equipment. The development of the semi-mobile in-field screening plant recently constructed and installed at the Project is aimed at significantly enhancing and increasing overall processing capacities and operating efficiencies in the long-term.
The Company's previously announced initial tender and sale of 3,579.58 carats of rough diamonds for $142.71(US) per carat on average were recovered in conjunction with the on-going testing and commissioning exercises at the Project, with the vast majority being from the recovery, screening, and processing of material only in the +1.0mm to -10mm size fractions of the lower-grade surface to 10 meter depths of the K1 area of the Project.
Despite the fact no material above 10mm in size had yet been processed by the Company, 362 individual rough diamonds with a combined weight of 659.33 carats were recorded at 1.0 carat in size or larger. With the new expanded and upgraded in-field screening systems complete, the Company will now begin testing and processing all materials, including the +10mm material from the Project.