South Africa : Diamcor recovers 7,771.13 carats of diamonds from Krone-Endora

Diamcor Mining Inc sold 7,771.13 carats of rough diamonds from Krone-Endora at Venetia project, in South Africa, for 1.334 million $.

The diamonds were recovered during the quarter ended September 30 this year, the junior Canadian diamond mining company on 10 October reported. The batch includes three individual rough diamonds of over 10.8 carats and 35 individual rough diamonds over 5 carats. The sale resulted in an average price of 171.70 $ per carat which is considered indicative of the overall quality of rough diamonds from the project.

As of the end of the quarter, Diamcor Mining had approximately 2,465.00 additional carats of rough diamonds, before acid washing, which will be tendered in the coming quarter. It reported Krone-Endora continued to demonstrate potential for the recovery of larger rough diamonds. To date, the recovery of all rough diamonds are said to be incidental to the ongoing commissioning and testing exercises performed at the project.

The Krone-Endora at Venetia project consists of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares. In February 2011, Diamcor acquired the project and later on, in September 2014, it was granted a mining right encompassing 657.71 hectares of the total area of 5,888 hectares.

The junior diamond mining 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. According to the alliance, Tiffany & Co. Canada will 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.