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Shear Diamonds Delivers Second Jericho Parcel to Taché

Jul 16, 2012 9:56 AM   By Avi Krawitz
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RAPAPORT... Shear Diamonds, a Canada-based junior mining company, has delivered ‎‎13,908.31 carats of diamonds from the Jericho mine to its marketing partner ‎Taché Diamonds. The parcel was the second such delivery made since Shear ‎started reprocessing stockpiles at Jericho in May. ‎

Taché advanced $550,000 to Shear for the shipment, while Shear has drawn an ‎additional $550,000 from its revolving line of credit with Taché in relation to the ‎production and delivery of the shipment. Taché will reconcile a final payment to ‎Shear once prices per carat can be ascertained based upon the formula provided ‎in their marketing agreement, Shear explained. ‎

To date, Shear has produced 34,007 carats from the high grade concentrate ‎stockpiles at Jericho and delivered 25,226 carats to Taché. A third parcel is ‎scheduled for delivery in August. ‎

Separately, Shear appointed Greg Powell as its new chief financial officer ‎effective to replace Richard Belfer who is leaving for a new position in a ‎different industry. The appointment will take effect on August 7, 2012.‎
Tags: Avi Krawitz, diamonds, Jericho mine, Rapaport, Shear Diamonds, Taché Diamonds
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