RAPAPORT... Diamcor Mining Inc. completed the vast majority of construction and the installation of site infrastructure at its Krone-Endora at Venetia diamond project in South Africa, according to an announcement. Next, Diamcor will process the remainder of ore concentrate material secured as part of the property's acquisition from De Beers, process new material that was recently mined and stockpiled, and conduct further testing in order to achieve new diamond valuation estimates.
Following these exercises, Diamcor plans to focus on achieving targeted production through trial-mining exercises in effort to improve production for sale to its partner Tiffany & Co.
"The completion of the site infrastructure, and the installation of our new processing plant, are yet another example of our team's ability to execute on our business plan," said Diamcor's chief executive, Dean Taylor. "This extensive work was not only completed in a very short period of time, but also done on budget, allowing the company to preserve operating capital for the further advancement of the project."
The planning, development and construction of site infrastructure at Krone-Endora was completed in less than 18 months. Diamcor has a long-term strategic alliance and first right of refusal with Tiffany & Co. to purchase future production of rough diamonds from the Krone-Endora at Venetia project. Tiffany & Co. also provided the mining firm with substantial financing to advance this project as quickly as possible.