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DiamondCorp Narrows Loss, Prepares for Next Phase

Sep 22, 2011 8:41 AM   By Jeff Miller
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RAPAPORT... DiamondCorp narrowed its net loss 27 percent year on year to approximately $1.8 million (GBP 1.17 million) for the first six months of its fiscal year that ended on June 30, 2011. DiamondCorp stated in its interim results that following one year of development at its Lace mine near Kroonstad in the Free State province of South Africa, it had successfully accessed kimberlite at the 26-level for bulk testing. 

To date, the company accesses 14,211 tonnes of kimberlite at the Lace project for the recovery of 1,837 carats of diamonds. DiamondCorp reiterated a value of  $205 per carat for these samples.  Approximately 40 percent of the diamonds were larger than one-third of a carat, and more than 80 percent were gem quality. The largest diamond recently recovered was a 20.54 carat rough stone and the company also recovered a 1.01 carat pink diamond.

In Botswana, core drilling has commenced on kimberlite J-01 and a large diameter drilling rig is currently being mobilized on J-05.

DiamondCorp raised approximately $5.4 million (GBP 3.48 million) of new equity this year, allowing for the bulk testing at Lace  and the next phase of exploration in Botswana.

DiamondCorp's chief executive, Paul Loudon, explained, ''The period under review saw us make significant steps towards our goal of being a long-term diamond producer. Having successfully re-accessed the Lace mine below any of the old workings, we are now determining the grade and carat value at the top of the first mining block and expect to have this information next month. At the same time, we have commenced our mini-bulk testing program on our two diamondiferous kimberlites in Botswana and expect to have these results before the end of 2011.''


Tags: Botswana, DiamondCorp, diamonds, Jeff Miller, Lace
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