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Diamcor's FY Rough Diamond Sales Reach $3M

Jan 13, 2014 1:50 PM   By Jeff Miller
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RAPAPORT... Diamcor Mining Inc., the operator of the Krone-Endora at Venetia project, sold 3,955 carats of rough diamonds for $1.43 million in the company's third quarter that ended on December 31. The majority of these diamonds were recovered in conjunction with testing and commissioning exercises performed at the company's  lower-grade upper-zone material in the plus-1.2-millimeter to minus-12.0-millimeter size fractions, with the remaining diamonds recovered from limited processing of material in the plus-12.0-millimeter to minus-26.0-millimeter size. Diamcor Mining held approximately 1,500 carats ready for sale at the end of its quarter, which it expects to offer for sale.

For the first nine months of the fiscal year, the company  sold 15,411.74 carats of rough diamonds for proceeds of $3.2 million, or $208.52 per carat. The total includes a gem-quality, 91.72-carat octahedron diamond that sold for $8,917.58 per carat.

In addition to testing and commissioning exercises, Diamcor Mining completed further development and expansion work on the project's in-field quarrying and dry-screening plant during the third quarter. This included the installation of a higher-capacity resonance screening system supplied by Dabmar Industries, along with expanded conveyor systems and structures designed and fabricated to enhance the efficiency and capacity of the dry-screening plant. Additionally, the company made enhancements to the main processing plant, including the installation of greater capacity dewatering screens and a dedicated crushing cycle, which it expects will improve the effectiveness of processing materials in the larger size fractions.

Tags: diamcor, Jeff Miller, krone-endora, mining, Rough Diamonds
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