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Diamcor delivers 13436 carats of rough in Q1

2016-06-07


Diamcor Mining announced, rough diamonds delivered, tendered, and sold to date in the Company’s current fiscal quarter ending June 30, 2016 from its Krone-Endora at Venetia project in South Africa. In an initial tender and sale completed on April 15, 2016, the Company sold 3,031.95 carats of rough diamonds, for gross proceeds of US $386,992.89, resulting in an average price of US $127.64 per carat. 

In a second tender and sales completed in May 2016, the Company sold 4,789.18 carats of rough diamonds, for gross proceeds of US $564,639.06, resulting in an average price of US $117.90 per carat.  An additional 646.56 carats of rough diamonds, which included 148.29 carats of higher quality goods, were withdrawn from the second tender and sale held in May, and will be included in a third tender scheduled for June of 2016. 

This brings the combined rough diamonds tendered and sold to date during the current fiscal quarter to 7,821.13 carats, generating gross proceeds of US $951,631.95, resulting in an average price of US $121.67 per carat. In addition to the above rough diamonds tendered and sold to date during the current quarter, the Company has delivered an additional 4,968.52 carats, which combined with the previously mentioned 646.56 carats withdrawn from the May tender, will form a third and final tender for the quarter of 5,615.08 carats planned for June of 2016.

This will bring the combined total rough diamonds delivered for tender and sale in the quarter to 13,436.21 carats.  The price per carat realized during the tenders completed to date during the period were consistent with Company expectations for the goods being offered, and reflect the continued price weaknesses in certain categories of rough diamonds.  Rough diamonds delivered, tendered and sold to date in the current period were the result of rough diamonds recovered prior to May 29th, 2016.  Rough diamonds recovered after May 29th and until June 30, 2016 will be recorded as rough diamond inventory on-hand for the first fiscal quarter ending June 30, 2016.

The total of 13,436.21 carats of rough diamonds delivered to tender in the Company’s current first fiscal quarter represent a ~470% increase when compared to 2,856.24 carats tendered and sold in the Company’s first fiscal quarter ending June 30, 2015.  Rough diamonds tendered were the result of the continued processing of material in the +1.0mm to -26mm size fractions, along with initial limited processing of material from various larger size fractions during the period.