Diamcor Announces Initial Quarterly Rough Diamond Sales

Diamcor Mining Inc. (TSXV:DMI,OTCQX:DMIFF) announced the results of its initial rough diamond sales for its third fiscal quarter, which will end on December 31, 2015. Diamonds sold are from the company’s South Africa-based Krone-Endora at Venetia project.
As quoted in the press release:

In the first of two rough diamond tenders planned for the third fiscal quarter ending December 31, 2015, the Company sold 6,859.31 carats for gross proceeds of US $813,440.67, with an average price of US $118.59 per carat. As of November 16, 2015, approximately 2,625 carats of additional rough diamonds have been delivered and prepared for a second tender scheduled to be completed in December 2015. Collectively, the Company plans to tender approximately 9,480 carats in its current third fiscal quarter ending December 31, 2015, a ~95% increase when compared to the 4,845.93 carats tendered and sold in its second fiscal quarter. Rough diamonds recovered between the previously noted November 16, 2015 second tender cut-off date to the end of the fiscal quarter ending December 31, 2015 will be recorded at the end of the period as rough diamond inventory on-hand. This inventory will be prepared for upcoming tenders expected to take place early in the Company’s fourth fiscal quarter ending March 31, 2016. The price per carat realized during the first tender completed were in line with Company expectations given current market conditions.

Click here to read the full Diamcor Mining Inc. (TSXV:DMI,OTCQX:DMIFF) press release.