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Diamcor Mining Inc. (TSXV:DMI) reported earnings of US$842,419.10 net of commissions and fees during fiscal Q4 when ended on March 31, 2015. Additionally, Diamcor recovered an additional ~650 carats of rough diamonds in the fiscal Q4 before processing was suspended in March.
As quoted in the press release:
During the fourth fiscal quarter ended March 31, 2015 the Company sold 4,619.11 carats of rough diamonds generating gross revenues of (US) $842,419.10 net of commissions and fees, for an average price of (US) $182.38 per carat. The Company also recovered an additional ~650 carats of rough diamonds during the fourth fiscal quarter prior to the suspension of processing early in March. The temporary suspension of processing was necessary to complete the aforementioned upgrades and expansions to the facilities. These rough diamonds were held in inventory at the end of the fiscal quarter pending their sale as part of rough diamond tenders expected to be completed during the current quarter. Rough diamonds recovered and sold during the period were again the result of the processing of material specifically in the +1.0mm to -26mm size fractions prior to the planned suspension of processing, with the vast majority of that material continuing to be from the lower-grade upper gravels from the K1 area of the Project. Material in the +26.0mm size fractions continued to be screened off and stockpiled during the period pending the completion of the noted upgrades.
On February 5, 2015, the Company announced that one of the Project’s primary objectives, the successful design and development of the Project’s in-field dry-screening plant for the removal of fine material under 1.0mm in size, was meeting the Company’s expectations, thus clearing the way for the acquisition and deployment of infrastructure necessary to effectively treat and process larger material in the +26.0mm size fractions which, to date, had been stockpiled. The Company is pleased to report that significant progress on the proposed upgrades and expansions have been completed on time as envisioned, and that the total projected costs are expected to come in under budget. Initial processing of material through the new expanded and upgraded facilities (including those materials previously stockpiled in the larger +26.0mm size fractions) are now underway at the Project, and the Company is pleased to report the upgrades are demonstrating the stated objective of the enhanced crushing and liberation of material in all size fractions. In addition to completing the various upgrades aimed at enhancing processing and the overall capacities of the Project’s processing plant, the Company also completed several other operational enhancements including the installation of a second large material storage and auto-loading bin to improve operational efficiencies and reduce costs, and the installation of additional water management infrastructure aimed at reducing overall water consumption at the Project.
During the Company’s fourth fiscal quarter ended March 31, 2015, final preparations continued in connection with the updating of the Company’s initial NI43-101 technical report. Once filed, the updated report is expected to reflect the nature and extent of the infrastructure development achieved at the Project, as well as other relevant data available to this point.
The recovery of all rough diamonds during the fiscal quarter ended March 31, 2015, was incidental to the ongoing commissioning and testing exercises performed at the Company’s Krone-Endora at Venetia Project. The above-noted testing exercises and incidental recoveries do not form part of the initial NI43-101 Technical Report filed by the Company on July 30, 2009, and thus no general grade, price, or quality determination is intended by the Company at this time due to the nature and purpose of the processing of this material.
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