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Diamcor Mining (TSXV:DMI,OTCQX:DMIFF) provided results for the quarter ended September 30, 2014. The company noted that it reached a significant milestone when it secured a full mining right from the South African Department of Minerals and Resources for its Krone-Endora at Venetia project during the quarter.
As quoted in the press release:
During the fiscal quarter ended September 30, 2014, the Company incurred operating expenses of $239,339, a 62% reduction when compared to $637,675, realized in the same period during the prior fiscal year. Operating expenses are primarily management, contracted labour, equipment, utilities, fuel, and other expenses incurred at the Project. The significant reduction in operating expenses is primarily attributable to reduced labour, contracted equipment and fuel requirements in the current quarter, as compared to the same period during the previous fiscal year due to infrastructure expansions to the Company’s dry screening and treatment plants during the current fiscal year which have resulted in the automation of several processes that were previously manual. The Company realized net income from operating activities of $369,719 during the quarter ended September 30, 2014.
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