Diamcor Reports Quarterly Gross Revenues of Over US$675,000

Diamcor Mining Inc. (TSXV:DMI,OTCQX:DMIFF) announced rough diamond sales results for its second fiscal quarter, which ended on September 30, 2015. It also provided an operational update on its South Africa-based Krone-Endora at Venetia project.
As quoted in the press release:

During the second fiscal quarter ending September 30, 2015, the Company participated in one rough diamond tender selling 4,845.93 carats, a 70% increase when compared to 2,856.24 carats sold during the previous fiscal quarter ended June 30, 2015. Gross revenues for the second fiscal quarter were (US) $676,835.08, a 49% increase when compared to revenues of (US) $455,227.66 realized in the previous fiscal quarter ended June 30, 2015.
In addition to the increase in rough diamonds sold during the second fiscal quarter, there was a significant increase in rough diamonds recovered and not tendered, when compared to the previous fiscal quarter. As a result of material recovered and processed to September 30, 2015, the Company held ~4,030.83 carats of rough diamonds in inventory as compared to ~2050 carats as of June 30, 2015, representing an ~96% increase in rough diamond inventory. The increase in rough diamond inventory on hand at the end of the quarter is primarily attributable to initial increases in processing levels and subsequent recoveries during the second fiscal quarter, with a small portion attributable to the Company electing to withdraw certain higher value rough diamonds from the sale during the second quarter due to recent weakness in rough diamond pricing at the tender. The Company withdrew a 10.93 carat special, as well as a grouping of eight individual 2-3 carat rough diamonds. These rough diamonds will be offered again in upcoming tenders planned during the coming quarter. The slight reduction in the average price per carat realized during the period of (US) $139.67 per carat, as compared to the previous quarter’s (US) $159.38 per carat, was partially attributable to the fact that these rough diamonds were withdrawn from the sale. These rough diamonds, and other newly discovered rough diamonds including 13 additional individual stones ranging in size from 5.0 carats to 10.8 carats, as well as 4 individual “specials” (+10.8 carat rough diamonds) ranging in size between ~11.72 carats and ~18.05 carats in size are being prepared and will be offered for sale at upcoming tenders. To date, the Company has realized an average price per carat of (US) $ 200.42 from the sale of 41,664.02 carats of rough diamonds.

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