Diamcor Reports Quarterly Rough Diamond Sales of Over US$1 Million

Diamcor Mining Inc. (TSXV:DMI,OTCQX:DMIFF) released the results of rough diamond sales for the fiscal quarter ended March 31, 2016. Diamonds sold were from the company’s South Africa-based Krone-Endora at Venetia project.

As quoted in the press release:

In an initial tender and sale held in January, the Company sold 3,697.33 carats of rough diamonds, for gross proceeds of US $542,540.43, resulting in an average price of US $146.74 per carat. In the second and final tender of the current fiscal quarter completed on February 29th, the Company sold 3,199.17 carats of rough diamonds, for gross proceeds of US $485,834.09, resulting in an average price of US $151.86 per carat. This brings the combined rough diamonds tendered and sold during the fiscal quarter to 6,896.50 carats, generating gross proceeds of US $1,028,374.34 for an average price of US $149.12 per carat. The price per carat realized during the tenders were consistent with Company expectations. Rough diamonds tendered and sold in the second tender were the result of rough diamonds recovered and delivered for preparation prior to a February 3, 2016 cut-off date. Rough diamonds recovered after February 3 and until March 31, 2016 will be recorded as rough diamond inventory on-hand for the fiscal year ending March 31, 2016.

The fourth fiscal quarter rough diamond tender and sale results represent a ~49% increase when compared to 4,619.11 carats tendered and sold in the Company’s Fourth fiscal quarter ending March 31, 2015, and a ~22% increase in gross revenues when compared to US $842,420.21 gross revenues reported in that same prior period. Of particular note during the current fiscal quarter, a 12.78 carat special rough diamond and a 7.50 carat rough diamond were recovered utilizing the new Tomra XRT sorting unit recently deployed at the Company’s Project. These rough diamonds sold for US $4,747.47 per carat, and US $4,152.00 per carat respectively.

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