Diamcor Mining Inc.
Diamcor Mining Inc. is a junior diamond mining company listed on the TSX Venture Exchange (V.DMI), and on the OTCQB International (DMIFF). The Company has a well-established operational and production history in South Africa and extensive prior experience supplying rough diamonds to the world market.
The Company's focus is on the identification, acquisition, and operation of unique diamond projects with near-term production potential such as the Krone-Endora at Venetia Project.
In March of 2011 the Company established a long-term strategic alliance with world famous luxury retailer Tiffany & Co. and is now in the final stages of development at the Company's Krone-Endora at Venetia Project. The project was acquired from De Beers by Diamcor, and is directly related to, and co-located with De Beers prolific Venetia diamond mine. Tiffany & Co. is ~6% shareholder in Diamcor.
Extensive preparations over the last several years have been completed, and the Company's current focus is aimed at advancing the project into commercial production in the coming months. Once achieved, the project also has considerable upside potential to grow into surrounding areas, also acquired by the Company. In addition to the ongoing development and expansion of Krone-Endora, the Company's strategy is the continued identification, acquisition, and operation of quality production based diamond projects which demonstrate the potential to further increase its yearly production levels and support the long-term objectives of its shareholders and strategic alliance partner.
About the Tiffany & Co. Alliance
The Company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of world famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at then current prices to be determined by the parties on an ongoing basis. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with approximately $10M in financing to expedite the advancement of the Project. Tiffany & Co. is a publically traded company which is listed on the New York Stock Exchange under the symbol TIF.
Krone-Endora at Venetia Project, South Africa
In February 2011, Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers' flagship Venetia Diamond Mine in South Africa.
On September 11, 2014, the Company announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project's total area of 5,888 hectares. The Company has also submitted an application for a mining right over the remaining areas of the Project.
The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “Alluvial” basal deposit which is covered by a lower-grade upper “Eluvial” deposit. The deposits are proposed to be the result of the direct-shift (in respect to the “Eluvial” deposit) and erosion (in respect to the “Alluvial” deposit) of material from the higher grounds of the adjacent Venetia Kimberlite areas. De Beers initial work on the project indicate as much as 1,000 vertical meters of material from the higher grounds of Venetia was shifted and eroded onto the lower surrounding areas, including those of Krone and Endora.
These deposits on Krone-Endora occur in two layers with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for a very low-cost mining operation to be employed, and the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the Venetia Mine.
Extensive exploration, drilling, bulk sampling, and an initial NI 43-101 technical report for the Krone-Endora at Venetia Project have been completed. The report provided an initial inferred resource estimate of 54,258,600 tonnes of diamond-bearing gravels with 1,314,000 carats of diamonds for the initial areas of interest covering ~307 hectares alone. The finalization of site preparations, infrastructure, and the construction of a modular processing plant are now nearing completion.
Dean H. Taylor, Chairman, Director and Chief Executive Officer
Mr. Taylor is a successful entrepreneur and executive with a wealth of acquisition and operational experience. A firm believer in establishing a sound corporate structure and then attaining growth through acquisitions and the implementation of sound operational management, Mr. Taylor has utilized this experience to create the existing opportunities associated with Diamcor. Beginning late in 2005, Mr. Taylor began ensuring the Company's corporate structure was attractive prior to leading Diamcor's established operational team towards achieving growth through the pending acquisition of the Krone - Endora project from DeBeers, and preparation for future planned acquisitions. Mr. Taylor is also the founder and CEO of Okanagan Valley Business Consulting Ltd., a private consulting firm which provides executive level consulting services to clients in both the private and public sector. Mr. Taylor has been the founder of several successful private businesses, and held various executive level positions with public companies in both Canada and the United States where he led those entities through both growth related acquisitions and operational project management initiatives over the past fifteen years.
Darren Vucurevich, B. Mgt., CPA, CMA, Chief Financial Officer and Director
Mr. Vucurevich has worked closely with the current Management, and currently operates a successful public accounting practice, and has also owned and managed various other successful companies.
Jim Hawkins, B.Sc., P.Geoph., Exploration Manager
Mr. Hawkins has been Exploration Manager at Diamcor since May 2007, and prior to that acted as a consultant to the Company since 2005. Mr. Hawkins has been involved in mining exploration worldwide for over 25 years, including a stint as Manager of Special Projects for Diamet Minerals (Ekati Diamond Mine / Northern Canada) prior to its sale to BHP Diamonds in 2000.
Dr. Stephen E. Haggerty, Director
Dr. Haggerty is a distinguished research professor and has been recognized as one of the world's leading diamond experts.
Sheldon B. Nelson, Director
Mr. Nelson recently served (1998-2013) as President, Chief Executive Officer, and a member of the Board of Directors, including an extended term as Chairman, of a publicly traded United States corporation, a company he founded.
On March 12, 2018, Diamcor Mining Inc. announced that it intends to complete a non-brokered private placement financing of up to 12,500,000 units at a price of CDN$0.40 per Unit for gross proceeds of up to CDN$5,000,000.
Proceeds from the private placement will be used to address the insufficient recoveries of water from the settling dams at the Company's Krone-Endora at Venetia Project through the finalization of the previously announced installation of a paste thickening plant and associated operational equipment aimed at supporting increased processing at the Project, with other portions used to advance additional bulk sampling efforts into surrounding areas, and for general and administrative purposes.